We saw another solid month in July.
Curious to see how the current mortgage rate drops will affect the market.
It seems more likely now that there will be rate cut in September.
Inventory levels for Hoboken remained steady at a 6.24 week inventory while inventory for downtown Jersey City increased 25.77% to 21.67 weeks.
Pending sales dipped in Hoboken by 16.52% while downtown Jersey City pending sales only slipped by .78%.
Days on the market increased by 12.50% to 18 days for Hoboken and increased 20% to 30 days for downtown Jersey City.
HOBOKEN-1BR and 2BR condos saw drops of .90% and 3.05%. Studios pricing decreased by 20.81% (not that many units traded) and a 18.48% drop for 3BR to $884.09/sq.ft. It's important to note that the 3BR prices from June of $1084.45 was a record high.
DOWNTOWN JERSEY CITY- There was a 11.67% drop in 1BR pricing to $752.56/sq.ft. 2BR properties saw a more modest drops of 1.12% while 3BR condos rose by 3.45%.
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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