Some Hoboken Condos May Be Cheap Enough To Buy Now
The Wall Street Journal today had an article stating that low prices on condos & homes have started to spur sales in some parts of the country. A quarterly survey of housing data in 28 metro areas shows the glut of unsold homes is shrinking in most of them. Some of these properties are being bought by investors seeking rental units. Others may be home buyers who are seeing deals too good to be true and prices low enough to finally motivate buyers to take action.
How Does The Hoboken Condo Market Compare?
According to the article, inventory in Manhattan was up 34.6% from a year ago. The NJ suburbs were down 3%. The figures were taken from the MLS at the end of June. I don’t have numbers for Hoboken but there can be no doubt that Hoboken condo inventory is up from a year ago. Hoboken condo inventory is probably more in line with Manhattan than the ‘burbs.
The other interesting number in the article was “months supply” (or absorption rate for those of you who have been following along). In Manhattan it’s 6.3 months. In the NJ suburbs, 11.2 months. So while Manhattan may have had a greater increase in inventory, sales are still brisker than in outlying areas. There is currently a 7.87 month supply of Hoboken condos on the MLS.
Finally, median sales prices in Manhattan were down 7.7% over last year. The median sales price for Hoboken condos listed on the MLS was $485,000 September 2007. It was up to $489,000 as of the end of this September.