Wednesday, March 24, 2021

The Market Starts to Heat Up | February Real Estate Update


It was a bit unclear in January where the market was headed.  Now with February's numbers completed, I see that the market is much more active.


The absorption rate increased 7.79% to 18.54 weeks, which is still firmly in seller's market territory.  It's important to note that the rate is down 7.21% from last year at the same time. Typically 24-32 weeks is considered a balanced market and over 32 weeks is considered a buyer's market.

Inventory is lingering a bit longer again this month, but pending sales are up 18.71% from last month and 18.71% as well from February 2020.  

Totals sales are down 19.40% but we are still seeing some closings that were under contract at the end of last year when that market was a bit softer.  We will start seeing total sales increase for next month.

1 BR pricing saw a 1.13% decrease which is just a normal market fluctuation.  We are still seeing first time homebuyers entering the market. 2BR and 3BR markets each saw price increases of over 8.41% and 5.08% respectively as move up buyers start to feel more comfortable with the prospects of living in Hoboken post-COVID.

Downtown Jersey City

The absorption rate increased 10.96% to 19.54 weeks and is still on par with Hoboken.  We don't usually see this and it is a good sign of increased activity in the area.

Pending sales increased 4.97% to 190 units. Pending sales are up an impressive 57.02%.  

There were 53 total transactions, down 5.36% from last month, but up 43.24% from February 2020.

1BR units saw a 5.16% decrease, but we still saw many renters become first time homebuyers in downtown Jersey City as well.

2BR units decreased 2.73% while 3BR units jumped 29.82%, but as usual 3BR sales are only based on a few sales.

So based on the data here and a sneak peak I took for the March numbers, it seems that the market is starting to heat up again.  

Happy Hunting!

Kevin G. Dowd
Broker of Record

100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600 

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