Tuesday, February 4, 2020

2019 Year End Update-with CHARTS | Hoboken & Downtown Jersey City

Thank you everyone for your well wishes.

My newly repaired collar bone is feeling great and I'm in no pain at all!

My injury HAS NOT impacted my ability to work at all...thank goodness!

It's end of year report time-with charts for the first time!

The market continued to cool this year with all market segments except for downtown JC 2BR showing year-over-year declines.

I've also added in days on the market for each year as another way to determine market activity.

However, the biggest change I've made to my data is that I've combined downtown Jersey City and Newport condo pricing.  When I first started tracking data back in October 2009, there was a large price discrepancy between the Newport and downtown areas.  

This isn't really the case anymore.

Read below for my full commentary.

Absorption Rate

Hoboken: 16.90 weeks, +19.86%
Downtown Jersey City: 23.83 weeks, -7.78%

Again this year, inventory lingered a bit longer on the market for Hoboken.  Even with a decrease of 7.78%, Hoboken still has a lower absorption rate.

Pending Sales 

Hoboken: 154, -6.97%
Downtown Jersey City: 130, -1.40%

It's clear that the pace of activity has slowed as average monthly pending sales have decreased for both markets.

Days on Market

Hoboken: 34, no change
Downtown Jersey City: 39 days, -15.22%

Total Transactions

Hoboken: 833, -13.23%
Downtown Jersey City: 582, -4.59%

As the market slows down, it's normal that total sales will decrease as well.

Price Per Square Foot-Hoboken

Studio: $720.26/sq.ft., -12.11%

1BR: $719.65/sq.ft., -.60%

2BR: $698.22/sq.ft., -3.51%

3BR: $750.58/sq.ft., -1.68%

4BR: $752.07/sq.ft., +.08%

Decreases almost across the board this year, even in 3BR condos which is usually one of the strongest market segments.  4BR did see a small .08% increase, but there isn't much a market for 4BR condos. There were a total of 35 sales for 4BR units in 2019.

Price Per Square Foot-Downtown Jersey City

1BR: $767.13/sq.ft., -2.56%

2BR: $782.91/sq. ft., +6.93%

3BR: $688.41/sq.ft., -9.02%

Following the downward sales trend, downtown Jersey City posted decreases in all market segments except for 2BR condos.

Properties are definitely still selling if they're priced correctly.  As usually happens in these markets, many renters are now jumping into the market now that pricing is more favorable.

2017/2018 price per square foot pricing are now our target to beat...which I know we will.  It's just matter of when this will happen.

Kevin G. Dowd
The Turoff Team

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 x408

Search MLS Listings for free at viewhobokenhomes.com and alldowntownjerseycityhomes.com

Follow the latest real estate news at  www.HobokenRealEstateNews.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

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