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
The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
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