2009 Jul 13th

End of 2nd Quarter – Hoboken Condo Sales Results & Market Analysis

Mini-Chart of Quarterly Hoboken Condo Sales 

Here is an abbreviated version of the 10 year quarterly spreadsheet we have compiled on Hoboken condo sales data.  The results are interesting because I would never have expected a bump in Q1 of this year – given that the Lehman crisis and related mess all occurred in Q4 ‘ 08.  Properties that went under contract in the midst of all that would typically close 30 to 90 days later – at the start of ’09.  I checked the actual list of properties thinking that perhaps there were a disproportionate number of Maxwell Place or Garden Street Loft units sold.  There were 3 and 6 respectively, compared to 4 and 1 this quarter so that may account for it somewhat (confirmed by the higher average list price, too).  

I tend to think that median and average price per square foot are a better indicator of the current state of the market.  Both those numbers are down compared to the recent past.  For a predictor of future activity, I like to look at number of transactions and days on market.  Compared to Q1 ’09,   more Hoboken condo properties sold in less time in Q2 ’09.  That give me a  little hope for better news down the line.  Here’s the chart:

If you’d like to see what’s happened in the Hoboken real estate market by quarter since 2000, we are happy to add you to view a google doc which is way to large a spreadsheet to post here.  Just send us a request below (or email us at info@hobokensbest.com) and add you to the googledoc as a viewer.  Once you view the googledoc, I believe you can download it and play around with the numbers yourself.  (If anyone is a googledoc expert, please correct me if I’m wrong.  I’m still learning!)

Thanks for reading.  We always welcome your comments and discussion.  Have a great day!

  1. lori

    I love Hoboken for its “Hoboken atmosphere” and would slit my wrists if I had to live in the ‘burbs. Being 10 minutes from Manhattan in a town with tons of charecter (good and bad), history, uniqueness and charm is what makes Hoboken so special!

  2. TS

    If what you say is true: “However I did not move to Hoboken for it’s exquisite restaurants and entertainment venues:) I live in Hoboken because it has Path, because Path is 24×7 route to Manhattan where I really want to be if not for 10% city tax.”

    Then why didn’t you move to, say, Jersey City…where you don’t get Hoboken’s “charm” but you can pay substantially less? Surely there must be more to Hoboken than you state, otherwise you would have explored cheaper alternatives.

  3. wally

    Actually, GS is selectively hiring believe it or not. They are just poaching the best talent available.

  4. Tiger

    TS, that’s the same exact advice I gave to dkzzz, I don’t think he likes to admit it, but he IS attached to Hoboken.

    It’s ok, during my Stevens days ‘I couldn’t wait’ to finish college to get out of this town… August 17th, 2009 will be my 11th year in Hoboken 😀

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