2019 Nov 6th

The October Hoboken Condo Sales Results

Well, there is no denying that we’ve got a “market shift” happening here in Hoboken, folks. It’s been a very long time since I’ve seen negative numbers in the year-over-year comparisons but here they are. In addition, days on market is creeping up as is inventory. The go-go market is coming to an end. I see it in my day-to-day business, as well. Even the nice listings are not selling at the brisk pace of last year. Buyers just don’t have the sense of urgency they did previously. The exception is in a very specific market segment – the new construction, very high-end, huge 3 and 4 BR condos. All those growing families looking for more space are fighting over the same units. When a developer recently reduced the prices on the last few in one particular new construction project, it was a feeding frenzy. Bidding wars on every unit and they all go over asking. Well, the ask was set purposely low to cause just that result.

Here are the October results:

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