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.