August 2020 Real Estate Report
Hoboken
More sales, selling at a faster pace...pricing dropped a bit.
Total sales for Hoboken jumped 64.81% for August to 89 units while the absorption rate dropped to 19.18 weeks which is down 39.65% from last month. Pending sales also increased to 184 units, up 3.37% and days on the market dropped 12.12% to 29 days.
Pricing for Hoboken did drop a bit, from between 2.82% for 2BR condos to 8.96% for 1BR condos.
The data should have pointed to an increase in pricing but it showed the exact opposite.
Downtown Jersey City
More sales, selling at a faster pace...pricing increased slightly.
Total sales for downtown Jersey City jumped 66.67% to 60 units while the absorption rate decreased an impressive 32.22% to 27.08 weeks. Pending sales increased 2.90% to 142 units.
Pricing for 1BR and 2BR units increased by .09% and 2.29%, respectively.
Conclusion
As discussed in July, the increased sales activity in Hoboken and downtown Jersey City did help to absorb additional inventory as was shown by the decreasing absorption rates for Hoboken and downtown Jersey City.
The fundamentals of the market are solid at this time. I'm not overly worried about the price decreases in Hoboken because they're still in line with previous monthly trends.
Continued demand and record-low mortgage rates are fueling market activity.
Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600
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