The pace of sales dropped slightly for Hoboken and downtown Jersey City as the market reacted to the rapid mortgage rate increases.
Pending sales also dropped for Hoboken and downtown Jersey City for the same reasons.
The days on market dropped to 15 days for Hoboken. This is the lowest rate recorded since I started tracking data in 2009.
We are off a bit from our peak levels as we begin to see what sort of change the mortgage rates will have on the real estate market.
The market is still strong but the absolute craziness has died down a bit.
And yes, we are still seeing bidding wars for some properties.
There was a slight pause in the market as buyers that were searching for properties saw the rates escalate and their buying power diminish. Buyers that started looking after the increases didn't see their buying power with a 3% mortgage so are used to what they see with a 5.5% interest rate.
The rental market is still on fire with apartments often receiving sight-unseen over-asking price offers. This craziness has been going on for several months now even before the mortgage rate increases.
Kevin G. Dowd
Broker of Record
100 Washington Street
Hoboken, New Jersey 07030
Cellular: 201.606.5957 | Office: 201.659.8600
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