The Weekly Wednesday Wrap-Up – Hoboken Condo Sales Activity & Inventory
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
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
Sold: 7
Average Sold Price: $594,285
New Listings: 21
Three Bedroom Condos or Bigger
Total Active: 52 Under Contract: 16
Sold: 2
Price: $836,500
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
Thanks Lori. I guess the 1 BR market still remains the strongest in Hoboken, which is no surprise given Hoboken demographics. There is question that inventory is building up, but do you feel that perhaps Metrostop and Observer lofts have anything to do with those numbers? From what I heard neither building is ‘sold out’ and still have plenty of inventory. Thanks!
Observer Lofts has 2 units left, so I doubt that is making a huge impact on the numbers.
Tiger – the demographics of Hoboken have been changing rather drastically over the past few years. There are many more young families. In fact, I bet that as gas prices continue to rise, Hoboken 2 BM’s will start to do very well as families will see more “value” in living in a commuter friendly place like Hoboken. Its just a downturn in the market…Hoboken will be ok.
By the way, I just saw the previous poster’s comment on Observer Lofts – that is true. A friend of mine bought there about 2 months ago, and as of that time, there were 2 units left, so it may be sold out by now.
Here is the answer:
At MetroStop, there are only 53 units (of all sizes) on the MLS as active. (10 more are under contract, none sold). There are 4 active at Observer Lofts. (6 under contract, 15 sold). Remember, developers often “sell” with refundable deposit contracts. While the may all have been ‘sold’ a few months ago, people cancel their contracts when there is little or no penalty other than rising prices the longer they wait to sign on for new construction.
Yes, more families with children are staying in Hoboken longer but our school system remains an incentive for them to move out to the ‘burbs at the point when their kids are ready for school – especially high school. From what I’ve been told by friends with more knowledge about this than myself, we may really be on the brink of a change for the better due to our new superintendent of schools and some other factors.
-Lori
Thanks guys. I guess there is no question that inventory is building up in Hoboken. However, we still have good numbers compared to the rest of the country, which is always good