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.





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.





Tuesday, April 9, 2024

March 2024 | Hot Market Update: 3BR Sales Soar 20.80% in HobokenšŸš€

     



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.





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.





Friday, February 16, 2024

JAN '24 REAL ESTATE REPORT

   




It's been a solid start to 2024, but there are some slowdowns taking place, especially in downtown Jersey City.

Hoboken

The big news for January is that the pace of sales was up 82.88% to 8.12 weeks. Still firmly in seller's market territory, but a big jump nonetheless.


Downtown Jersey City

The big news for January is that the pace of sales increased 41.08% to 24.76 weeks. Still in seller's market territory, but getting closer to becoming a buyer's market, which would happen at 32 weeks.

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





Wednesday, January 24, 2024

2023 End of Year Update | A Record Breaking Year

 


2023 Year End Summary



In a year plagued with high mortgage rates we still had a record-breaking year in many categories.

The continued dynamic of lower inventory coupled with high demand drove prices to record levels.

The increasing rents that we are experiencing in the area also continues to convert renters into buyers.

Now with mortgage rates easing there have been predictions that the market will continue its strength into 2024.

And now...off to the charts!














The pace of sales in Hoboken at 6.73 weeks of inventory is the fastest that I have on record since I started recording data in 2009.

Downtown Jersey City at 13.89 weeks hasn't seen properties move this quickly since 2017.



Average monthly pending sales for Hoboken dropped 36.30% from last year to 100.92 units which is the lowest levels on record since I started recording data in 2009

Average monthly pending sales for downtown Jersey City dropped 26.41% to 98.67 units which is also the lowest levels on record since I started recording data in 2009.




Days on market in Hoboken dropped 13.33% to 26 days which is the lowest level I've seen since I started recording data in 2009.

Days on market in downtown Jersey City dropped 2.94% to 33 days which is the lowest I've seen since 2017.




Total transactions for Hoboken are down a significant 37.17% to 568 units. This is the lowest level I have seen since I started recording data in 2009.

Downtown Jersey City is down 29.07% to 505 units. This is the lowest level I have seen since 2012.



Hoboken 1BR, 2BR and 4BRprices were at all-time highs for 2023.

Studio: $795.29/sq.ft., down 6.48% from last year
1BR: $820.48/sq.ft., up 7.14% from last year *RECORD HIGH*
2BR: $837.47/sq.ft., up 7.99% from last year *RECORD HIGH*
3BR: $822.60/sq. ft., down 7.09% from last year
4BR: $904.89/sq.ft., up 9.56% from last year, *RECORD HIGH*


Downtown Jersey City 1BR, 2BR and 3BR prices were all at all-time highs for 2023


1BR: $839.18/sq.ft., up 7.89% from last year *RECORD HIGH*
2BR: $832.72/sq.ft., up 2.46% from last year *RECORD HIGH*
3BR: $851.45/sq.ft., up 1.35% from last year *RECORD HIGH*



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.































Saturday, January 6, 2024

December Real Estate Update | ALL-TIME HIGHS! 2023 ENDS STRONG

   




I hope everyone had a wonderful holiday season!

The Hoboken and downtown Jersey City markets ended 2023 on a strong note!


Hoboken

The big news for December is that 2BR condos hit an all-time high of $924.77/sq.ft.

The continued lack of inventory coupled with strong demand and lower interest rates is fueling the market.


Downtown Jersey City

The big news for December is that 1BR and 2BR units hit all-time highs.  1BR units reached $888.74/sq.ft. while 2BR units reached $959.30/sq.ft.


There is speculation that pricing will remain strong in 2024 now that mortgage rates are dropping and more buyers are re-entering 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.