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
The Turoff Team
100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201-606-5957 | Office: 201-659-8600 x408
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