November 2019 Hoboken/Jersey City Real Estate Update-Holding Steady for Now!

I hope everyone is having a wonderful holiday season.  

Wishing you all a Happy New Year!

Now, back to the numbers...

The absorption rate actually decreased for Hoboken by 24.85% and increased just 3.24% for downtown Jersey City.  The absorption rate usually decreases about this time of the year as buyers looking to close by the end of the year snap up whatever good available inventory is left.

Pending sales increased slightly for Hoboken and downtown Jersey City for November.  

Total sales increased by 11.86% for Hoboken and decreased 17.65% for downtown Jersey City.

We did see price decreases in all market segments except for:

Hoboken 4BR-up 11.63%

Newport 1BR-up 2.40%

Downtown JC 2BR-up 4.81%

Downtown JC 3BR-up 26.56%

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 ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com

Hoboken & DTJC Real Estate | 2009-2019 Data Available

This post marks 10 years that I've been tracking real estate data in Hoboken and downtown Jersey City.  It's interesting to see how much has changed over the years.

I added 2009 stats to the spreadsheet below if you'd like to review in more detail.

Even with the market starting to slow down, properties are still selling 47.39% faster in Hoboken and 54.98% faster in DTJC that they did in October 2009.

Pricing is up anywhere from a low of 43.17% for Hoboken 1BR to a high of 63.19%

for downtown JC 1BR condos.

4BR condos didn't really exist in 2009 unless you combined 2 units together or purchased a brownstone.

Now, here are the stats for October 2019.  

The absorption rate held steady for October at 18.27 weeks for Hoboken and 20.99 weeks for downtown Jersey City.  This is an increase of just .88% in Hoboken and 2.79% for DTJC.

Pending sales were up 7.03% for Hoboken, but down 2.44% for DTJC.

There were slight decreases in total transactions with Hoboken decreasing by 1.67% and DTJC decreasing by 1.92%

On the sales front, Hoboken posted gains in all segments with 1BR increasing .92%, 2BR increasing 1.5%, 3BR increasing 2.30%, and 4BR surging 11.11%.  This is continuing proof that families are staying longer in town and that there isn't enough 3-4 BR inventory.  

DTJC had the opposite result with 1BR increasing 1.37%, 2BR decreasing 7.70% and 3BR decreasing 20.15%. 

The Newport area was up and down this week with 1BR up 16.12%, 2BR up 46.41% and 3BR down 22.39%.

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 ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com

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

SEPT. 2019 UPDATE | NOW IS A GREAT TIME TO BUY | HOBOKEN & DOWNTOWN JERSEY CITY

The new reality should be settling in that the market has changed a bit.

It's not all doom and gloom though.  Properties are still selling if they're priced properly and we're still seeing bidding wars in select situations.

  Remember, our area has a strong base of rental buyers who start to look around once pricing dips, which it has.  This is actually a win-win for the market as buyers get better pricing than a year ago and sellers can still find viable buyers for their properties.

Pending sales is the best indicator of future activity and Hoboken decreased by .78% to 128 units and downtown Jersey City decreased by 12.14% to 123 units.

Decreasing pending sales coupled with an increasing absorption rate for Hoboken and downtown Jersey City will most likely lead to continued downward pressure on overall pricing.

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 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

Pricing Slides in Hoboken and Downtown Jersey City | Aug. 2019 Real Estate Update

I hope that everyone had a great summer. We spent lots of time at the beach and had an amazing trip to Ireland.  I highly recommend Ireland, but be forewarned that driving there isn't for the faint of heart!  Lots of narrow and winding roads and roundabouts, but the highways are easy to navigate. Feel free to reach out to me if you have any questions.

The decreased inventory for August coupled with the current under contract properties caused the absorption rates to increase for Hoboken and downtown Jersey City.  Hoboken is still at a strong 12.61 weeks while downtown JC isn't really that bad at 20.11 weeks.

Pending sales were down 20.37% to 129 units for Hoboken and down 4.11% to 140 units for downtown Jersey City.  The market has slowed down in August for the last two years.

Total transactions were also down 21.21% for Hoboken and down 15.87% for downtown Jersey City.  

Pricing has also seen some softness.  Hoboken 1BR have seen declining pricing for 4 straight months and downtown Jersey City 2BR have seen their 5th month of pricing declines.  

Two bright spots have been the 3 and 4BR market which saw increases of 2.67% for Hoboken 3BR and 13.21% for Hoboken 4BR and an increase of 7.64% for downtown Jersey City 3BR.  This is right in line with the increase in demand for larger properties as families decide to stay in town longer and longer.

Kevin G. Dowd

Managing Broker

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 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

July 2019 | Where is The Market Headed? | Hoboken/Downtown JC Update

Inventories moved slightly faster in July for Hoboken and downtown Jersey City.  Total sales were up 32% for Hoboken and 6.78% for downtown Jersey City.  The warmer weather always brings out more active buyers.

Pending sales decreased 14.74% for Hoboken and 3.95% for downtown Jersey City.  This is a good indicator of sales activity in 30 to 60 days when pending sales start to close.  

So the increased sales for July helped remove inventory from the marketplace, but the pending sales indicates that activity may start to dip again in the near future.

Pricing for Hoboken was down for 1, 2 and 4BR units and up only .70% for 3BR.

In downtown Jersey City pricing was a bit erratic with Newport 2BR increasing 36.90% and downtown 3BR increasing 36.91%.  

I definitely see properties lingering a bit longer on the market and the general impression is that the market has softened a bit.  The data suggests that there are some changes in store in the upcoming months. 

It will be interesting to see what effect the recent mortgage rate drop will have on the marketplace.

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

June 2019 | Has The Market Completely Cooled Down? | Hoboken/Downtown Jersey City Real Estate Market Report

I hope everyone had a great 4th!

Absorption rates are starting to creep up for the third month in a row for Hoboken.  Thankfully, the downtown Jersey City absorption rate decreased 16.84% for June.  If you look at how these rates have increased in the area over the last several years, you will see that inventory is staying on the market a lot longer.

As a reminder, the absorption rate determines how long inventory will take to sell in a specific market.

While properties continue to stay on the market longer, we will continue to see more and more opportunities for better deals.

Total transactions were down 3.06% for Hoboken and 3.18% for downtown Jersey City. Again, as you look at the year-over-year changes, you can see that transactions overall are trending down.

Price wise, things were OK for June. Hoboken 1-3BR were a little up and down, but nothing extreme.  Newport 1BR surged 17.54% and that was based on 5 sales, so it's a good representation on the market in that area.

Mortgage rates are very favorable at the moment and with the Fed hinting that there may be a rate decrease in the future, we may see a very busy fall selling season.

I saw recently on Zillow that the market has completely cooled in the area.  The market has definitely changed over the last few months, but I wouldn't say that it has completely cooled down based on the data I see here.

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