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 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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