It's been 12 years since I started tracking data in Hoboken and downtown Jersey City. The graphic directly above is the stat report from my first post in October 2009. It's interesting to see pricing from 12 years ago. Also take a look at the average days on the market. 110 days for Hoboken! 95 days for downtown Jersey City!
How things have changed around here.
Now, on to the October 2021 stats.
The absorption rate increased to 12.48 weeks. It's still very much in seller's market territory, but it has been creeping up over the last few months.
Pending sales increased to 212 units, which is the highest October number I've recorded since I began tracking data 12 years ago!
Total sales dropped another 20 units to 86, but that number will increase over the next few months as the pending sales start to close.
Days on the market increased 9 days to 40.
1BR pricing dropped 1.24% to $739.22/sq.ft.
2BR pricing increased 5.45% to $747.49/sq.ft.
3BR pricing increased .69% to $813.07/sq.ft.
4BR pricing increased 14.57% to $1052.63/sq.ft.
Interesting to note that the 4BR condo market didn't even exist in 2009.
Downtown Jersey City
The absorption rate decreased to 24.68% to 13 weeks, but still down 51.16% when compared to the same time last year. Inventory in the downtown area is still moving quickly in the downtown area.
Pending sales dropped by 10.18% to 150 units.
Days on the market increased 5 days to 39.
1BR pricing increased .96% to $767.40/sq.ft.
2BR pricing increased .82% to $781.01/sq.ft.
3BR pricing decreased 11.97% to $818.54/sq.ft.
It's nice to see pricing increase in all categories in downtown Jersey City.
Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600
Each office is independently owned and operated.