The third quarter of 2017 was relatively tame in comparison to what we have seen in the market over the past few years. Inventory in Hoboken, Jersey City and greater Hudson County continues to be constrained and multiple offers are still par for the course for well priced homes. However, competition among buyers was a little less fierce over the summer. Whether this was just a return of the traditional summer slowdown, or a longer term trend, has yet to be determined. If it’s any indicator, September did see an increase in activity over July and August.
With a few larger scale for sale projects ready for occupancy, or pre-selling, that may be bringing a little more balance to the market, especially on the high end of the market.
With developers not publicly releasing their sale inventory numbers, this “shadow,” inventory is not directly reflected on the MLS, or in the market update. However this inventory, nonetheless, contributes to the market supply and could help us find a more sustainable market balance.
Some of the larger condo projects now underway, or nearing completion include 1400 Hudson in Hoboken, as well as Gull’s Cove II, 10 Provost, Park and Shore and 99 Hudson St in Jersey City.