What Is Going On In Hoboken Real Estate Market?

We Had About 20% More Listings Come On The Market Last Month Than We Did In March, But We Only Saw About The Same Number Go Off And Under Contract. So We Definitely Are Seeing Some More Sellers Hit The Market Trying To Figure Out Their Situations.

Hoboken Real Estate Market Update with Homesbybonk - Hoboken Realtor

https://www.homesbybonk.com/

Hey guys, Jeff here from Homes By Bonk and eXp Realty in Hoboken. Chances are you landed on this video because you're looking for a Hoboken real estate market update or a Hoboken realtor that you're looking for a little advice, a little guidance through what's going on currently in this market that we're in.

I wanted to put together a few things where our team every month puts together month over month stats, puts over week over week on a weekly basis and we look at quarterly trends. We try to make sure we have an all encompassing view on what's happening in the market at any given time. Mid month, we look back at last month and we're hear in May today.

We're looking back at April, March, and a couple of things that jumped off the page to me when I was reviewing our numbers. The first thing is this. We had about 20% more listings come on the market last month than we did in March, but we only saw about the same number go off and under contract. So we definitely are seeing some more sellers hit the market trying to figure out their situations. We're seeing this in our own business as well.

We're seeing sellers that may not have a place to move into suburbs yet, but they're ready to sell. They're ready to kind of make that next move even if it's finding a rental for a few months. Funny though, when we look at things, we see that even though inventory has gone up a smidge, we're still in a very strong seller's market. Inventory went up a smidge, we are seeing price per square foot and overall asking to under contract ratio go up. So what that is telling us that even though some more places are coming on the market and buyers are pretty much doing the same thing month over month, they're willing to pay for what they want.

Days on market went down by a few days. Price per square foot went up by about $15 a square foot. The ratio of how much sellers are asking to what buyers are willing to pay closed from 2% to only 1.5%. Not major moves by any stretch of imagination, but they are moves in a consistent direction, even though more inventory's hitting the market. So if you have a property that is really pristine and ready to go, and you're ready to price it right and move it and you have another place to move, or you're ready to up size to that even rental, if you can't find that place to buy, this is not a bad time to do that.

If you're going to come on the market and test the market though it may not be the time to do it as we see buyers are just not willing to step up and pay prices or even make low ball offers and negotiate to someplace. They want a fair price property.

They're willing to pay a fair price and enter into contract. So a couple things that jumped off the page. I hope this is helpful. If you need anything, feel free to reach out to us direct. Head over to our website if this content is helpful. We're looking forward to working with you in the future. Take care.