Hoboken continues to stay firmly in seller's market territory at 7.80 weeks of inventory, while downtown Jersey City slips ever closer to buyer's market territory at 28.76 weeks of inventory.
A buyer's market takes place when inventory is at least 32 weeks.
Hoboken
The big news for Hoboken is that pending sales shot up 58.21% to 106 units. This is a good indication that demand is strong and will certainly help keep the market.
Pricing remains robust with all market segments well over $800/sq.ft.
Downtown Jersey City
The big news for January is that the pace of sales increased 16.16% to 28.76 weeks. Pending sales did increase 20% to 120 units, which should help to stabilize/lower the absorption rate in the upcoming weeks.
This lingering inventory has helped ease up demand and in turn caused 1BR prices to drop this month and 2BR prices to show a modest increase.
Kevin G. Dowd
Broker of Record
5 Marine View Plaza
Suite 310
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600
Your Hudson County, New Jersey Referral Partner
Associate Broker
400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100
Your Long Island, New York Referral Partner
Each office is independently owned and operated.
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