I hope everyone had a great 4th!
Absorption rates are starting to creep up for the third month in a row for Hoboken. Thankfully, the downtown Jersey City absorption rate decreased 16.84% for June. If you look at how these rates have increased in the area over the last several years, you will see that inventory is staying on the market a lot longer.
As a reminder, the absorption rate determines how long inventory will take to sell in a specific market.
While properties continue to stay on the market longer, we will continue to see more and more opportunities for better deals.
Total transactions were down 3.06% for Hoboken and 3.18% for downtown Jersey City. Again, as you look at the year-over-year changes, you can see that transactions overall are trending down.
Price wise, things were OK for June. Hoboken 1-3BR were a little up and down, but nothing extreme. Newport 1BR surged 17.54% and that was based on 5 sales, so it's a good representation on the market in that area.
Mortgage rates are very favorable at the moment and with the Fed hinting that there may be a rate decrease in the future, we may see a very busy fall selling season.
I saw recently on Zillow that the market has completely cooled in the area. The market has definitely changed over the last few months, but I wouldn't say that it has completely cooled down based on the data I see here.
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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