Categories: Weekly Wednesday Wrap Up
Could it Be?
Hoboken condo inventory is moving in the right direction. The number of Hoboken condos for sale has not been as low as it is today since early February. We have gone from a high of almost 600 units in late June to just over 500 today – about a 15% decrease in Hoboken condos for sale. Today the NY Times reports that according to the Case-Shiller index, housing prices are rising in nearly all of the nation’s large cities. The National Association of Realtors reported strong gains in existing home sales for 4 consecutive months – something not seen since 5 years ago. From a purely experiential viewpoint, the market certainly seems to be busier to me. I’ve had 2 buyers be outbid for condos recently. I’m seeing Hoboken properties go into contract before my buyers have a chance to see them. Sure, there are still many overpriced units that need to come down or come off the market. Yes, the junk doesn’t move. But – I’m going to go out on a limb here – and I know it – but it’s my opinion, just my humble, personal opinion, that the bottom may be near. As a property owner, I certainly hope so
Here are this week’s numbers:
513 active Hoboken condo units today – 531 last week.
- 14 price reductions vs. 31 a week ago
- 13 dabos (under contract) vs. 13 last week
- 17 sold vs. 12 last week.
- 21 new listings vs. 40 last week
- 9 expired listings vs. 6 last week
- none withdrawn vs. none last week
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Studio & 1 Bedroom Hoboken Condos:
9 new listings. Average list price $417,600 or $545 per sq. ft.
178 total active – $399,552 average asking price. 102 average DOM. Average asking price $567 per sq. ft.
2 dabos. 96 average DOM.
- 205 Park listed at $430k on Feb 23 reduced to $419k on Mar 30; $399k on Jun 5; dabo’d at $399k.
8 sold for an average price of $379,487 in 39 days.
- 830 Monroe listed at $475k on Jan 15 reduced to $459k on Feb 2; $445k on Apr 2; $429k on Apr 24; sold for $410k.
- 700 Bloom listed at $575k on May 20; reduced to $549k on Jun 16; sold for $525k. (This started out as a FSBO in the 700k range!)
2 price reductions.
Two Bedroom Hoboken Condos:
11 new listings – average list price $549,900 or $497 per sq. ft.
266 total active – $610,934 average asking price. 114 average DOM so far. Average asking price $508 per sq. ft.
- 178 up to $600,000
- 88 $600,000 and over
7 dabo’d. 87 average DOM
- 70 Adams listed at $535k reduced to $515k; dabo’d at $515k.
- 915 Mad listed at $549k on Mar 14 reduced to $544k on May 7; $529.9k on May 20; $519k on Jun 26; dabo’d at $519k.
- 308 Bloom listed at $804.9k on Apr 29 reduced to $779k on May 22; $759k on Jul 13; dabo’d at $759k.
8 sold – $547,088 average sales price Average 123 DOM.
- 259 12th St. listed at $449.5k on Jan 30 reduced to $439k on Apr 15; sold for $415k.
- 901 Madison listed for $549k on Apr 3 reduced to $535k on Apr 23; sold for $515k.
- 118 Clinton listed for $549k on Nov 20 reduced to $539k on Dec 10; $524.9k on May 4; $499k on Jul 9; sold for $519.5k. (Is there a moral to this story?)
- 812 Grand listed at $609k on Jan 14 reduced to $599.9k on Feb 16; $579.9k on Mar 24; $559.9k on May 6; $535k on Jun 3; sold for $538k. (Another one that got reduced enough to bring over asking.)
- 150 14th St listed at $719k on Apr 15 reduced to $699k on May 11; sold for $670k.
- 1425 Garden listed at $1.025M on Feb 2 reduced to $999k on Mar 19; $925k on Apr 24; $899k on Jun 5; sold for $855k.
10 price reductions.
Three Bedroom and Larger Hoboken Condos:
68 active 3BR condos – $ 919,685 average asking price. 110 DOM so far. Average asking price $511 per sq ft.
No new listings.
1 sold for $725k in 85 days.
- 81 Adams listed at $799k on Apr 2; reduced to $769k on May 5; sold for $725k.
3 price reductions.