I hope that everyone had a great summer. We spent lots of time at the beach and had an amazing trip to Ireland. I highly recommend Ireland, but be forewarned that driving there isn't for the faint of heart! Lots of narrow and winding roads and roundabouts, but the highways are easy to navigate. Feel free to reach out to me if you have any questions.
The decreased inventory for August coupled with the current under contract properties caused the absorption rates to increase for Hoboken and downtown Jersey City. Hoboken is still at a strong 12.61 weeks while downtown JC isn't really that bad at 20.11 weeks.
Pending sales were down 20.37% to 129 units for Hoboken and down 4.11% to 140 units for downtown Jersey City. The market has slowed down in August for the last two years.
Total transactions were also down 21.21% for Hoboken and down 15.87% for downtown Jersey City.
Pricing has also seen some softness. Hoboken 1BR have seen declining pricing for 4 straight months and downtown Jersey City 2BR have seen their 5th month of pricing declines.
Two bright spots have been the 3 and 4BR market which saw increases of 2.67% for Hoboken 3BR and 13.21% for Hoboken 4BR and an increase of 7.64% for downtown Jersey City 3BR. This is right in line with the increase in demand for larger properties as families decide to stay in town longer and longer.
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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