Tuesday, December 19, 2023

Nov Update | 1BR Hits All-Time High

  



Wishing everyone a joyous holiday season and a prosperous New Year!

Mortgage rates are finally starting to come down!


Hoboken

The big news for November is that 1BR condos hit an all-time high of $923.09/sq.ft.

Lower inventory with increased demand was one of the driving factors in this.

Day on the market remained at 19 days which is 34.48% lower than this time last year.


Downtown Jersey City

The big news for November is that total sales dropped 30.77% to 36 units.  As is evidenced by the absorption rate increasing 22.74% to 20.46 weeks, sales are moving a little slower in downtown Jersey City at the moment.  

Pricing remains steady, except for 3BR condos which is always volatile.





Kevin G. Dowd
Broker of Record 

5 Marine View Plaza
Suite 310
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 
Your Hudson County, New Jersey Referral Partner

Associate Broker

400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100
Your Long Island, New York Referral Partner

Each office is independently owned and operated.





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Friday, November 17, 2023

October Update | Marry The House and Date the Rate

 


Remember..

Marry The House....Date Your Mortgage Rate


Hoboken

The big news is that inventories remain low in Hoboken with the current inventory for September at just 8.32 weeks.

Even with slight dips for 1-2BR condos and a 12.85% average price drop for 3BR units, pricing for 1-4BR condos in Hoboken remained strong again for September, 
with all categories averaging over $800/sq.ft.

4BR condos hit an all-time high at $1255.96/sq.ft.

Downtown Jersey City

The big news for October is that even with an increase of 45.08% to 16.67 weeks, inventory remains firmly in seller's market territory for downtown Jersey City.

1BR condos increased slightly to 1.95% to $862.01/sq.ft.

2BR condos decreased 3.01% to $884.64/sq.ft.

3BR condos performed well with an 3.74% increase to $970.14/sq.ft.

Limited inventory is still driving the market right now.

Still a great time to sell.






Kevin G. Dowd
Broker of Record 

5 Marine View Plaza
Suite 310
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 
Your Hudson County, New Jersey Referral Partner

Associate Broker

400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100
Your Long Island, New York Referral Partner

Each office is independently owned and operated.





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Tuesday, October 17, 2023

September Update | Markets Still Remain Very Strong

    




Hoboken

The big news for September is that pricing remains robust despite higher interest rates. At this time, the supply of properties cannot keep up with the current demand.

Studios took a 4.34% drop to $766.82/sq.ft.

1 and 2BR condos stayed relatively stable with 1.56% and .05% increases, respectively.

3BR rebounded 18.64% to a strong $947.54/sq.ft.

Inventory remains low at just 7.25 weeks.

Downtown Jersey City

The big news for September is that the supply of properties also cannot keep up with the current demand.

1BR condos dipped 2.22% to $845.49/sq.ft.

2BR condos increased 11.50% to a strong $912.11/sq.ft.

3BR condos also did very well with an 8.74% increase to $936.03/sq.ft.

Overall still a very active market for the few properties that are listed for sale.

Inventory remains low at 11.49 weeks.

Still a great time to sell.






Kevin G. Dowd
Broker of Record 

5 Marine View Plaza
Suite 310
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 
Your Hudson County, New Jersey Referral Partner

Associate Broker

400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100
Your Long Island, New York Referral Partner

Each office is independently owned and operated.





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Thursday, September 14, 2023

All-Time Highs Again This Month | August 2023 Real Estate Update

   




Hoboken

The big news for August is that Hoboken 2BR condos have reached an all-time high of $893.51/sq.ft. as low supply and high demand continue to drive prices higher.

Studios edged just above the $800/sq.ft. ceiling at $801.59/sq.ft.

1BR stayed fairly constant at $823.70/sq.ft. 

3BR dropped by 25.11% to $798.65/sq.ft.

Inventory is still very low with just 3.25 weeks of supply.  

Downtown Jersey City

The big news for August is that 2BR and 3BR prices were identical to July.  

I've never seen that before in the almost 14 years I've been tracking data.

