Categories: Hoboken Condos
We start the year with a paltry 65 condo units listed for sale on the MLS. That is not a typo – 65. Merely 94 in Downtown Jersey City. In 14 years of selling real estate in Hoboken, I’ve never seen anything like this. Even during the holidays. Even in the winter. Despite what may happen with interest rates rising, if supply stays that extremely low, prices are sure to remain strong. There are also likely to be some hurting real estate agents. With 1,345 of them in Hoboken alone and another 797 in Jersey City, most will simply have no business. That may not be such a bad thing. They say 10% of the agents do 90% of the business. In our neck of the woods, it’s more like 5% do 95% and narrowing. We will be posting a full, year-end sales analysis of the Hoboken condo market over the next few weeks so stay tuned, and stay warm!