November Finishes Strong-Hoboken/DTJC Update

The holiday season is here! 

Wishing everyone a season filled with joy and happiness.

Now, onto the numbers...

Properties moved a little faster this month with absorption rates dropping substantially for Hoboken and downtown Jersey City.  This is most likely attributed to the slowdown of new listings during the holiday season coupled with the steady demand for properties in the area.

As far as total transactions, we also experienced steady growth with total sales increasing 6.06% for Hoboken and 32.56% for downtown Jersey City in November.  This goes in line with the steady demand for properties that we're still experiencing in the area.

Pricing was a bit of a mixed bag this month, with increases in Hoboken 1 and 3 bedrooms units and decreases in 2 and 4 bedroom units.  Yes, there is actually an increasing number of 4 bedroom condos for sale in Hoboken.  I've heard that many brownstone buyers are being asked what their price per square is to see how it compares to the larger condos with parking being built in Hoboken.  In Jersey City, all market segments increased with the exception of Newport 2BR which decreased 9.27%.

Make sure to keep and eye out for my 2018 End of Year Update.

Kevin G. Dowd

Broker/Salesperson

The Turoff Team

100 Washington Street

Hoboken, New Jersey 07030

Mobile: 201-606-5957 | Office: 201-659-8600 x408

Search MLS Listings for free at search.kevindowdrealestate.com

Follow more of the latest real estate news at  www.hobokenrealestatenews.com

Follow me on Twitter at www.twitter.com/KDowdRealtor

Are We in a Buyer's Market Yet? Hoboken/DTJC Real Estate Update-October 2018

Happy Thanksgiving everyone!  

I love that all of the holiday marketing now begins as soon as Halloween ends.

Enjoy the Black Friday and Cyber Monday deals!

Absorption rates increased again for October for both Hoboken and downtown Jersey City as inventory increases aren't being matched by substantially increased sales activity.  The absorption rate determines how quickly a particular market can absorb inventory.  24-32 weeks is considered a normal market, so by all accounts we are still in a normal, more neutral-leaning market.  

Total sales for October dropped 8.33% for Hoboken and 12.24% for downtown Jersey City.  What's interesting to note is that pending sales only dropped 2.88% for Hoboken and actually increased 8.03% for downtown Jersey City, so this may help to bolster total sales numbers through the rest of the year.

1 and 2BR units in Hoboken posted modest price per square foot gains, but 3BR and 4BR units posted price declines and all segments in Newport and downtown Jersey City posted losses for October. 

October marks 9 years that I've been tracking pricing trends in Hoboken.  It's amazing to see how far pricing has increased in 9 years.  

Kevin G. Dowd

Broker/Salesperson

The Turoff Team

100 Washington Street

Hoboken, New Jersey 07030

Mobile: 201-606-5957 | Office: 201-659-8600 x408

Search MLS Listings for free at search.kevindowdrealestate.com

Follow more of the latest real estate news at  www.hobokenrealestatenews.com

Follow me on Twitter at www.twitter.com/KDowdRealtor

Is The Market Starting to Shift? September Hoboken/Downtown JC Real Estate Report

There's been a lot of talk about real estate prices and where they're headed .  The Federal Reserve has just raised rates another .25% and will most likely raise rates 

another .25% in December.

I was just reading an article about mortgage rates now approaching 5% and how many first-time buyers are simply not used to seeing rates this high. These are still very low rates compared to where they have been in the past.  To date, I have never had a buyer tell me that they aren't purchasing a property because mortgage rates are too high.

That being said, the markets are being affected by these rate increases.

We've seen changes, with the absorption rate creeping up over the last few months and now we've seen a slight drop in pricing in some segments.  

It's interesting to note that Hoboken 3BR and 4BR and downtown JC posted positive 

results  for September.

