Friday, April 19, 2013
Big Increases in Pending Sales and Total Transactions-Monthly Stats Update-March, 2013
Pricing and activity strengthened again in March for downtown Jersey City and Hoboken.
The complete lack of inventory has just been driving prices crazy over the last few months. Most popular properties are selling in days with multiple offers.
Please note how the absorption rate dropped 19.57% for Hoboken and 22% for downtown Jersey City, while at the same time transactions increased 68% for Hoboken and 71% for downtown Jersey City.
What this means is that there is a decrease in the supply of properties for sale while the demand has increased. Result...prices are going up.
In some cases, pricing has already moved past peak pricing levels.
It's very simple, if you have a property listed for just a few days and you have multiple offers...you're property is priced too low.
If you're looking to sell right now, you can practically name your price.
Information provided by:
Prudential Castle Point Realty
626 Washington Street
Hoboken, NJ 07030
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