Is there a market slowdown? Hmm, maybe...maybe not. Let’s take a look!

Numbers are where we’d expect this time of year. We saw a very abrupt slowdown when rates popped about a point over one weekend back in June, but since then buyers have trickled back in, with a (typical) slower time around 4th of July. We see inventory that’s popped up about 20% since the really low mark back in April, still well below what we saw last year at this time - and even lower than this time pre-Covid.

Buyers are coming back into the market and in the last couple weeks we’ve seen cash buyers come out of the woodwork! The preview for July so far has been amazing. We personally just set a record of $100,000+ over asking, and two other listings came in both at full price. Market is still showing strong here in Hoboken - buyers just needed a second to reassess where they were.

One thing to caution as a seller coming on the market – if you see a lot of competition with several options - check your pricing, see if that sector of the market is slowing down. And as a buyer, same thing - see where there might be a stack up of inventory.

As for renters, it’s still as tough as it’s ever been. Inventory down to 70 yesterday from 85 a few weeks ago. (Perspective: Pre-Covid we would be at about 300-400 up to 1000). Hang in there!

Overall, no crazy slowdown. We are seeing strong pricing, solid offers, packed open houses, and lots of showings and buyer activity locally. Just make sure you’re working with a professional in your area that has their eyes on the market at all times. Reach out with anything, our team is always here to help!