Kevin G. Dowd

Broker/Salesperson

The Turoff Team

100 Washington Street

Hoboken, New Jersey 07030

Mobile: 201-606-5957 | Office: 201-659-8600 x408

Search MLS Listings for free at search.kevindowdrealestate.com

Follow more of the latest real estate news at  www.hobokenrealestatenews.com

Follow me on Twitter at www.twitter.com/KDowdRealtor

Downtown JC 2BR Hit a Record $1008.74/Sq.Ft. Inventory Staying on Market Longer-August 2018 Real Estate Report

The fall selling season is here in full effect with many interesting properties hitting the market over the last week or so. 

Properties are starting to linger on the market a bit longer, as can be shown by the absorption rate increasing 511.57% in downtown Jersey City since August 2016. 

To show you how crazy the market was...keep in mind that the absorption rate was about 4 weeks in August 2016.  It was a very active market.  24-32 weeks is considered normal.

Things are a bit more normalized now which isn't necessarily a bad thing and is why pricing hasn't really dropped significantly.

Pricing has been more or less steady with Hoboken 3BR dropping 10.98% and Newport 2BR hitting a record high of $1008.74/sq.ft.  

Pending sales are also down in August at -12.21% for Hoboken and -6.45% for downtown Jersey City.

Kevin G. Dowd

Broker/Salesperson

The Turoff Team

Keller Williams City Life Realty

100 Washington Street

Hoboken, New Jersey 07030

Mobile: 201-606-5957 | Office: 201-659-8600 x408

Search MLS Listings for free at viewhobokenhomes.com and alldowntownjerseycityhomes.com

Follow more of the latest real estate news at  www.hobokenrealestatenews.com

Follow me on Twitter at www.twitter.com/KDowdRealtor

Properties on Market Longer - Pricing Still Very Strong - Hoboken/Downtown JC Update

We've seen some interesting shifts in the absorption rate over the last few months, with the downtown area seeing some strong upward movement.  Take a look at the 2017 figures and you can see how much things have changed.  

Higher absorption rate = properties taking longer to sell

Although properties are staying on the market a bit longer, we're not seeing large downward shifts in pricing at all.  It was a bit crazy for awhile when it seemed like every decent property was in a bidding war.

We're still seeing prices very buoyant with the highlights being Hoboken 3BR at $826.39/sq.ft. and downtown 2BR selling at an average of $786.16/sq.ft.

Kevin G. Dowd

Broker/Salesperson

The Turoff Team

Keller Williams City Life Realty

100 Washington Street

Hoboken, New Jersey 07030

Mobile: 201-606-5957 | Office: 201-659-8600 x408

Search MLS Listings for free at kevindowdrealestate.com

Follow more of the latest real estate news at  www.hobokenrealestatenews.com

Follow me on Twitter at www.twitter.com/KDowdRealtor

I hope that everyone had a great 4th.

The absorption rate for June stabilized for Hoboken, but spiked 46.94% to 24.48 weeks for the downtown/Newport area.  It doesn't seem as if the dust has settled from the tax revaluation yet.  The absorption rate marks how quickly current inventories sell. 

Pending sales were stable in all areas this month, but are down from the same periods last year.

Total transactions dropped slightly for Hoboken, but actually increased 11.76% for the downtown area. We'll see if the slowdown in the downtown area absorption rate has an effect on the total transactions in the upcoming months.

Hoboken 1, 2 and 3BR condos performed well this month, with 3BR prices increasing 5.06%.

Newport 1BR were up 3.52%, while 3BR units were down 36.58%.  This was caused by a few sales at 45 River Drive South which trends lower than other units in the Newport area.

A few of my readers recently asked me why I wait until the middle of the month to publish the previous month's figures.  The reason is that sales sometimes aren't recorded by realtors for 1-2 weeks after the end of the month. This month, 9 sales were added for Hoboken and 13 sales for the downtown area. 

Kevin G. Dowd

Broker/Salesperson

The Turoff Team

Keller Williams City Life Realty

100 Washington Street

Hoboken, New Jersey 07030

Mobile: 201-606-5957 | Office: 201-659-8600 x408

Search MLS Listings for free at kevindowdrealestate.com

Follow more of the latest real estate news at  www.hobokenrealestatenews.com

Follow me on Twitter at www.twitter.com/KDowdRealtor