2008 Jul 24th

Hoboken Condo Sales – A Look Back

Where Are Hoboken Condo Sales Headed?

The single question I am asked the most is “what is happening in the Hoboken condo market“. I often say, if I could predict the future I would be in Vegas. Nonetheless, a look at the past may still be informative. For the next week, as part of the mid-year Hoboken condo sales market analysis, I will be posting some interesting charts and numbers related to Hoboken real estate. Here is the first one. This shows average sales prices of Hoboken condos (listed on the MLS only) by quarter, from the beginning of 2000 to date.

Here are the underlying numbers: (use the scroll bar below to see the full chart)

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  1. aimi

    hey lori,

    the charts reads average price per square foot..is that correct? if so, i guess the aveerage apartment size is about 1000 ft?

    thanks for posting all this useful info.

  2. Lori Turoff

    It’s now fixed. Thanks for noticing. You’ll see, the two charts are nearly identical.
    – Lori

  3. Pat

    Hi Lori,

    Could you plot the graph above against Manhattan prices? It would be interesting to see. I supppose the NYC “spread” on per sq ft basis has increased over the past 2-3yrs. If so, assuming a NYC drop in prices, can we expect Hoboken’s drop will be less severe?

  4. Lori

    Pat,
    That’s a great idea. I’ll try to get to it over the weekend. Check back on Monday. I think the NYC market has been boosted by European and other foreign buyers due to the weakness of the US dollar. Those buyers are not nearly as big a factor in Hoboken. It that is the reason for the slower growth in Hoboken then you may indeed be correct. It will be interesting to see if either NYC or Hoboken prices decline. So far, in the aggregate, it hasn’t happened.
    -Lori

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