2007 Oct 1st

3rd Quarter results for Hoboken Condo Sales

The numbers are in. Sales are strong in that the number of days it takes a property to sell is around 60 and average condo prices have risen after several consecutive monthly declines. Average price per square foot is just about what it was this time last year – hovering at $540. Here are the charts:

sales.bmp

Average sales price is now at about $528,000. That is actually higher than it was at this time last year. We had decreases from March to August but in September things turned around.

sqfoot.bmp

Price per square foot dropped. It’s right where it was at this time last year. It will be interesting to see what happens next month.

septdays.bmp

The time it takes to sell a unit went up a bit since July but is still well under last year’s level. So to restate what I’ve been stating for quite some time, the Hoboken market is still rolling along. Sure, there are naysayers out there but the numbers simply don’t support their negativity.

Good units sell and they sell fast. Overpriced units sit and languish. My last three deals were multiple offer situations. In my opinion, things are stable and that is a healthy thing.

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