End of the COVID Real Estate Slowdown? | November 2020 Real Estate

  

November 2020 Real Estate Report

Hoboken

Again for November, the pace of sales increased with only 18.04 weeks of inventory as compared to 20.80 weeks last month.  

Pending sales dropped 14.44% to 160 units, but are still 11.11% ahead of where we were last year at this time.

We're in a more balanced market which we're not used to seeing in Hoboken.

1, 2 and 3 BR units all saw price increases over last month and more importantly 2 and 3BR units saw large price increases from this time in 2019. 

There has been some softness in the 3BR market recently, but this market segment may be starting to firm up a bit.

Days on the market actually decreased this month by 13.89% to 31 days.

Downtown Jersey City

The pace of sales for downtown Jersey City slowed a bit for November with the absorption rate increasing 5.63% to 28.12 weeks.

Pending sales decreased just .67% this month and is 21.77% ahead of where we were at this time last year, which is encouraging.

We're in a more balance market in downtown Jersey City, but if the absorption rate continues to climb, we may enter into seller's market territory.

Pricing dropped 6.04% for 1BR units and 1.76% for 2BR units and are also off pace from 2019 figures.

3BR sales were up 41.76% but it was only based on a few sales which is why pricing for this segment is so volatile.

Days on the market increased 43.75% to 46 days.

Conclusion

While the Hoboken market showed signs of improvement, the downtown Jersey City still seemed to lag behind in November.  Hopefully with stable pending sales in downtown JC for this month we will see pricing rebound.

There is an expectation that uncertainties about the market and economy may start to diminish now that we have a viable COVID vaccine.

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Mobile: 201.606.5957 | Office: 201.659.8600

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com

 

Hoboken/Downtown Jersey City | October Real Estate Update | Where are We Headed?

  

October 2020 Real Estate Report

Hoboken

The pace of sales actually picked up a bit for Hoboken in October with only 20.80 weeks of inventory on the market as opposed to 26.31 weeks from last month.

On top of that, pending sales increased 3.89% to 187 units and total sales increased 20% to 84 units.

1 and 2BR units remained fairly steady with prices dropping 2.61% for 1BR and increasing 2.08% for 2BR units. 

3BR units showed some softness this month with prices dropping by 11.56%.  Many 3BR buyers have accelerated their home searches in the suburbs which has put a bit of downward pressure on pricing.

Days on the market increased slightly by 16.13% to 36 days.

Downtown Jersey City

The pace of sales also picked up in downtown Jersey City with only 26.62 weeks of inventory on the market in October, a decrease of 21.20%

1BR units saw a 10.57% increase in pricing, while 2BR units dropped 2.93% and 3BR dropped 9.80%.  3BR pricing follows in line with Hoboken in that 3BR buyers are moving more rapidly to the suburbs at the moment.

Days on the market increased slightly by 10.34% to 32 days.

Conclusion

We are still seeing some shifts in the market now which will start to show up in the data in about 6-8 weeks.  Properties are still selling, but there has definitely been more price negotiations than we have seen in the past.

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Mobile: 201.606.5957 | Office: 201.659.8600

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com

Is The Market Starting to Shift? | Sept. 2020 Hoboken/Downtown JC Market Report

 

September 2020 Real Estate Report

Hoboken

The pace of sales slowed a bit this month, with the absorption rate increasing 37.17% to 26.31 weeks.  Pending sales dropped 2.17% while total sales dropped 21.35% to 70 sales.  Active listings was at 425 units.  These are levels that we haven't seen in a very long time.

The increase in inventory is a combination of pent up sales from the few months when we were shut down coupled with an acceleration of sellers moving out of the area.  

Increasing inventory coupled with decreased sales could start to push the market into buyer's market territory.

Even though pending sales are still strong, it seems like there's been a bit of a slowdown in the marketplace.

Pricing remained relatively flat, with 1BR and 2BR units both increasing by just .05% and 3BR units increasing a strong 17.70%.  The strength of the 3BR market has continued for some time as more and more families stay for the long-term in Hoboken.

