The absorption rate decreased by 46.98% to 9.83 weeks. Inventory hasn't been this low since March 2020.
Pending sales are up 18.23% to 240 units and total sales for the month are up a whopping 92.59% to 104 units from last month and 48.57% from the same time last year.
Days on the market increased 15.56% to 52 days.
We did see a price drop of 6.21% for 1BR to $701.05/sq.ft. which is a bit odd being that first time home buyers have been turning into renters and they usually purchase in the 1BR market.
2BR units increased 1.73% to $712.78/sq.ft. and 3BR units saw modest gains of 1.11% to $706.26/sq. ft.
Downtown Jersey City
Downtown Jersey City showed an increase in their absorption rate of 11.77% to 21.84 weeks.
Pending sales were also up this month by 10.53% to 210 units and up an impressive 103.88% from the same time last year. Total sales also increased 66.04% to 88 units from last month and increased 91.30% from the same time last year.
Days on the market increased by 15.56% to 52 days.
1BR units saw a 8.94% increase to $776.66/sq.ft., 2BR units saw a 6.82% increase to $763.14/sq.ft. and 3BR dropped by 8.11% to $693.28/sq.ft.