Research, analysis & post by Lori Turoff
What does it take to sell a Hoboken condo today? Price reductions!
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:
- 485 active Hoboken condo units today, down from 509 last week.
- 45 price reductions vs. 26 a week ago
- 4 dabos (under contract), the same as last week
- 10 units sold vs. 7 last week
- 40 new listings vs. 21 last week
- 45 expired listings
- 0 withdrawn listings
As in past weeks, inventory continues to rise. The price reduction activity is interesting. As you’ll see, the price cuts are not single reductions. In order to get units under contract and sold, prices are being reduced on a single property again and again and again. I guess many sellers are still a bit in denial about what it takes to sell in this market. While there is no way to know, I wonder how differently these sales would have gone had they been priced lower initially rather than chasing the market.
Studio & 1 Bedroom Hoboken Condos:
161 total active – average asking price $466,989. DOM 97
The average here is again skewed by the presence of 21 units at Maxwell, Harborside and Garden Street Lofts. What is interesting is that there are 12 units under $300,000, something rarely seen in the past. Some “need work”, meaning a total renovation (that there are no photos is a good sign), some are in less than ideal locations but a few are cute and a good deal for the money.
1 Dabo after 21 days on the market.
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).
6 sold in an average of 74 days for an average price of $402,333
- 117 Bloomfield – $414,500; in Sept; 404,275 and 399K in Oct; 389K in Nov; 384K in Dec.
- 1300 Hudson – $445K in Sept;$ 400K in Oct; $370K in Dec.
- 1201 Adams – $480K in Sept; $449 in Nov.
8 new listings – average list price $381,070.
Two Bedroom Hoboken Condos:
270 total active – average asking price $668,136. DOM 113 so far.
2 dabos – after 117 days on the market on average (“DOM”)
Intermediate Price Changes:
- 502 Jefferson – $539K in November, dabo’d at $499 in Dec.
- 1301 Adams St – $609K and $589K in Sept; $575K in Oct; $560K in Nov; $547K in Dec.
1 sale – at $440,000. DOM 151.
- 132 Monroe- $529K in July; $509K in Sept; $499K in Nov; $449K in Dec.
25 new 2BR listings – average list price $732,007.
Three Bedroom and Larger Hoboken Condos:
54 active 3BR condos – average asking price $1,141,663. DOM 147!!!
1 dabo after 70 dom.
- 510 Monroe – listed for $574,900 in Nov; $564,777 in Jan.
4 new 3BR listing – average list price of $1,185,404. 147 DOM. Again, quite a few very high-end units at Maxwell Place and Garden Street are pulling the average up.
If sales continue to slow, but listings continue to increase the result is even more unsold inventory. This week it may look like inventory is actually down from the past few weeks but that is due to the many units at MetroStop which have ‘expired’. Since that’s a new construction building, those units will be put back on the market, probably at a lower price. The bottom line is that the market is in a very, very deep rut.