Wednesday, February 26, 2020

Mixed Start to 2020 | Hoboken & Downtown Jersey City Update

The year started with a bit of a mixed bag.

Inventories lingered a bit as is shown by increases in the absorption rate and average days on the market.

Pending sales were up 9.09% for Hoboken and down 6.42% for downtown Jersey City. Remember, I consolidated downtown Jersey City and Newport for 2020.

Pricing was mostly down with 4 out of 6 market segments showing price decreases.  2BR condos in Hoboken posted a 4.65% increase and 4BR condos posted a strong 13.60% increase.

The overall consensus of my fellow realtors is that the market is definitely starting to heat up.  It should be a strong spring market.

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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