2008 Jul 18th

Hoboken Condo Sales – What Happened in the First Half?

Hoboken Condo Sales – Do You See a Trend in the Hoboken Real Estate Market?

Someone asked me to post median sales prices for June for the past three years. I decided to take it a step further. Here are the Hoboken condo sales numbers for the first half (Jan. to June combined) of the past five years and the percentage change year over year. The sales trend is pretty clear to me. What to you think?

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  1. JC

    How much effect do the Maxwell Place/Harborside Lofts/Garden St Lofts have on the average sales prices? Are we seeing an inflated price due to the sales of these luxury condos similar to how 15 CPW and the Plaza are artificially inflating NYC prices? Or, are these generally not on the MLS since they are mostly sold through the developer?

    hmmm….number of sales increases one year then drops off the cliff the next, so next year we’ll be back up? Who knows.

  2. Lori Turoff

    These figures are taken from the MLS so any new construction sold by the developers, like Toll Brothers, is NOT included. Since the new projects like Maxwell tend to be more expensive than average, were they to be included those property sales would drive the average and median upwards. Garden Street Lofts is being sold through Hudson Place Realty and they are listed on the MLS so those sales would theoretically be included here although none have closed yet. Resales in Maxwell & Harborside that are listed through the MLS are included so the sales figures derived from the ‘flippers’ who bought pre-construction from Toll Bros. and resold through local agents are captured.

    As for the volume fluctuations from year to year your guess is as good as mine as to what that may indicate. All I know is that as a Hoboken property owner, I’m very happy that our prices haven’t tanked like they have in so many other areas of the country and state.

  3. aimi

    hi lori,

    i have been reading and seeing a lot of press lately on how hard it is for even qualified people to obtain credit…could you comment on your experience with this? i am wondering what effect this is or will have on our market.

    thank you for your useful blog.

  4. Lori Turoff

    So far, I have not personally had dealings with buyers who have had problems getting financing. Perhaps it is not such a big issue in the Hoboken market where most buyers are fairly affluent and often first-time home buyers with good credit. Maybe this will change. It will certainly be interesting to track. Of course, if credit is tighter, demand will be diminished and that should cause prices to fall. It is hard to know, however, how much drop in demand is real and how much is based on perception.
    – Lori

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