Monday, June 17, 2019

Holding Steady | Jersey City & Hoboken | May Real Estate Update

The absorption rate for May finally dropped for downtown Jersey City to 25.77 weeks, down 21.72% from last week.  Hoboken remained steady at 14.25 weeks, up .92% from last week.  The market is still weakening in the downtown Jersey City area at the moment.

Pending sales dropped 4.39% in Hoboken and increased 6.80% in downtown Jersey City.

Total sales in Hoboken increased 8.99% and downtown Jersey City saw an increase of 30.95%.  It seems as if buyers are starting to snap up some of the great deals in downtown Jersey City.

Hoboken pricing remained steady this week, with all segments over $700/sq.ft.  Newport area pricing dropped 20.47% for 1BR and 22.31% for 2BR units.  Downtown pricing saw increases of 4.76% for 1BR, 5.97% for 3BR and a 4.78% decrease for 2BR.

Kevin G. Dowd
The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408

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