The absorption rate bumped up 59.10% to 10.23 weeks for September and is still firmly entrenched in seller's market territory. The market is moving substantially better than this time last year.
Pending sales were stable at 186 units which should be used to keep the absorption rate low through the end of 2021.
Total sales dropped another 28.33% to 86 units.
Days on the market dropped 1 day to 31 days.
1BR pricing dropped 5.65% to $748.52/sq.ft.
2BR pricing dropped 5.64% to $708.88/sq.ft.
3BR pricing increased 11.01% decrease to $807.51/sq.ft.
Interesting to note that 4BR pricing increased 12.16% to 918.78/sq.ft. and is up 32.19% from this time last year.
Downtown Jersey City
The absorption rate increased 19.12% to 17.26 weeks, but still down 48.90% when compared to the same time last year. This shows that inventories are moving faster now than they were last year.
Pending sales increased by 6.37% to 167 units.
Days on the market dropped 4 days to 34, but surprisingly is up 17.24% from the same time last year.
1BR pricing decreased 1.71% to $760.07/sq.ft.
2BR pricing increased 12.25% to $774.63/sq.ft.
3BR pricing decreased 10.14% to $731.04/sq.ft.
Remember, 3BR pricing is always a bit volatile in downtown Jersey City because there aren't many 3BR sales each month.
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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