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
