February Real Estate Report | Record Prices Again!

 

Pricing remains stable as a complete lack of inventory is driving up pricing.

2BR pricing in Hoboken reached record levels at $861.25/sq. ft. and is supported by the fact that many 2BR units are selling with multiple bids...and significantly over asking price.

The pace of sales is still firmly in seller territory for both Hoboken and downtown Jersey City.

Basically, low supply and high demand are driving property prices higher.

The lower mortgage rates that buyers were able to lock in a few weeks ago seem to have sparked activity.

The complete lack of inventory is holding back many buyers from purchasing their first home or upgrading to a larger one.

Happy Searching!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Each office is independently owned and operated.

Licensed in New York and New Jersey

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com.

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com.

2023 in Underway! Where are We Headed?

OK. So 2023 is now underway!  We're off to an OK start. Just OK. 

The pace of sales slowed for both Hoboken and downtown Jersey City.

Hoboken is still very much in seller's market territory while downtown Jersey City is heading towards a more neutral market.

Total sales was relatively stable for January with sales dipping from 38 to 30 units in Hoboken and 34 to 30 units in downtown Jersey City.

2 and 3BR pricing for Hoboken dipped, while 1 and 2BR pricing in downtown Jersey City increased.

It looks like we're trying to find our footing as we enter the spring market.

Mortgage rates have gone down over the last several weeks which should start to incentivize buyers to enter the market.

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com.

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com.

2022 Year End Summary | Market Breaks Several Records!

2022 Year End Summary

Well, here we are!  

The moment you have all been waiting for! 

How did we do in 2022? 

In a word...AMAZING!

The dramatic increase in interest rates this year sent a shockwave through the market.  Once the new reality settled in, serious buyers adjusted their expectations and moved forward with their home searches. We may never see 3% mortgage rates again.

Record prices and fast-moving inventory capped off a very exciting year.

Lower demand coupled with lower inventory helped keep prices consistently high.

Skyrocketing rents have also started to convert tenants into buyers.

And now...off to the charts!

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

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

Pending sales for Hoboken dropped 26.85% from last year, but was met with lower demand.

Pending sales for downtown Jersey City dropped 24.43% and was also meet with lower demand.

Days on market in Hoboken dropped 18.92% to 30 days which are levels we haven't seen since 2017.

Days on market in downtown Jersey City are just 2.86% off last year.

Total transactions for Hoboken are down a significant 23.52% to 904 units.

Downtown Jersey City is down 16.24% to 712 units.

Now here's where the real fun starts!

Hoboken Studio, 1BR, 2BR and 3BR prices were at all-time highs for 2022.

Downtown Jersey City 2BR and 3BR prices were at all-time highs for 2022. 

1BR prices were off just .39% from 2021 prices, which were the all-time highs for this segment.

Happy Home Search!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com.

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com.

December Real Estate News | Record Prices in Hoboken, Downtown JC Struggling

               

Stay tuned for my 2022 Real Estate Wrap Up...Coming Soon!

The market has continued its normal seasonal slowdown with pending sales dropping for both Hoboken and downtown Jersey City. 

However, Hoboken and downtown Jersey City are telling somewhat different stories at the moment.

Hoboken is showing near record-low inventory with prices remaining stable.  3BR condos actually reached an all-time high average price of $1159.69/sq. ft., bolstered by an impressive $1788.46/sq. ft. sale at 1500 Garden Street.

Downtown Jersey City saw a slightly less of a dip in pending sales than in Hoboken, but inventory has been lingering the on the market a bit longer and as a result, prices declined in December in the 1BR and 2BR market segments.

As we continue through the winter and enter into the spring market is when we will see if we rebound from the winter slowdown or if that market is really starting to shift. Our market overall is a bit different in that we have such a huge rental base that as the market starts to soften, renters become buyers.  I have already started to see this, especially with rental prices at record highs.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com.

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com.

Prices Hold Steady in Hoboken and Downtown Jersey City

              

The market has started to slow down at a faster pace than last year.  The interesting tidbit is that the lower inventory has matched the lower demand and has kept pricing pretty much in check.

Buyers waiting for massive price drops just aren't seeing them.  

As long as the lower demand matches our lower inventories, pricing should remain stable.

We are still seeing bidding wars in certain situations.

It appears that the recent rate increases are helping to tame inflation finally.  If the increases ease up or stop altogether, that should offer some relief to mortgage rates and incentivize buyers and sellers who have been waiting on the sidelines.

The recent Fed rate increases are the fastest that we have ever seen.  I don't think people would be so concerned with mortgage rates if it happened more gradually.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com.

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com.

Where Are Prices Going? | Hoboken & Downtown Jersey City Report

             

Available inventory fell in Hoboken for October, but increased in downtown Jersey City.

The decreased demand in the market has been met with lower inventory which will help to stabilize prices.  

It's interesting to note that 1BR sales in Hoboken were the highest they've been since December 2019.

It's difficult at this point to tell the impact more normalized mortgage rates will have in the market because this time of year is when we normally see a seasonal slowdown.

The next few months will provide us with a clearer picture.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com

Are Prices Changing? | September 2022 Real Estate Report

            

The pace of sales slowed down in September as increasing mortgage rates start to affect the market.  

This is further evidenced by decreasing total sales and increasing days on the market.

Historically, we don't see this sort of slowdown until November.

I think we are just starting to see prices shift downward as the sales on the books for September are mostly from deals under contract from June and July.

We are seeing buyers look once again to adjustable rate mortgages in order to find more favorable mortgage rates.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenJerseyCityRealEstateBlog.com