Hoboken/Downtown Jersey City Real Estate Market Blog: Great Signs of Market Improvement

Monday, January 11, 2021

Great Signs of Market Improvement | December 2020 Real Estate Update

KEEP AN EYE OUT FOR MY END OF YEAR REAL ESTATE REPORT

COMING SOON!

December 2020 Real Estate Report

Hoboken

For the third month in a row inventory decreased in Hoboken to just 12.20 weeks. This is always a good indicator of sales activity in the upcoming 30-60 days.

1, 2 and 3 BR units all saw price decreases over last month as the market still lagged a bit from the sluggish last few months.

Days on the market increased by 25.81% to 39 days for closed sales.

Downtown Jersey City

Available inventory decreased by 34.71% to 18.36 weeks as the market starts to heat up a bit.

The increase in activity is backed up by an increase in pending sales of 7.28% to 162 units.

With the pace of sales and pending sales increasing we may start moving back into seller's market territory.

Pricing increased 1.41% for 1BR units and dropped 5.13% for 2BR units. 2BR sales were down a whopping 23.43% when compared to this time past year.

3BR sales slipped 11.34%, but it was only based on a few sales which is why pricing for this segment is always so volatile.

Days on the market decreased 13.04% to 40 days.

Conclusion

I'm starting to see signs that the market is improving. In both Hoboken and downtown Jersey City, we saw the pace of sales and pending sales increase.

Days on the market increased, but that is reflecting sales that were under contract in the past 30-60 days. The increase in days on the market will continue to increase for next month or so as we shake off the sluggish last few months.