Another strong summer month for Hoboken with absorption rates hovering around the 7 week mark. This indicates a very strong paces of sales.
Pending sales dropped by 19.93% which will affect the absorption rate in the upcoming months.
Total sales did bump up 1.52% to 134 units.
Days on the market dropped another two days to 26 which is down 44.68% from last year.
1BR pricing increased 1.28% to $747.43/sq.ft.
2BR pricing dipped .74% to $744.35/sq.ft.
3BR pricing saw a .84% increase to $753.15/sq.ft.
Overall a strong month.
Downtown Jersey City
The absorption rate remained steady at 12.75 weeks, an increase of just 1.35%. This a decrease of 76.58% when compared to last year.
This shows you how much faster inventory is moving now.
Pending sales dipped in downtown Jersey City by 17.89% to 156 units which will affect the absorption rate in the next 1-2 months.
Days on the market dropped 8 days down to 38, again a good indicator of the current market strength.
We saw price drops for all categories in downtown Jersey City this month.
1BR pricing dropped 4.58% to $768.49/sq.ft.
2BR pricing dropped 4.43% to $792.41/sq.ft.
3BR pricing dropped 17.31% to $640.31/sq.ft.
Remember, 3BR pricing is always a bit volatile in downtown Jersey City because there aren't that many 3BR sales each month.
A solid performance for July for sure.