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.