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
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