The absorption rate for Hoboken dropped to its lowest rate in since December 2016 at 6.43 weeks as lower inventories were met with strong demand.
Pending sales dropped by 17.19% which will affect the absorption rate in 2-3 months.
Total sales dropped 10.45% to 120 units.
Days on the market increased to 32 days which is up 23.08% from last month.
1BR pricing increased 6.14% to $793.32/sq.ft. (highest since January 2020)
2BR pricing increased .92% to $751.22/sq.ft. (highest since March 2020)
3BR pricing saw a 3.41% decrease to $727.43/sq.ft.
Downtown Jersey City
The absorption rate increased 13.65% to 14.49 weeks, but still down 46.69% when compared to the same time last year.
Pending sales increased by .64% to 157 units.
Days on the market remained flat at 38 days.
1BR pricing increased .62% to $773.29/sq.ft.
2BR pricing dropped 12.91% to $690.09/sq.ft.
3BR pricing increased 27.03% to $813.54/sq.ft.
Remember, 3BR pricing is always a bit volatile in downtown Jersey City because there aren't many 3BR sales each month.