Friday, August 13, 2021

Buyers Continue to Enter The Market | July 2021 Real Estate Report


The warm summer months and low interest rates still continue to bring buyers into the market.


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.

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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