April 2020 Market Report
Here's are the numbers for April and how the quarantine and Covid affected the residential sales in our area. Overall there has been a decrease in the sales volume but prices are still strong and transactions are still happening.
1. Decrease in homes sold
Compared to last year, there was a 39% decrease in the number of homes sold in April 2020. And in terms of the month to month, closed sales are down 26% under the pre-quarantine average.
2. Average days on the market is stable
Homes are still selling and under contract within the same time frame. Previous month average at 52 days on the market which decreases by 13.47% this month.
3. New homes for sale in April 2020
The total amount of Condos, Single Family and Multi-Family homes that entered the market was down as compared to April of last year when 430 homes were put up for sale.
4. Current total: homes for sale inventory
This is the total available inventory of homes for sale in Hoboken, Downtown JC and Jersey City Heights as of May 1st. It would take an average of 5 months and 3 weeks to sell this inventory if no new properties are added. The market is still favorable to sellers but the amount of inventory has increased so we are starting to transition to a buyer's market. Of course, we would need to break it down to the specific type of property and neighborhood to get more localized data.
5. Decreased average sold price
There was a 6% decrease in the average sold price for homes in the area as compared to April last year and March of this year.
6. Homes still selling during Covid
49 offers were accepted during the quarantine and as expected below the average number of homes.
7. Homes are selling close to the asking price
As agents, we have noticed a decline in bidding wars and the list to sold ratio shows that homes are selling slightly below the asking price which is good news for the buyers.
Take this time to enjoy something you love.
We know these times can be trying on us all, mentally and physically, so why not take advantage of this little bit of extra time and use it for something you enjoy?