Comments on: Hoboken Condos Sales Activity Shows Ever So Slight Signs of Slowing

By: Lori

Lori — Sun, 06 Apr 2008 18:59:20 +0000

RB,
Why do you state that realtors don’t update the MLS? Do you have any actual experience with this? In fact, we are required by the MLS (at least here in Hudson County) to update the status of our listings within 24 hours. There is no motivation for an agent not to report a listing as sold. So I respectfully disagree with your assertion that the “solds” is not a complete number. In fact, the tax records are updated manually by the staff at the county clerks office. They tend to be much more out of date than the MLS.

Listings in ‘06 were not double those in ‘08 in any of the three months posted. As the article explained, that there are slightly more listings and fewer closed deals indicated that there is more inventory on the market right now, giving buyers more choice and more bargaining power. I hope this answers your questions.

By: rb

rb — Sun, 06 Apr 2008 16:19:12 +0000

what are the “solds” based on? closings in the month, or closing info from mls? there’s a big difference. if realtor/brokers don’t update mls which happens a lot then the “solds” is not a complete number. so some explanation would be helpful. does anyone compare solds per mls vs solds from the “public records”?

the number of listings in 06 was double the listings in 08 yet sales are less? indicates that someone forgot to post solds?

like to hear the detailed source of this info.

thank you

By: Tiger

Tiger — Fri, 04 Apr 2008 15:19:16 +0000

I know! Sometimes I get MLS listings which are ‘new’, and like you mentioned here actually they are properties which have been on the market, if I wasn’t manually keeping track of the properties that fit my criteria, I wouldn’t have known. One particular unit dropped from $410 to $400 to $390 to $380 in two months, and it all appears as ‘new’. It was too late for me as I already am closing on a condo, but has this unit been offered at $380 to begin with, I would have taken it immediately! I think it sold now so best wishes to both the seller and the buyer

By: Lori

Lori — Fri, 04 Apr 2008 14:01:12 +0000

You’re correct about pricing, Tiger. I’d like to be able to track price reductions over time. It would be really interesting to know how many properties started out listed at too high a price and then had to be slashed as well as the amount of the price cuts. Unfortunately, our MLS doesn’t give me a way to track that except by looking at each and every listing one by one. That task would take many more hours than I can spend. Thanks for your comment.

By: Tiger

Tiger — Fri, 04 Apr 2008 13:29:10 +0000

Thanks for the statistics Lori! As a homebuyer myself I have noticed a STEEP increase in asking prices at the end of Feb and begginning of March, I was wondering what were the sellers thinking. Perhaps this is one of the reasons why the number of listings has increased and the number of sales decreased.

However, later in March I started receiving good, well priced condos.

In this market it is all about good aggressive pricing. If the condo is priced properly in Hoboken, it will be snatched, period! If not, watch it sit on the market for MONTHS.