Tuesday, March 15, 2022

Continued Strength in February | Your Local Real Estate Update



The pace of sales increased to 11.47 weeks based on normally slow winter activity.  These number are still a strong indicator of a seller's market.

Total sales are down to 48 units which is normal as we come out of the winter months.  Pending sales are up 29.93% which is an indicator of sales activity in the next 30-60 days.

3BR continued their strength this month with sales averaging $927.45/sq.ft.

1BR units did dip to $680.31/sq.ft., but that was caused by two fixer upper properties that sold way, way below market.  These numbers will rebound next month for sure.

Downtown Jersey City

The pace of sales increased to 17.67 weeks which is also based on slow winter sales.  With pending sales up 29.66%, we will see the pace of sales increase as these pending sales close.

Following the seasonal trend, total sales are down 26.42%.  This will also change as the pending sales close in the next 30-60 days.

Pricing for 1-3BR units was fairly stable this month, with the highlight being 3BR units that increased 6.69% to $853.28/sq.ft.

Happy Hunting!

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.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com