Price Reduction on Hoboken Condos Gets them Sold
Once again, we see lots of inventory, many price reductions and few deals. In order to get many of the deals done, substantial price reductions are needed. Many sellers are still living in the past. A bunch, however, have begun to price things right at the get go. Note how many of the 2 bedroom units sold at their original asking price. Next week we will be posting the end of May numbers. It will be telling now that we are well into the Spring selling season. The other good news is that things seem to be leveling out rather than going down. That is always hopeful. Thanks for waiting so long today – I’ve been playing catch up after a great week off. Have a great evening!
- 577 active Hoboken condo units today – 566 last week.
- 20 price reductions vs. 43 a week ago
- 9 dabos (under contract) vs. 16 last week
- 12 sold vs. 8 last week.
- 36 new listings vs. 27 last week
- 7 expired listings vs. 13 last week
- 7 withdrawn vs. 8 last week
Studio & 1 Bedroom Hoboken Condos:
198 total active – $417,425 average asking price. 94 average DOM. Average asking price = $586 / sq ft.
1 dabos after 139 DOM.
3 sold Sold for an average of $298,333 in an average of 49 Days. Average sales price = $424 / sq ft.
- 410 Jeff listed for $299K on Feb 1; reduced to $289K on Feb 16; $279K on March 31; sold for $265K.
- 358 6th Street listed for $348K on Jan 26; reduced to $299K on Jan 26; $269K on Feb 24; sold for $265K.
Two Bedroom Hoboken Condos:
312 total active – $629,698 average asking price. 108 DOM so far. Average asking price = $845/ sq ft. (Even without W hotel & very big Maxwell & Garden St. Loft units, average is still about $700 / sq ft.)
8 dabo’d. 76 average DOM
- 813 Wash listed at $380K on March 30; reduced to $365K on May 7.
- 919 Park listed at $449K on March 20; reduced to $435K on April 8.
- 610 Newark listed at $550K on Feb 4; reduced to $530K on March 12: $500K on April 15; $475K on May 13.
- 518 Monroe listed at $530K on Feb 17; reduced to $519K on April 9; $514K on April 14; $499K on May 7.
- 1200 Grand listed at $575K on March 11; reduced to $559K on May 1.
- 2 Constitution listed at $665K on Dec. 5; reduced to $650K on Jan 12; $630K on March 11; $600K on May 4.
9 sold – $534,833 average price. Average 53 DOM. Average sales price = $448 / sq. ft. Compare this to the $800+ / sq ft. average asking price!
- 703 Park listed for $499K on Jan 8; reduced to $485K on Feb 9; $460K on March 2; sold for $433K.
- 634 Park listed for $634.9K on Aug. 16; reduced to $619K on Sept 17; sold for $565K.
Three Bedroom and Larger Hoboken Condos:
65 active 3BR condos – $880,561 average asking price. 112 DOM so far. Average asking price = $515 / sq ft.
5 new listings – $938,380 average list price.
Hoboken Condo Open Houses
If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your single best source for locating every open house in Hoboken. It’s posted on Friday every week. The info is updated weekly. If your google search seems to pull up an older version, click on the title link to get the most current map.
Thanks for reading!