Hoboken Real Estate – Condo Sales and Inventory As Of June 11th
Studio & One Bedroom Condos:
Total Active: 156 Under Contract (Dabo’d): 77
Sold (Deals Closed) This Week:4
Average Sold Price: $430,562
New Listings This Week: 6
Two Bedroom Condos:
Total Active: 288 Under Contract: 113
Average Sold Price: $594,285
New Listings: 21
Three Bedroom Condos or Bigger
Total Active: 52 Under Contract: 16
New Listings: 2
Hoboken Condo Absorption Rate
Since we are almost at the end of the second quarter, here is a quick look at absorption rate, or the amount of unsold condo inventory on the market right now.
Studio & 1 Bedroom Condos
– These have been selling at a rate of about 6 per week. With 156 on hand, there are 26 weeks worth, or 6 1/2 months of inventory unsold.
2 Bedroom Condos
– These have been selling at about 7 per week. With 288 currently active, there is a 41 week or more than 10 month supply.
3 Bedroom Condos & Bigger
– These larger units sell the slowest – only .92 per week. With 52 active, there is a 56 week supply – more than a year’s worth of 3 bedroom condos (or larger) on the market.
For the sake of comparison, just last November – the Hoboken condo absorption rates were:
Studios and 1 bedroom units: 384 sold, 136 active = 4.25 month absorption rate
2 bedroom units: 515 sold, 243 active = 5.6 month absorption rate
3 bedrooms and bigger: 87 sold, 61 active = 8.7 month absorption rate