Downtown Jersey City

The pace of sales also slowed down in downtown Jersey City, with the absorption rate increasing by 24.74% to 33.78 weeks as inventory continues to increase. Active listings climbed to 382 units.  These are levels that we haven't seen in a very long time.

Pending sales actually increased 9.86% to 156 units while total transactions dropped 18.33% to 49 units.

What's also interesting to note is that the days on the market decreased 36.96% to 29 days, which is impressive.

Pricing actually increased for 1BR and 2BR while 3BR pricing dipped. There aren't that many 3BR sales in the downtown area, so pricing will tend to be a bit more volatile.

Conclusion

Over the last few weeks it does seem like the market is going through some sort of change.  The fundamentals are still strong, but at the moment activity has slowed in the marketplace for some reason.  

With people working from home for the foreseeable future, the proximity to the PATH isn't playing as much of a roll as it has in the past. This is a very short-sighted view in my opinion.  New York City will always be a big draw for buyers once we move to a post-Covid economy.

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Mobile: 201.606.5957 | Office: 201.659.8600

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com

Fundamentals are Strong...Pricing Down in Hoboken | August 2020 Stats Update

August 2020 Real Estate Report

Hoboken

More sales, selling at a faster pace...pricing dropped a bit.

Total sales for Hoboken jumped 64.81% for August to 89 units while the absorption rate dropped to 19.18 weeks which is down 39.65% from last month.  Pending sales also increased to 184 units, up 3.37% and days on the market dropped 12.12% to 29 days.

Pricing for Hoboken did drop a bit, from between 2.82% for 2BR condos to 8.96% for 1BR condos.

The data should have pointed to an increase in pricing but it showed the exact opposite.

Downtown Jersey City

More sales, selling at a faster pace...pricing increased slightly.

Total sales for downtown Jersey City jumped 66.67% to 60 units while the absorption rate decreased an impressive 32.22% to 27.08 weeks. Pending sales increased 2.90% to 142 units.

Pricing for 1BR and 2BR units increased by .09% and 2.29%, respectively.

Conclusion

As discussed in July, the increased sales activity in Hoboken and downtown Jersey City did help to absorb additional inventory as was shown by the decreasing absorption rates for Hoboken and downtown Jersey City.

The fundamentals of the market are solid at this time.  I'm not overly worried about the price decreases in Hoboken because they're still in line with previous monthly trends.

Continued demand and record-low mortgage rates are fueling market activity.

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Mobile: 201.606.5957 | Office: 201.659.8600

Search MLS Listings for free at ViewHobokenHomes.com and AllDowntownJerseyCityHomes.com

The Market Rebounds | July 2020 Real Estate Report | Hoboken & Downtown Jersey City

Hoboken

July showed some resiliency for Hoboken with pending sales increasing 17.98% and total transactions also increasing by 8.00%.

The absorption rate increased 13.13% to 31.78 weeks, but average days on the market for properties dropped 29.79% to 33 days.

1 and 2BR prices were relatively stable, but 3BR prices dropped 14.39%.  The 3BR price drop was based on fewer sales than usual this month, so take it with a grain of salt.

Inventory has increased, but properties are starting to sell faster and general pricing is stable/slightly increasing from last month.

Downtown Jersey City

The pace of sales started to increase this month with the absorption rate decreasing by 26.60% from last month.

All of the pending sales that we've seen over the last few months have now started to close, as is shown by total transactions increasing by 63.64%.

1BR pricing increased by 8.63% while 2BR sales dipped by 6.39%.  

Conclusion

Overall, the market performed better in July with total and pending sales increasing and days on the market decreasing for both Hoboken and Downtown Jersey City.

The continued increase of pending sales should help absorb lingering inventory if the market continues to strengthen.

Kevin G. Dowd

Broker of Record

Co-Team Leader 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

8 1/2 Year Low for Total Sales in Downtown JC | June 2020 Real Estate Update

Hoboken

For June we saw a bit of a shift in the market.  There was a large increase in inventory which which wasn't met with increased demand.  As a result properties lingered a bit longer on the market which is shown by the increase in the absorption rate and days on the market.

