Hoboken 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.