My last post looked at Hoboken condo sales figures for this year compared to last year. It’s interesting to take a bit of a longer view. So these are the results for the past 7 years based on quarterly figures. Again, numbers include only MLS listed properties. There is no doubt that the Hoboken condo market is very closely tracking the Manhattan market.
Hoboken Condo Sales Prices Climb Through the Early 00’s, Peak in ’05
Hoboken Condo Sales Prices per Square Foot Follow the Same Trend
There was more of a dip at the end of ’06 but square foot prices picked up again in ’07.
If we look at sales based on the total for each year, we see something very similar:
Here is a chart based on percentage change in sales price from year to year:
This makes it pretty clear that ’01, ’04 and ’05 saw huge increases. Today we are almost flat but not quite.
Can Lack of Inventory Limit sales?
The actual number of sales transactions peaked in ’04 and then slowed down in ’05 probably due to a lack of inventory. At the peak of the market when everything sold quickly there simply may not have been enough properties to sell – demand outpaces supply and prices rise.
Days on Market Remains Low
The number of days a Hoboken condo is on the market from listing to contract dropped in 03 and has pretty much kept declining.