Research, analysis & post by Lori Turoff
Where is Hoboken condo inventory headed? Up, up, up.
The thing that really jumped out at me today is the average number of days properties are sitting on the market unsold. This number used to be in the double digits. Now it’s well over 100 for all size condo properties. In fact, the average number of days that ALL currently active Hoboken condos have been on the market is 128. That is astounding.
I guess the good news is that a Case-Shiller report came out yesterday showing that home prices are still plummeting in most of the country with drops in the 30% range but declined by only 8 % in the New York metropolitan area. Denver and Dallas fared the best with 4% declines. The New York Times has a very cool interactive chart that shows you results by city.
If you are in the market for a Hoboken condo, don’t forget to check our Hoboken Open House Google Map on Friday, Saturday & Sunday to see if any of the new listings (or old ones) are having open houses this weekend.
Here is the overall picture of Hoboken condo market activity for the past week:
- 509 active Hoboken condo units today, up from 501 last week.
- 26 price reductions vs. 32 a week ago
- 4 dabos (under contract), the same as last week
- 7 units sold vs. 2 last week
- 21 new listings vs. 22 last week
Once again, inventory continues to increase despite price cuts.
Studio & 1 Bedroom Hoboken Condos:
171 total active – average asking price $466,806. DOM 103
Note – If there were intermediate price reductions for a property to be “dabo’d” (placed under contract) or sold, they are noted here. You can check what all the others sold for by clicking the link to the listings. Each listing states the list price (LP) and the sales price (SP).
2 sold in an average of 127 days for an average price of $620,000
- 1425 Garden (Garden Street Lofts) originally listed at $699K in March; reduced to $675K in July.
9 new listings – average list price $480,612.
Two Bedroom Hoboken Condos:
282 total active – average asking price $667,718. DOM 140 so far.
4 dabos – after 105 days on the market on average (“DOM”)
Intermediate Price Changes:
- 518 Monroe – $489K in Sept $469 in Nov; $429K in Jan.
- 700 1st St – $549K in Sept; $535K; $532K; $520K all in Dec; $500K in Jan.
- 700 1st St – $689K in Aug; $649K in Sept; $599K and $589K in Oct; $579K in Nov; $559K and $549K in Dec. (this was a short sale)
3 sales – average price of $498,500. DOM 66.
- 77 Jefferson – $599K in Sept; $579K and then $549K in Oct.
- 66 Jefferson – $615K in Sept; $549K in Oct.
10 new 2BR listings – average list price $628,290.
Three Bedroom and Larger Hoboken Condos:
54 active 3BR condos – average asking price $1,141,663. DOM 147!!!
1 sale after 184 DOM for $950,000. Listed at $1,115,000 in July; reduced to $1,110,000 in Nov.
2 new 3BR listing – average list price of $1,024,000.
Where Do We Go From Here?
If things continue along these lines, we’re going to have some pretty serious inventory of unsold condos in Hoboken. I guess the think to keep in mind is that it could be worse. How long do you think it might take for a recovery here in Hoboken?