Friday, September 10, 2021

The Rally Continues | August Real Estate Update


The market performed well again in August with all indicators pointed towards a strong market as we enter into the fall selling season.


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.

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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