Hold on to your hats, Hoboken. New records being set across the board. Sales prices are up almost 20% over a year ago. We’ve hit new highs in average sales price of well over $700k. Days on market has dropped to a blink. That’s right, blink and you will miss out on that newly listed property. Inventory is not increasing – the competition is getting stiffer and buyers are putting their money where their mouths are. If they want that shiny, new condo – they are willing to pay over asking for it.
Here are the May numbers:
Here is the 6 month moving average of sales prices.