Thursday, December 5, 2024

Did The Market Slow Down in November? Hoboken/Downtown Jersey City

     

The holiday season is typically a slower time for sales as many new buyers decide to hold off their searches until the New Year.  However, it can be the best tine to buy because there's less competition.

HOBOKEN-Prices surged in November as inventory decreased to levels not seen since August 2023.  1BR and 4BR units saw double digit price increases.

Pending sales dipped 26.67% in November to 88 units, again a function of a very low inventory. 

Total transactions increased 27.08%.

DOWNTOWN JERSEY CITY-Prices retreated a bit for November with 1BR and 2BR units dipping below $900/sq.ft.

Pending sales dipped just 4.55% but are still 15.38% ahead of this same month last year.

Total transactions dipped 10% but are still 50% ahead of November 2023.




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, November 21, 2024

15 Years of Real Estate Data! | October Real Estate Update

    

This month marks 15 years of tracking data in Hoboken and Downtown Jersey City.

I thought I would share some data on what the market looked like in October of 2009:

Absorption Rate

Hoboken: 35.03 weeks
Downtown Jersey City: 46.62 weeks

Pending Sales

Hoboken: 154
Downtown Jersey City: 103

Total Transactions

Hoboken: 83 units
Downtown Jersey City: 39 units

Days on the Market

Hoboken: 110 days
Downtown Jersey City: 95 days

Price Per Square Foot Hoboken

1BR $508.24/sq.ft.
2BR $468.04/sq.ft.
3BR $505.00/sq.ft.

Price Per Square Foot Downtown Jersey City

1BR $591.53/sq.ft.


Now onto October 2024...


HOBOKEN-Prices retreated a bit in October with 1 and 2BR condos down 4.48% and 5.93%, respectively

Pending sales increased 26.32% over last month and are 50% ahead of October 2023.

Total transactions dropped 34.29% from last month and 39.47% when compared to October 2023.

DOWNTOWN JERSEY CITY-1 and 2BR condos stayed above $900/sq.ft. for the second month in a row as first-time homebuyers continue to enter the market and the ultra-luxury high-rise properties continue to drive the upper end of the market.

Pending sales dipped 12% but are still ahead of October 2023 by 23.60%

Total transactions dropped to 22.45% but this is more a function of a lack of inventory than the market slowing down.




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, October 17, 2024

Hoboken/Downtown Jersey City Market Report | Going Strong into The Fall

   


HOBOKEN-Market strength continued in September with the average days on the market hitting an all-time low at 15 days, down 42.31% from last month.

Pending sales increased 2.15% to 95 units.

Pricing remained strong again this month with 4BR units leading the way at a robust $981.74/sq.ft.

All new construction properties being built in town are all ultra-luxury and that is the driving force for pricing of 3BR and 4BR units.

DOWNTOWN JERSEY CITY-The market in downtown Jersey City is still more neutral with the current inventory (absorption rate) at 20.07 weeks.

Pending sales were down 11.35% to 125 units.

Studio pricing came in at a strong $1016.56/sq.ft due to some high priced sales at some of the newer luxury buildings.




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, September 13, 2024

August Real Estate Update | Downtown JC Hits New Record!

  


HOBOKEN-The market performed well in August, with the availability of inventory dropping 12.82% to 5.44 weeks. This puts us in a strong seller's market.

Pending sales were only 93 units, down 3.13% from last month.

Pricing remains strong from Studio to 4BR units with 4BR units posting an especially strong $1081.66/sq.ft., up 22.26%.

DOWNTOWN JERSEY CITY-The market is a bit more neutral in downtown Jersey City with inventory down 18.50% to 17.66 weeks.

Pending sales were up 11.02% to 141 units.

Pricing remains strong in downtown Jersey City with 1BR-3BR units all averaging over $900/sq.ft. This is the first time this has ever happened.




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, August 6, 2024

Hoboken/Jersey City | July 2024 Update

 




We saw another solid month in July.

Curious to see how the current mortgage rate drops will affect the market.

It seems more likely now that there will be rate cut in September.

Inventory levels for Hoboken remained steady at a 6.24 week inventory while inventory for downtown Jersey City increased 25.77% to 21.67 weeks.

Pending sales dipped in Hoboken by 16.52% while downtown Jersey City pending sales only slipped by .78%.

