The spring market has arrived!
We are starting to see properties selling for significantly over asking price.
I do expect to see the average sales price to top 100% in the upcoming months if this pace continues.
The moral of the story is simple....buyers should be prepared to go over asking price for an ideal property and sellers...now may be the perfect time to sell.
Inventory for March decreased to just 7.65 weeks as we enter the busy spring market. This is a decrease of 33.30% as compared to last month.
Total sales ballooned to 83 units for a 72.92% increase over last month. Increasing total sales coupled with low inventory is the reason why we are seeing many properties selling for significantly over asking price.
Studio, 2 and 3BR condos all sold for over $800/sq.ft. This is the first time this has ever happened in Hoboken.
Pricing for all segments are up significantly from this time last year.
As expected, the 1BR numbers that dropped to $680.31/sq.ft. because of some well-priced fixer upper units rebounded to $769.00/sq.ft.
Overall, a very strong month.
Downtown Jersey City
Downtown Jersey City did equally as well for March with inventory shrinking to 11 weeks, a decrease of 37.75% from February.
Again, the low inventory and high demand is causing properties in downtown Jersey City to sell for over asking and in several cases for significantly over asking price.
Total sales saw a strong increase to 61.54% to 63 units as we enter are spring market.
1 and 2BR units saw very solid gains of 3.97% and 5.99%, respectively.
Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600
Each office is independently owned and operated.