1BR condos decreased very slightly to $864.68/sq.ft.

2BR condos stayed steady at $818.03/sq.ft.

3BR condos also stayed steady at $860.81/sq.ft.

Available inventory decreased to a still-low 14.65 weeks.


Overall still a very active market for the few properties that are listed for sale.

Still a great time to sell.






Kevin G. Dowd
Broker of Record 

5 Marine View Plaza
Suite 310
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 
Your Hudson County, New Jersey Referral Partner

Associate Broker

400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100
Your Long Island, New York Referral Partner

Each office is independently owned and operated.





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Thursday, August 17, 2023

The Big News This Week | $1066.38/Sq.Ft. for Hoboken 3BR

  



The big news this week is that Hoboken 3BR hit $1066.38/sq. ft.  This is only the second time 3BR prices have been above $1000/sq. ft.  

Days on the market for Hoboken remained very low at just 17 days.

Hoboken pending sales dipped 5.08% while total sales dropped 34.48%.  This is more of a result of a lack of inventory rather than decreased demand.

The paces of sales for downtown Jersey City slowed to 17.92 weeks, but don't worry...we're still in seller's market territory.

Downtown Jersey City pending sales were up 19.80% and total transactions were up 32.73%. Further signs that the market is doing well in downtown Jersey City as well.




Kevin G. Dowd
Broker of Record 

100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 
Your Hudson County, NJ Referral Partner

Associate Broker

400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100
Your Long Island, NY Referral Partner

Each office is independently owned and operated.





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Tuesday, July 18, 2023

Hoboken Hits All Time High | 4 Months Over $800/Sq. Ft for Jersey City

 



The big news this week is that the absorption rate for Hoboken reached 2.98 weeks for the month of June. This is the lowest absorption rate I have ever recorded since I started tracking data in October 2009.  

The absorption rate is an indicator of the pace of sales and details how many week's inventory a market has given the current pace of sales.

1BR through 4BR condo sales in Hoboken averaged over $800/sq.ft. for the second month in a row.

Downtown Jersey City also performed very well with an absorption rate of 12.51 weeks which is also firmly in seller's market territory. 1 and 2BR condos both averaged over $800/sq. ft. for the fourth month in a row.

Steady and strong demand coupled with low inventory is keep pricing very strong.  The higher interest rates don't seem to deter buyers as there's a general feeling now that interest rates will start to lower in the not-so-distant future.




Kevin G. Dowd
Broker of Record 

100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 
Your Hudson County, NJ Referral Partner

Kevin G. Dowd
Associate Broker

400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100
Your Long Island, NY Referral Partner

Each office is independently owned and operated.





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Tuesday, June 13, 2023

Hoboken Averages OVER $800 Sq. Ft. |Hoboken/DTJC Real Estate Update


The big news this week is that all Hoboken studio to 4BR categories were sold at an average sales price of over $800/sq. ft. in May.  This is the first time this has ever happened.

This was no doubt fueled by the days on market for Hoboken plummeting to just 12, down 57.14% from last month.

Total sales for Hoboken are up 20% to 60 units.

Overall a very robust market.

For downtown Jersey City, all categories also priced over $800/sq.ft., but this isn't the first time this has happened here.

Days on the market for downtown Jersey City also dropped 16.67% to 30 days while total sales increased 15.38% to 45 units.

Also a very strong market.

Both markets seems to be accelerating at the moment as increased demand continues.

Happy Searching!



Kevin G. Dowd
Broker of Record 

100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 

Kevin G. Dowd
Associate Broker

400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100

Each office is independently owned and operated.





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Friday, May 12, 2023

Where's The Inventory? | Hoboken & Jersey City Real Estate Report

   



If you are looking to sell, now might be an ideal time. Many recent sales have been selling over asking...some by almost 10%!

I'm also happy to report that I have expanded my business into New York. Please let me know if you have any New York real estate needs.

Same story again for April...low inventory...properties selling quickly.

Don't forget to ask your lender for a free mortgage refi as part of your current loan!

