Thursday, December 7, 2017

Market Stays Strong in November-Hoboken/Downtown Jersey City Update

Season's Greetings to everyone!

I hope you're enjoying the holiday season.

Properties moved at a slightly faster clip in November for Hoboken and at a slightly slower pace for downtown Jersey City this month.

Pending sales dipped, but that is to be expected at this time of the year. 

Hoboken sales also held their strength this month with just a slight dip of 2.50% for 2BR units.  Studios dropped 22.14%, but it was only based off one sale.  I wouldn't be concerned about this one segment.

In the downtown and Newport areas we saw price declines in all market segments except for 3BR units in the downtown area which increased 14.10%

There were no 3BR sales in the Newport area this month.

I've been receiving a lot of questions about how the new tax plan will affect sales and 
pricing in the area.

Personally, I don't ever recall a buyer not purchasing a home based on the tax deductions they would or would not receive.

In the past, as the market changes, renters look to purchase homes which helps to bolster a potentially weakening market.

Kevin G. Dowd
The Turoff Team

Keller Williams City Life Realty
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408

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