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
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