The absorption rate remains very low in Hoboken with just 7.80 weeks of inventory, down 12.16% from last month. Downtown Jersey City also remains low at 15.78 weeks of inventory, up 7.71% The properties that are for sale are moving quickly.

Pending sales increased again in Hoboken for April by 18.97% to 138 units, but still down 42.50% as compared to April 2022.  Downtown Jersey City increased pending sales by 1.98%, but is down 47.45% when compared to the same month last year.  This is because there just is not enough inventory.

Because of the low inventory and high demand, pricing remains strong.  Hoboken 1BR and 3BR units had less than a 1% decrease for April.  Downtown 1BR, 2BR and 3BR units all had increases for April.

I think that this backlog of inventory will continue a bit longer until mortgage rates start to come down.

Sky high rents also continue to encourage tenants to consider purchasing which is another driving force. I hear that there's a large rental building in town that has raised 2BR rents by $1000 per month.

Interesting times for sure!


Happy Searching!



Kevin G. Dowd
Broker of Record 

100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 

Kevin G. Dowd
Associate Broker

400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100

Each office is independently owned and operated.





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Monday, April 17, 2023

Now Might be The Right Time to Sell | March Report

  



If you are looking to sell, now might be an ideal time.

I'm also happy to report that I have expanded my business into New York. Please let me know if you have any New York real estate needs.

The market continued to strengthen for March as inventories remained low and demand continued to increase.

Pending sales jumped 28.89% for Hoboken and 31.17% for downtown Jersey City and total sales jumped 82.61% for Hoboken and 25.93% for downtown Jersey City.

These figures are similar to activity at the beginning of COVID and are way below pre-COVID levels.

Pricing overall is still very strong with the highlights being 3BR in Hoboken at $968.94/sq.ft. and 1BR in downtown Jersey City at $820.45/sq.ft.

Mortgage rates started to decline in March making buyers on the fence more comfortable with jumping into the market and helping to spur activity.

There's definitely pent up supply waiting to be released, but sellers that are looking to upgrade in town or move to the suburbs need more/better options.

Sky high rents are also causing many tenants to consider purchasing which is another driving force.

Interesting times for sure!


Happy Searching!



Kevin G. Dowd
Broker of Record 

100 Washington Street
Hoboken, New Jersey 07030
Mobile: 201.606.5957 | Office: 201.659.8600 

Kevin G. Dowd
Associate Broker

400 Garden City Plaza, Suite 438
Garden City, New York 11530
Mobile: 201.606.5957 | Office: 516.873.7100

Each office is independently owned and operated.





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Friday, March 17, 2023

February Real Estate Report | Record Prices Again!

 


Pricing remains stable as a complete lack of inventory is driving up pricing.

2BR pricing in Hoboken reached record levels at $861.25/sq. ft. and is supported by the fact that many 2BR units are selling with multiple bids...and significantly over asking price.

The pace of sales is still firmly in seller territory for both Hoboken and downtown Jersey City.

Basically, low supply and high demand are driving property prices higher.

The lower mortgage rates that buyers were able to lock in a few weeks ago seem to have sparked activity.

The complete lack of inventory is holding back many buyers from purchasing their first home or upgrading to a larger one.

Happy Searching!



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.

Licensed in New York and New Jersey

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com.

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com.







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Thursday, February 9, 2023

2023 in Underway! Where are We Headed?



OK. So 2023 is now underway!  We're off to an OK start. Just OK. 


The pace of sales slowed for both Hoboken and downtown Jersey City.


Hoboken is still very much in seller's market territory while downtown Jersey City is heading towards a more neutral market.


Total sales was relatively stable for January with sales dipping from 38 to 30 units in Hoboken and 34 to 30 units in downtown Jersey City.


2 and 3BR pricing for Hoboken dipped, while 1 and 2BR pricing in downtown Jersey City increased.


It looks like we're trying to find our footing as we enter the spring market.


Mortgage rates have gone down over the last several weeks which should start to incentivize buyers to enter the market.




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.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com.

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com.







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