We all were curious about how Hurricane Sandy would affect the Hoboken real estate market. It seems that the biggest change last month was that new listings were down but only by 12% compared to last year. That’s no surprise since few sellers are likely to list their place for sale when the streets are filled with guys in hazmat suits and strewn with debris. But if you look at the number of closings, that’s actually up from the same time last year. We’re headed into the holidays which is always the slowest time of the year for Hoboken real estate. It will be interesting to see what happens with the overall economy and the looming “fiscal cliff”.
The overall take away remains the dearth of inventory in Hoboken. There are simply not enough condos for sale. The competitiveness of the market place is fierce. It is often hard for buyers to understand why every property they wish to see is often under contract before they are able to make time for the viewing appointment. Today, the early bird really does catch the worm. That’s not going to change any time soon but I believe it’s a good thing. Demand remains strong and prices are stable.