Categories: Hoboken Condos
June brings something I’ve never seen before. In the 10 years I’ve been keeping track, I’ve never seen the discount of the actual sales price compared to the listing price be a negative number – until today.
Buyers who think they are going to bid low and get a ‘deal’ are sadly mistaken. Look at average prices – we are almost at the $600,000 mark! Well, the average price of a two bedroom is already well over that.
Even with interest rates creeping up (though still historically very low) and inventory picking up, prices are keeping apace. Perhaps it is the good news in the stock market that is keeping people in the buying mood. Every measure of the market tells the same story – Hoboken condos are selling and for higher prices than ever before. What makes it so interesting to me is that lending is as tight as it ever was. Folks, this is not a bubble. This is pent up demand coming to the fore.