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.































1 comment:

Corner MacGregor said...

In the grand finale of 2023, celebrate a record-breaking year! It's a tapestry woven with achievements and milestones. Shifting gears, explore captivating hr dissertation topics for a journey into the intricacies of human resource studies, unlocking a world of academic possibilities in the year ahead.