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

August 2022 | Solid Performance! | Hoboken/Downtown Jersey City

           

The market continued its streak in August with inventory moving quickly and prices remaining stable for both Hoboken and downtown Jersey City.

Pending sales slid again for August as the spring sales rush moves past us.

Interesting tidbit is that 1BR sales in Hoboken were only $.27 off their peak pricing from August 2021.

I did check back on data from previous years and every spring pending sales increase and then slowly decrease throughout the summer.  It's not an indication of market weakness.

Buyers are settled in with the current mortgage rates and more and more are looking towards adjustable rate mortgages to keep their rate down.

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

July Update | We're Back!

          

It seems as if the market has rebounded from the mortgage rate increases.  The general consensus among agents is that there was a bit of a recoil with active buyers as the rates increased.  Buyers that are starting their search now are running their numbers based on current rates and didn't see their projected payments increase as rates jumped.

The market was pretty stable for July with the absorption rates fluctuating a bit, but still well within seller's market territory.

Pending sales saw dips in Hoboken and downtown Jersey City.

Days on the market for downtown Jersey City dropped to 22 days, which ties May 2022 for the lowest on record since I began tracking data in 2009.

The rental market continues its run with properties renting for way more than last year.  Landlords of rent controlled apartments are torn between keeping the rents where the town says they should be or where the market tells them.

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

Market Slows a Bit, But Not Much | June 2022 Real Estate Update

         

The pace of sales dropped slightly for Hoboken and downtown Jersey City as the market reacted to the rapid mortgage rate increases.

Pending sales also dropped for Hoboken and downtown Jersey City for the same reasons.

The days on market dropped to 15 days for Hoboken.  This is the lowest rate recorded since I started tracking data in 2009.

We are off a bit from our peak levels as we begin to see what sort of change the mortgage rates will have on the real estate market.

The market is still strong but the absolute craziness has died down a bit.

And yes, we are still seeing bidding wars for some properties.

There was a slight pause in the market as buyers that were searching for properties saw the rates escalate and their buying power diminish.  Buyers that started looking after the increases didn't see their buying power with a 3% mortgage so are used to what they see with a 5.5% interest rate.

The rental market is still on fire with apartments often receiving sight-unseen over-asking price offers. This craziness has been going on for several months now even before the mortgage rate increases.

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

May Report | Hoboken 2BR Reach All-Time Highs! Strong Performance in Downtown JC!

        

Hoboken properties haven't sold this quickly since June 2017.

Downtown Jersey City properties haven't sold this quickly since May 2017.

2BR condos in Hoboken reached an all-time high of $809.55/sq.ft.

3BR condos in downtown Jersey City haven't sold at these prices since November 2017.

Hoboken

The supply of properties cannot keep up with demand at the moment.

Hoboken properties sold in an average of 21 days this month and 2BR condos reached an all-time high of $809.55/sq.ft.  

Seller are still receiving multiple bids for the right properties.

107 properties were sold in Hoboken in May.  We haven't seen more than 107 sales since June 2017 when there were 108.

Downtown Jersey City

The supply of properties in downtown Jersey City also cannot keep up with demand.

Properties went under contract in an average of 22 days.  Properties haven't sold this quickly since May 2017.

We are also regularly seeing multiple bids in downtown Jersey City

3BR pricing hasn't been at these levels since November 2017.

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

April Real Estate Update | Are Multi-Bid Situations The Norm Right Now?

       

The market has continued its rapid pace despite the rapidly rising interest rates.  

Hoboken

For April, properties continued to sell at a rapid pace with inventory remaining very low at 7.41 weeks, a 3.14% reduction from last month.

Total sales increased again in April by 24.10% to 103 units.  Total sales increasing against low inventory is keeping the market very active.

Studios increased 11.22% this month to $914.58/sq.ft. and 3BR condos increased by 1.17% to $860.40/sq.ft.  

1BR and 2BR units saw modest decreases of 1.77% and 1.23%, respectively.

Downtown Jersey City

Downtown Jersey City performed very well again in April with inventory shrinking another 1.55% to 10.83 weeks.

Low inventory coupled with increasing demand pushed total sales up 14.29% to 72 units.

Again, the low inventory and high demand is causing properties in downtown Jersey City to sell for over asking and in several cases for significantly over asking price. 

It does seem at the moment that every good listing is involved in a multi-bid situation.

Further indication of an active market is the fact that the days on the market (DOM) decreased 35% to just 26 days.  Impressive.

1BR units saw a 6.76% increase to $794.02/sq.ft. while 3BR units saw an increase of 13.65% to $750.31/sq.ft.

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 HobokenDowntownJerseyCityRealEstateBlog.com

March Hoboken/Downtown JC Real Estate Update | The Market is STRONG!

      

The spring market has arrived!

We are starting to see properties selling for significantly over asking price.

I do expect to see the average sales price to top 100% in the upcoming months if this pace continues.

The moral of the story is simple....buyers should be prepared to go over asking price for an ideal property and sellers...now may be the perfect time to sell.

Hoboken

Inventory for March decreased to just 7.65 weeks as we enter the busy spring market. This is a decrease of 33.30% as compared to last month.

Total sales ballooned to 83 units for a 72.92% increase over last month. Increasing total sales coupled with low inventory is the reason why we are seeing many properties selling for significantly over asking price.

Studio, 2 and 3BR condos all sold for over $800/sq.ft.  This is the first time this has ever happened in Hoboken.

Pricing for all segments are up significantly from this time last year.

As expected, the 1BR numbers that dropped to $680.31/sq.ft. because of some well-priced fixer upper units rebounded to $769.00/sq.ft.

Overall, a very strong month.

Downtown Jersey City

Downtown Jersey City did equally as well for March with inventory shrinking to 11 weeks, a decrease of 37.75% from February.

Again, the low inventory and high demand is causing properties in downtown Jersey City to sell for over asking and in several cases for significantly over asking price.

Total sales saw a strong increase to 61.54% to 63 units as we enter are spring market.

1 and 2BR units saw very solid gains of 3.97% and 5.99%, respectively.

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 HobokenDowntownJerseyCityRealEstateBlog.com