Archive for April, 2008
Wednesday Weekly Wrap-Up - Hoboken Real Estate Market Activity
Categories: For Buyers, For Sellers, Market Analysis, Weekly Wednesday Wrap Up
Hoboken Real Estate - As Of April 9th
Studio & One Bedroom Condos:
Total Active: 180
Under Contract (Dabo’d): 75
Sold (Deals Closed) This Week: 5 Average Sold Price: $388,580
New Listings This Week: 12
Two Bedroom Condos:
Total Active: 275
Under Contract:97
Sold: 5 Average Sold Price: $652,540
New Listings: 18
Three Bedroom Condos or Bigger
Total Active: 47
Under Contract:11
Sold: 0
New Listings: 1
One Family Houses
Total Active: 11
Under Contract:7
Sold: 0
New Listings: 1
2 - 4 Family Houses
Total Active: 15
Under Contract: 12
Sold: 0
New Listings: 1
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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Europeans Want to Know - What is the Hoboken Market Doing?
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
No One Dies Wishing They Spent More Time at the Office
It’s very important to take vacations. Getting away from my day to day immersion in the Hoboken condo market often lets me look at things from a different perspective and makes what often seem like huge problems, simply disappear. Hard work is fine as are monetary rewards and selling real estate in Hoboken can be a blast but having balance in your life and time to enjoy yourself are the real payoff for all the work. So last week my husband and I went to the beautiful Italian island of Sardinia for a week of sun and fun.
It Only Takes Ten Minutes
One night our Italian friend Simone took us to dinner at a chic new restaurant in the historic old center of Alghero. We exchanged pleasantries and ordered some wine. It took exactly 10 minutes before he turned to us and asked “so what is the Hoboken real estate market doing?” As a successful European businessman, he was interested in investment opportunities. He’d been reading about the Manhattan real estate market, a favorite with European investors, but prices were a bit higher than he wanted to spend. He thought Hoboken might be an attractive alternative. He believed that the collapse of the dollar made it an opportune time for him to buy a Hoboken condo. Since US interest rates keep falling, no improvement in the exchange rate is expected any time soon and he thought he could get a bargain.
The Moral of the Story
I had every intention of taking a break from even thinking about Hoboken real estate but sometimes you just can’t get away from work. There are people all over the world who have their eye on our little neighborhood. I guess we should be happy about that.
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Hoboken Condos Sales Activity Shows Ever So Slight Signs of Slowing
Categories: For Buyers, For Sellers, Market Analysis
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.
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