Categories: Hoboken Condos
Research, analysis & post by Lori Turoff
Another Slow Week In The Hoboken Condo Market
As of this minute the total number of active Hoboken condo units is still 515 – same as last week. Price reductions continue. A total of 6 units sold, 5 under contract and 23 new listings. Don’t forget to check our Google Map of Hoboken Open Houses to see if any of the new listings (or old actives) are having open houses. We start updating it today.
Hoboken Property Tax Increase Under Fire
Don’t forget – there is a meeting to protest the recent increase in Hoboken property taxes tonight – Wednesday, Dec. 17th, at Hoboken City Hall.
Studio & 1 Bedroom Hoboken Condos:
4 1BRs sold in an average of 85 days at an average sale price of $466,250.
830 Bloom originally listed at 474,900 in September.
2 1BRs under contract this week in an average of 35 days.
Note – Only properties with price drops are listed. The others went under contract or were sold at their original asking price. From this you can see how far sellers had to drop the price to get some action.
8 new listings with an average list price of $618,359 (4 Maxwell Place and 1 Constitution penthouse pushed up the number).
Two Bedroom Hoboken Condos:
1 2BR sold in 84 days for $715,000.
Original list prices:
2 2BRs under contract this week in an average of 85 days.
418 Bloom listed at $595,000 in August.
67 active 2 BR condos up to $500,000
226 active 2BR condos over $500,000
The combined average asking price of all 293 active 2BR condos is $675,070 with 20 price changes.
14 new 2BR listings with an average list price of $991,855 (6 at Maxwell Place).
Three Bedroom and Larger Hoboken Condos:
1 3BR under contract in 78 days, originally listed at $615,000 in September dropped to $549,999.
1 sold this week for $650,000 in 299 days (new construction – that’s partly why the long days on market) originally listed for $759,000 last October, reduced to $675,000 in June.
1 new 3BR listings with a list price of $824,900.
Where Do We Go From Here?
Not much is selling. Inventory is building. Sellers don’t seem to want to budge when initially pricing their units (when it sits unsold, they drop the price). Buyers are still on the sidelines or shopping for that unrealistic “bargain”. How long do you think this will last?