Sales exploded in May. There is just no other word for it. Here are a few of the highlights:
- Prices are up 10% this month over the month of May a year ago.
- Hoboken condos are selling for more than the list price, on average.
- Price per square foot is nearly $600.
- There is fewer than 2 months inventory – sign of a strong seller’s market.
- The average 2-bedroom now sells for over $700k.
- There are 20% fewer properties for sale now than there were a year ago.
Here are the May numbers:
There is not a single sign that this rise in activity and prices is going to end any time soon. I hear buyers tell me “I’m not in a rush so I’m just going to wait for the market to come back down”. I laugh to myself that I will likely be retired by the time that happens.
Every buyer says to me “I don’t want to be involved in a bidding war”. I say, then you’re not going to buy a premier property in Hoboken. You need an exceptionally qualified agent to navigate these waters; to show you value; explain the strategies; provide guidance on how to make the strongest offer; win the bid and not overpay. You need an agent who will work with you as a true buyer’s agent – not a transaction broker (fancy name for salesperson). Try to find an agent with more than a decade of experience in Hoboken condo sales alone and negotiating skills second to none. Wait, that would be me. If you’d like a private consultation, please email me at [email protected]
Enjoy the weekend!