**COMING SOON - 2021 YEAR-END REPORT**
2021 ended with a BANG with Hoboken posting the fastest pace of sales since I started tracking data in 2009 and downtown Jersey City posting VERY strong numbers as well.
For the last few years December has always surprised me as far as activity goes. This year was no exception.
The absorption rate decreased to a record 3.91 weeks which means if no inventory came on the market today, it would only take 3.91 weeks to sell out the existing inventory. Amazing!
Pending sales dipped to 152 units
Total sales increased to 110 units, bolstered by the pending sales over the last few months and the fact that people want to close by the end of the year for tax purposes.
Days on the market increased dropped 1 day to 33.
1BR pricing increased 2.14% to $746.62/sq.ft.
2BR pricing decreased 3.39% to $707.49/sq.ft.
3BR pricing decreased 8.99% to $841.20/sq.ft.
4BR pricing decreased 30.39% to $688.89/sq.ft. (this was just 1 sale)
Downtown Jersey City
The absorption rate decreased 46.27% to 9.21 weeks. It's still a few weeks away from all-time lows. The last time we saw absorption rates this low was in August, 2017.
Pending sales decreased by 24.26% to 128 units.
Days on the market increased 7 days to 44.
1BR pricing decreased 1.17% to $863.10/sq.ft.
2BR pricing decreased 1.85% to $767.70/sq.ft.
3BR pricing decreased 4.14% to $699.25/sq.ft.
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.