Monday, August 4

A Drop in Active Listings

Today, we pulled the active listings from June 20th-July 20th. And they are down. This is good news. The inventory has been very high lately and too many properties and not enough committed buyers is not a good trend for a real estate market. We are seeing sales happening all the time, but mostly in the under $500,000 range. A lot of people are looking for bargains and looking to invest conservatively.

On the other hand, there have been few properties in the brownstone or house market since the Spring. A number of houses sold last Spring. Houses are taking longer to sell, overall, but still selling. People in this price range of 1.1 million to 1.8 million are naturally being cautious and very sure of what they want to purchase...given the current real estate climate.

The only two price ranges that were up, in Hoboken, are the under $400,000 market and the over $800,000 price range. Eight new listings came on in each category during the time period.

It will be interesting to see what happens in September. August is traditionally a slow month. And many people wait until after Labor day to list a property. The Fall market is our secondary market and sometimes very active. An increase then would be normal but too great an increase could result in a flood of inventory and not enough buyers causing a strain on prices. From my open houses, it seems like the buyers have renewed interest in the market lately and that there are more of them seriously considering buying. But we will have to wait until the end of September to see how the market pans out.

Hoboken Realtor on Real Estate Now

Welcome to First Exit in New Jersey!

I am Stacey Morrison, a veteran of real estate sales in Hoboken, NJ. This blog is a straight-up discussion of real estate here from a Realtor's professional point of view.

Please feel free to write me with questions or comments. :)