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