Days on the market increased by 12.50% to 18 days for Hoboken and increased 20% to 30 days for downtown Jersey City.

HOBOKEN-1BR and 2BR condos saw drops of .90% and 3.05%. Studios pricing decreased by 20.81% (not that many units traded) and a 18.48% drop for 3BR to $884.09/sq.ft.  It's important to note that the 3BR prices from June of $1084.45 was a record high.

DOWNTOWN JERSEY CITY- There was a 11.67% drop in 1BR pricing to $752.56/sq.ft.  2BR properties saw a more modest drops of 1.12% while 3BR condos rose by 3.45%.




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, July 18, 2024

June 2024 | Record Setting Prices for Hoboken and Downtown Jersey City



 Another record-setting month for Hoboken and downtown Jersey City.

3BR prices for Hoboken reached an all-time high of $1084.45/sq.ft.

Studio prices for downtown Jersey City reached a record high of $1029.40/sq.ft.

The market overall remains very healthy with only a 6.50 week inventory for Hoboken and 17.23 weeks for downtown Jersey City.




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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Wednesday, June 12, 2024

May Real Estate Update | Strong Results Continue

 


The pace of sales for Hoboken and downtown Jersey City has been increasing since January as both markets start to rebound. A decreasing absorption rate is an indicator of a strong market.

This is further evidenced by pending sales which has steadily increased since the beginning of the year.

Total sales increased 44.44% to 65 properties in Hoboken and increased 42% to 71 units in downtown Jersey City.

The market is still strong at the moment, although we're starting to see some softness on the upper end of the market.




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, May 14, 2024

April Market Update | 1BR Soar to Record Highs

      



1BR for Hoboken and downtown Jersey City reached all-time highs as new buyers continue to enter the market.  Hoboken 1BR rose 13.60% to $917.18/sq.ft. while downtown Jersey City 1BR rose 8.87% to $894.36/sq.ft.

Hoboken inventories reached a low 6.17 weeks inventory while downtown Jersey City inventories were more balanced at 17.76 weeks.

Pending sales jumped 25.93% to 136 units for Hoboken and 13.08% to 147 units for downtown Jersey City.

Days on the market also dipped down 21.43% for Hoboken to 22 days and 31.58% to 26 days for downtown Jersey City. 

Properties across the board are moving very quickly.





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, April 9, 2024

March 2024 | Hot Market Update: 3BR Sales Soar 20.80% in Hoboken🚀

     



3BR sales in Hoboken increased by 20.80% as low inventories continue to drive pricing.

Pending sales increased for both Hoboken and downtown Jersey City. The increase is an indicator of increased sales in the upcoming 30-60 days.

Properties are still moving quickly and still selling over asking in many cases.


Hoboken

The big news for Hoboken is that 3BR sales increased to $1036.97/sq. ft. 
We haven't been over $1000/sq. ft. since July '23

4BR units performed equally as well at $1037.23/sq. ft. 

2BR sold well at $906.48/sq. ft. while the absorption rate remained steady at 7.89 weeks of inventory.
In Hoboken, sales remain robust with all market segments well over $800/sq. ft.



Downtown Jersey City

The big news for downtown Jersey City is that total sales increased 70% to 51 units.  This increase in sales helped lower the pace of sales 43.57% to 16.23 weeks.

3BR condos increased 47.29% to $898.52/sq. ft. after an uncharacteristically low performance last month.





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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Wednesday, March 6, 2024

February Real Estate News | Big Changes Ahead for downtown Jersey City?

    


Hoboken continues to stay firmly in seller's market territory at 7.80 weeks of inventory, while downtown Jersey City slips ever closer to buyer's market territory at 28.76 weeks of inventory.

A buyer's market takes place when inventory is at least 32 weeks.

Hoboken

The big news for Hoboken is that pending sales shot up 58.21% to 106 units.  This is a good indication that demand is strong and will certainly help keep the market.

Pricing remains robust with all market segments well over $800/sq.ft.


Downtown Jersey City

The big news for January is that the pace of sales increased 16.16% to 28.76 weeks. Pending sales did increase 20% to 120 units, which should help to stabilize/lower the absorption rate in the upcoming weeks.

This lingering inventory has helped ease up demand and in turn caused 1BR prices to drop this month and 2BR prices to show a modest increase.




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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