This post marks 10 years that I've been tracking real estate data in Hoboken and downtown Jersey City. It's interesting to see how much has changed over the years.
I added 2009 stats to the spreadsheet below if you'd like to review in more detail.
Even with the market starting to slow down, properties are still selling 47.39% faster in Hoboken and 54.98% faster in DTJC that they did in October 2009.
Pricing is up anywhere from a low of 43.17% for Hoboken 1BR to a high of 63.19%
for downtown JC 1BR condos.
4BR condos didn't really exist in 2009 unless you combined 2 units together or purchased a brownstone.
Now, here are the stats for October 2019.
The absorption rate held steady for October at 18.27 weeks for Hoboken and 20.99 weeks for downtown Jersey City. This is an increase of just .88% in Hoboken and 2.79% for DTJC.
Pending sales were up 7.03% for Hoboken, but down 2.44% for DTJC.
There were slight decreases in total transactions with Hoboken decreasing by 1.67% and DTJC decreasing by 1.92%
On the sales front, Hoboken posted gains in all segments with 1BR increasing .92%, 2BR increasing 1.5%, 3BR increasing 2.30%, and 4BR surging 11.11%. This is continuing proof that families are staying longer in town and that there isn't enough 3-4 BR inventory.
DTJC had the opposite result with 1BR increasing 1.37%, 2BR decreasing 7.70% and 3BR decreasing 20.15%.
The Newport area was up and down this week with 1BR up 16.12%, 2BR up 46.41% and 3BR down 22.39%.
Kevin G. Dowd
The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408
Follow more of the latest real estate news at www.hobokenrealestatenews.com