The absorption rate continues in the single digits for the third month in a row as inventory is sold at fast pace.
This is also evidenced by the fact that the days on the market decreased by 4.88% for May and Pending Sales are up 4.09% to 280 units.
Studio units decreased 19.56% to $590.28/sq.ft.
1BR units decreased 1.02% to $713.58/sq.ft.
2BR units decreased .92% to $721.36/sq.ft.
3BR units increased of 12.04% to $784.35/sq.ft.
Downtown Jersey City
Downtown Jersey City showed a slight increase in their absorption rate of .87% to 15.14 weeks.
Pending sales decreased this month by 5.86 % to 209 units.
Total sales increased 1.25% to 81 units.
Days on the market decreased a strong 10.20% to 44 days.
1BR units saw a 12.89% increase to $805.14/sq.ft.
2BR units saw a .34% decrease to $730.42/sq.ft.
3BR units increased by 1.02% to $724.17/sq.ft.