Categories: Weekly Wednesday Wrap Up
Hoboken Real Estate – As Of Wednesday, March 19th:
And you think you’re having problems selling???
Studio & One Bedroom Condos:
Total Active: 163 Under Contract (Dabo’d): 62
Sold (Deals Closed) This Week: 5 Average Sold Price: $413,000
New Listings This Week:12
Two Bedroom Condos:
Total Active: 261 Under Contract:98
Sold: 8 Average Sold Price: $571,375
Three Bedroom Condos or Bigger
Total Active: 50 Under Contract:11
One Family Houses
Total Active: 10 Under Contract: 4
2 – 4 Family Houses
Total Active: 19 Under Contract: 11
So What Do The Real Estate Activity Numbers Tell Us?
There is more inventory on the market, but just a little. The number of properties selling has been holding steady. So we have a very slight, gradual build up of inventory. What would be very informative to know is how many properties for sale have had to reduce the asking price? Unfortunately, our MLS rules don’t allow us to track that figure accurately. Unlike many other places in the U.S., here in Hudson County, if an owner wants to drop a price and hide it from the public, all they have to do is withdraw the listing then relist it at the new price. Moreover, the number of days on the market resets to zero. A bit misleading, no? In many other places, the MLS rules require that once a property is withdrawn, it may not be re-listed for three full months. No monkeying around! Overall, we are fortunate. The Hoboken real estate market is still comparatively strong and healthy. It will be interesting to see the March end numbers in a few weeks. Stay tuned.
Absorption Rate is Good Indicator of 2 Important Facts: Size Matters & We’re in a Buyers, Market
Here is a look at the absorption rate of Hoboken condos by unit size. Based on the above inventory numbers, and looking at sales by unit size for the past month, we have the following supply of inventory on hand:
Studio & 1 Bedrooms – it will take about 30 weeks to sell all the “for sale” units at today’s sales rate
2 Bedrooms – it will take about 31 weeks to sell all the “for sale” units at today’s sales rate
3 Bedroom & bigger – it will take about 43 weeks to sell all the “for sale” units at today’s rate.
Anything over 5 months, or 20 weeks is considered a buyers’ market. So not only are we in a buyers’ market, the bigger your unit, the longer it will likely take to sell.
Remember – the Wednesday wrap up figures represent only properties listed and sold on the Hudson County multiple listing service. They do NOT include new construction sold directly by developers such as Toll Brothers.