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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