The March Numbers Are In for Hoboken Condos Sales
Since the start of 2008, the typical measures of market activity in the Hoboken condo market have shown signs of a slow down but they have been very slight. The average sales price of a Hoboken condo in March was $538,722, down for the third month in a row. Price per square foot, however, was $522, up from last month but not quite back to January’s level. The average list price fell for three consecutive months. That number does not reflect prices changes. It is the list price at the time the property actually sold. There may have been price reductions from the original list price on many properties as sellers realize they can no longer count on a 15 to 25% increase from the most recent sales prices of similar units in their buildings.
Here is the chart:
The number of condo units listed rose by a whopping 74% in the month of March while the number of units sold fell slightly. Part of the increase in new listings might be attributed to the many sellers who waited for milder weather to list their units but the increase is significant. As of today, the absorption ratefor condos in Hoboken is 6.5 – that means it will take over 6 monthsto sell all the condos currently for sale in Hoboken. Just 3 months ago, this January, that number was 5.8. Inventory of Hoboken condos is on the rise, making for more of a buyer’s market than previously.
How Does This Year Compare to Last Year?
What is interesting, is that when you compare the first quarter of this year with the past two years, there isn’t very much difference in most of the numbers. The two that do stand out, however, are the drop in the number of units sold, mentioned above, and the increase in number of days on the market up to an average of 90. So even if prices have been relatively stable, the volume of sales has decreased. Both factors give buyers the opportunity to pick and choose before committing to purchase a property.