Looking Back at the Year in Hoboken Real Estate
The end of the year. What better time to look back and try to make sense of what happened. Perhaps use this as an opportunity to take some educated guesses about what’s ahead.
I look at the numbers below and see some very good things. Stability in our Hoboken housing market, for one. Prices are inching upwards. Not skyrocketing, but inching. The 3 and 6 month rolling averages show that. The quarterly figures show that. The average and median numbers show that. It’s a good thing.
I also see that inventory is still at an all-time low. People are staying put. My insight, having spent 10 years in the trenches, is that there is no quick profit to be made, no ability to leverage of the sale of a smaller property to buy a bigger one, and no more easy money. If you want to buy, you need to have saved. If you want to trade up to something with ‘room to grow’, you need to have saved. People who grew up living on credit are learning that they have to change the way they think and spend. In my opinion, that’s also a good thing.
Sellers are either learning to price their properties correctly or, the dearth of inventory is allowing them to get what they ask. Properties sell very, very close to list price nowadays. There are really no more ‘low-ball’ opportunities. If you are not willing to pay what they are asking, someone else is.
I’ll be posting more charts and graphs over the next week or two. But here’s the bottom line – Hoboken is a great place to live, as long as the PATH is running. (I was truly ready to move back to Manhattan when we were left with just the bus.) There will always be a demand for housing in a vibrant, young community in proximity to New York. Maybe the fact that people will be forced to stay here longer will prompt them to become more involved in their community. That’s yet another good thing.