August Hoboken Condo Sales Appear Strong
Despite the traditional summer slowdown, sales of Hoboken condos actually picked up in August. The average sales price for a Hoboken condo was up to $535,181 a 5.4% increase over July and over 8% greater than ’07 and ’06. The median sales price increased to $521,500 which is almost a 6% increase over last month. Price per square foot rose to $528 from $520. What I notice when looking at the year so far is that while there is some fluctuation from month to month, that fluctuation has usually remained within 10% of the prior month. Overall the Hoboken condo sales figures for 2008 have remained, on average, in the $500,000 to $560,000 range.
How Long it Takes to Sell a Hoboken Condo & Inventory Levels
There are a few other indicators besides price that give us some insight into the Hoboken real estate market. How long it takes properties to sell, on average, or “days on market” is also informative. That number is down to only 61 days for August, continuing a downward trend since the high of 88 days in February. Inventory is also important to any sales analysis. The number of new Hoboken condos listings on the MLS has dropped dramatically but so has the number of Hoboken condo sales. In August, only 90 new condos for sale hit the Hoboken market. The year’s high was 185 in March. The number of Hoboken condo units sold in August was 66 significantly less than the prior two years.
Real estate inventory has to be examined in light of the pace of sales to be more meaningful. Right now, at the current pace of sales so far this year, there is more than a 6 month supply of condos for sale in Hoboken. Last November, the absorption rate for Hoboken condos was just under 5 months.
Market Analysis Numbers for The Hoboken Condo Market to Date
Hoboken Condo Sales – August 2008 Compared to Past Years
I hope you find these numbers useful. Since some results are reported late, I will check and make any necessary adjustments in a few days. At the end of September I will post the quarterly analysis for Hoboken condos. Remember, as always, these figures include only those properties listed on the MLS and not new construction sold by the developer or for sale by owner properties. You can keep your finger on the pulse of the Hoboken condo market by following the Weekly Wednesday Wrap-up right here at HobokenRealEstateNews. The report includes links to the actual sold, under contract, and active Hoboken properties. As always, I look forward to your comments and questions.