After several years of almost no growth the condo market in Bayonne is showing signs of a shift in the right direction.
With only 27 active condos on the market and 5 units under contract in the last 30 days, the Bayonne condo absorption rate is at 5.4. This is the rate at which the market is absorbing condo inventory in Bayonne. On a scale of 1-10, 5.4 indicates a shift away from a buyer’s market, something condos owners have not witnessed since 2008.
In comparison the multifamily market in the town has undergone a transformation compared to a year ago. Currently the absorption rate for single family houses is 3.07 or 3.07 months of inventory. For 2 family dwellings it is 1.25. With demand out pacing supply for these houses it is a sellers’ market in Bayonne.
Interested in knowing the market value of your property in Bayonne? Call Janice Hall at 201 232 8577.
