2008 May 21st
The Weekly Wednesday Wrap Up – Hoboken Condo Sales Activity & Inventory
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
Hoboken Real Estate – As Of May 21th
Studio & One Bedroom Condos:
Total Active: 175
Under Contract (Dabo’d): 79
Sold (Deals Closed) This Week: 7 Average Sold Price: $419,285
New Listings This Week: 21
Two Bedroom Condos:
Total Active: 305
Under Contract: 103
Sold: 6 Average Sold Price: $549,916
New Listings: 18
Three Bedroom Condos or Bigger
Total Active: 57
Under Contract: 16
Sold: 2 Average Sold Price: $636,000
New Listings:0
thanks for all your efforts on this blog, as I am just finding out about it. In your opinion how many months of inventory are for sale in Hoboken? From my understanding below 6 months is a healthy NATIONAL number but any idea about what this tipping point number would be for Hoboken? Or maybe that number is better represented in units on the market at any given time?
Also I would love to see a chart of active and sold listings for 6 months, 1 year, 2 years so we can compare our inventory today to the good times of a few years ago.
thanks
JC,
How many months of inventory are for sale in Hoboken is not a matter of my opinion – it is a mathematical formula which I’m happy to calculate for you. (It’s called the “absorption rate” – see: http://hobokenrealestatenews.com/2007/11/19/absorption/)
It can be measured monthly or weekly. Right now,this is where we are at in Hoboken:
Condo units on the MLS sold in the past year: 850
Monthly figure: 850 / 12 = 70.8
Active condos today: 532
Absorption Rate 532 / 70.8 = 7.5
So at the pace of sales over the past 12 months, it would take 7 1/2 months to sell all the condos currently on the market in Hoboken. That number was 5.9 back in March.
I don’t have to do a chart to be able to tell you that while sales prices have held steady over the last year or two, inventory has definitely increased. The good properties still sell, and sell quickly. Price is crucial. There are many overpriced units on the market and they just sit there. Location is also crucial. There is no question that it is a buyers market in that there is plenty of inventory to choose from.
Thanks for your questions and I hope this answers them.
-Lori
perfect, thanks.
I look forward to you posting the absorption rate on a regular basis, since its a very indicative of where we go from here.
thanks again.