Hoboken
July showed some resiliency for Hoboken with pending sales increasing 17.98% and total transactions also increasing by 8.00%.
The absorption rate increased 13.13% to 31.78 weeks, but average days on the market for properties dropped 29.79% to 33 days.
1 and 2BR prices were relatively stable, but 3BR prices dropped 14.39%. The 3BR price drop was based on fewer sales than usual this month, so take it with a grain of salt.
Inventory has increased, but properties are starting to sell faster and general pricing is stable/slightly increasing from last month.
Downtown Jersey City
The pace of sales started to increase this month with the absorption rate decreasing by 26.60% from last month.
All of the pending sales that we've seen over the last few months have now started to close, as is shown by total transactions increasing by 63.64%.
1BR pricing increased by 8.63% while 2BR sales dipped by 6.39%.
Conclusion
Overall, the market performed better in July with total and pending sales increasing and days on the market decreasing for both Hoboken and Downtown Jersey City.
The continued increase of pending sales should help absorb lingering inventory if the market continues to strengthen.
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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