Pricing stayed relatively steady for June with only 2BR sales dipping 2.77%.

Days on the market also increased 56.67% which also supports the market slowing down a bit.

The market slowing down doesn't automatically mean that prices are going to drop.

Downtown Jersey City

Things slowed down a bit more in downtown Jersey City with the absorption rate increasing to 54.43 weeks which is an increase of 53.86%.  Total sales dropped to 22 units, which is the lowest it's been since January 2012.

Pending sales did increase to 107 units which was a 48.61% increase.

With so few sales it's a bit difficult to get the true read on pricing.

Let's see how the pending sales convert in the next 1-2 months. 

Kevin G. Dowd

Broker of Record

Co-Team Leader 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

Looking Good! | May Real Estate Report | Hoboken & DTJC

Hoboken

For May, 2020 properties sold faster than last month and significantly faster than they

 did in May, 2019.

I have definitely seen an increase in activity in Hoboken. Many listings are going under contract in just a matter of days.  This activity is still much lower than last year, but the lower inventory is met by lower demand which balances out each other.

Pricing has remained stable for this month and has been fairly stable for the last few months.  3BR pricing can be a bit volatile just because there aren't so many sales

 in that segment.

Downtown Jersey City

Pending sales were down compared to last year and significantly down when compared to this time last year, just like Hoboken.

Days on the market was at 30 days just like Hoboken which is much less than last month which shows that activity is starting to pick up here as well.

The market in downtown Jersey City is performing well and I just don't see these seismic shifts in pricing that people are waiting to see.

Properties are starting to move very quickly again.

Pending sales already seem to be way up for June in both markets, so let's hope we can recapture a bit of that strong Spring market that we were starting to see before 

the pandemic.

Kevin G. Dowd

Broker of Record

Co-Team Leader 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

April Real Estate Update | The Market is SOLID

OK, so the numbers for April are actually very solid. 

The absorption rate jumped for Hoboken and downtown Jersey City in April, but these numbers have moved back to the levels we had seen at the beginning of 2020.

Pending and total sales are both down, but this has been offset by lower inventory. 

However, the lower activity hasn't resulted in a drop in pricing, which is what I've heard is the same scenario in other areas. 2BR condo prices in Hoboken did drop 8.52% but all other segments held up quite well.

Over the last few weeks there has been a palpable increase in activity as buyers and sellers adjust to the current real estate market.

Kevin G. Dowd

Broker of Record

Co-Team Leader 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

Stats Update | Holding Steady for March | Hoboken & Downtown Jersey City

Just wanted to share the March 2020 stats with you for Hoboken and downtown Jersey City.

As it turns out, numbers look pretty decent for March with properties moving at rates that we haven't seen since December 2016 for Hoboken and December 2017 

for downtown Jersey City.

Properties that were under contract during the middle of March will start closing in the next few weeks and that will be another good indicator of where the market is headed.

Stay tuned...

Kevin G. Dowd

Broker of Record

Co-Team Leader 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

Where is the Market Headed? | Hoboken/Downtown Jersey City Real Estate Update | Feb. '20

First, I hope that this message finds everyone safe and sound.  Please practice social distancing, use sanitizing wipes, masks and gloves and wash your hands more than ever.

If anyone is sick or needs any help, please reach out to me. 

Well, the market slid a bit at the end of last year and was just starting to turn around until we all went under lockdown.

Pending sales increased by 29.55% for Hoboken and 18.63% for Jersey City for February, which is a good indicator of future sales activity.  By many accounts, we were just starting to turn a corner.  There was a noticeable uptick in activity and bidding wars.

Pricing did decrease in all market segments for February and now we'll have to see how the numbers stack up for March.

I came across an interesting article about 5 reasons why we aren't heading towards another housing crash.

It's a very interesting read.

Click here to read the article

Kevin G. Dowd

Broker of Record

Co-Team Leader 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