By Lori Turoff – [email protected]
201 993 9500
Hoboken Condo Sales at a Stand Still
If there is any single statement I could make about the Hoboken condo market it is this – Hoboken condos are simply not selling. For the month of February 2009 we have hit a new low of 18 condo sales (on the MLS) for the entire month. Since I started tracking these stats in 2000, the next slowest month for sales was back in February of 2001 when there were 24 sales.
Hoboken Condo Inventory Continues to Build
The corollary to this is that inventory continues to pile up. We have over 500 condo units listed on the MLS for sale in Hoboken. It was just in the beginning of 2008 when that number was closer to 150. The huge spike in inventory, not surprisingly, occurred around September of this year. The trend shows no signs of abating.
Live Post-Lehman is Just Not the Same
What does this mean? It’s pretty simple. Buyers are scared. They are staying out of the market or they are making offers lower than sellers are willing to accept. Sellers are still pricing their properties way too high. There is no meeting of the minds. I feel like I’ve been saying this every Wednesday when I post the Weekly Wednesday Wrap Up. Nonetheless, it is worth repeating yet again. Until sellers come to terms with the new market values, their condos are going to sit unsold. This is not what those sellers want to hear – especially the ones who bought in 2005 and later. They are going to take a hit. When the prices drop to the proper levels, buyers will respond.
The Hoboken Condo Market February Results:
So What Is the Good News For Hoboken?
To date, we have seen almost no foreclosures and very few short sales. There are not abandoned properties on every street as there are in many other cities. We have an extremely important local election coming up in less than 70 days. The outcome could have drastic affects on the Hoboken real estate market. Things could change. Let’s hope it’s for the better.