For June we saw a bit of a shift in the market. There was a large increase in inventory which which wasn't met with increased demand. As a result properties lingered a bit longer on the market which is shown by the increase in the absorption rate and days on the market.
Pricing stayed relatively steady for June with only 2BR sales dipping 2.77%.
Days on the market also increased 56.67% which also supports the market slowing down a bit.
The market slowing down doesn't automatically mean that prices are going to drop.
Downtown Jersey City
Things slowed down a bit more in downtown Jersey City with the absorption rate increasing to 54.43 weeks which is an increase of 53.86%. Total sales dropped to 22 units, which is the lowest it's been since January 2012.
Pending sales did increase to 107 units which was a 48.61% increase.
With so few sales it's a bit difficult to get the true read on pricing.
Let's see how the pending sales convert in the next 1-2 months.
Kevin G. Dowd
Broker of Record
Co-Team Leader The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408