2008 Apr 24th

The Weekly Wednesday Wrap Up – Hoboken Real Estate Sales Activity

Brownstone LivingBrownstone LivingHoboken Real Estate – As Of April 23rd

Studio & One Bedroom Condos:

Total Active: 181

Under Contract (Dabo’d):83

Sold (Deals Closed) This Week: 6 Average Sold Price: $408,500

New Listings This Week: 21

Two Bedroom Condos:

Total Active: 290

Under Contract: 89

Sold: 9 Average Sold Price: $545,988

New Listings: 22

Three Bedroom Condos or Bigger

Total Active: 55

Under Contract: 13

Sold: 1 Average Sold Price: $485,000 New Listings: 7

Where Are Hoboken Condo Sales & Inventory Headed?

Since I started tracking these figures back in early February there have been significant increases in the number of condos for sale in Hoboken in every size category. Studio and one bedroom condo inventory is up 43%. Two bedroom condo inventory is up 32% and three bedroom and larger condo inventory is up over 41%. Sales have not, however, increased proportionally. That means that inventory of Hoboken condos is building up.

How Does Hoboken Condo Inventory Build Up Affect Prices?

Basic laws of supply and demand would seem to indicate that when we have an increase in supply without a corresponding increase in demand, prices will drop until equilibrium is achieved. The month of April is almost over and the end of month Hoboken condo sales figures will be posted here promtly.

Compare to April 17th. Compare to April 9th. Compare to March 19th. Compare to March 12th and inventory. Compare to March 5th. Compare to Feb. 27th. Compare to Feb. 20th. Compare to Feb. 13th.

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