2009 Jan 5th

Hoboken Condo Sales Figures: The December Results – Part I

Few Hoboken Condos Sell – But Those That Do, Fetch Decent Prices

There is no doubt that the past few months have been slow ones for Hoboken real estate sales. It may not be long before we start seeing some real estate agencies closing (see Cupo Real Estate) and many idle agents looking for new ways to earn a buck. Believe me, I am the first to agree that Hoboken has way too many realtors, nail salons and banks. I’ll be glad to see some of them go. Sales volume in the Hoboken real estate market has slowed down to a trickle. From a high of 91 condo sales that closed in October, we’re down to only 25 in December. (Remember, that’s just sales through the MLS – not new construction sold directly by the developer, like Toll Bros., and it’s not for sale by owner properties – as if any of those actually sell in this market). Listings are also down to 73 in December from March’s high of 233.

Here is the chart:

Here are the numbers shown against those from the past 2 years:

This is something to get you started thinking. I’ll be attending a conference this week starting tomorrow but will continue to post more details and analysis on the year-end Hoboken condo market sales results over the next few weeks.

  1. Ari

    Lori – Great site. Really enjoy reading your posts and analysis.

    Just wanted to point out that there appears to be an error with regard to Nov and Oct’s $/sq ft numbers. Your 2008 chart lists Nov and Oct as $522 and $520 p/sq ft while your 3 year chart below it lists these same months in 08 as $537 and $537 p/ sq ft.

  2. Lori Turoff

    Hi Ari,
    Thanks for catching that. I made the correction. I try but it’s a big job. Any help is appreciated!
    – Lori

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