Friday, May 21, 2021

Hoboken and Downtown Jersey City Market Continue to Heat Up | April 2021 Real Estate Report


I'm keeping the fire image again this month, because the market was heating up again in April!  

Pricing is up and inventory is down!


The absorption rate dropped 1.93% to a very low 9.64 weeks as buyers snapped up whatever decent properties are left in the Hoboken.

Pending sales are up another 12.08% to 269 units and total sales for the month are up another 6.73% to 104 units and up 136.17% from the same time last year.

Days on the market decreased 21.15% to 41 days.

Studio units increased 4.67% to $733.82/sq.ft., 
1BR units increased 1.14% to $720.93/sq.ft. 
2BR units increased 3.09% to $728.06/sq.ft.  
3BR units saw a modest decrease of 2.44% to $700.09/sq.ft.

Overall a very solid month.

Downtown Jersey City

Downtown Jersey City showed a decrease in their absorption rate of 31.27% to 15.01 weeks.

Pending sales decreased this month by 5.71% to 222 units and up an impressive 152.27% from the same time last year.  

Total sales decreased 9.09% to 80 units from last month and increased 122.22% from 
the same time last year.

Days on the market increased by 2% to 49 days.

1BR units saw a 8.17% increase to $713.20/sq.ft.
2BR units saw a 3.96% decrease to $732.94/sq.ft. 
3BR units increased by 3.41% to $716.89/sq.ft.

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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