The Weekly Wednesday Wrap Up – Hoboken Sales & Inventory for the Week of September 29th
Categories: For Buyers, For Sellers, Weekly Wednesday Wrap Up
Hoboken Condos Inventory & Sales – Week of September 29th
Here are this week’s numbers:
Inventory is down a bit. Sales & dabos up a bit from last week. Of course, one week doesn’t mean much. It takes a few days for the listings to be entered but I’ll be posting the September monthly results in a few days and also the 3rd quarter results. They may be much more telling. We are taking a work break / vacation from the 5th to the 13th of Oct. so there won’t be any weekly numbers on Oct. 7. I’ll catch up the following week. Sorry but even we need a week off sometimes!
If you would like to see this report with the MLS links just fill out this little form:
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554 active Hoboken condo units today – 561 last week.
- 33 price reductions vs. 20 a week ago
- 11 dabos (under contract) vs. 5 last week
- 21 sold vs. 16 last week.
- 36 new listings vs. 70 last week
- 1 expired listings vs. 11 last week
- none withdrawn vs. none last week
Here is the Weekly Wednesday Wrap Up from: September 22, September 15th, September 8th, September 1st, August 25th, August 18th..
Studio & 1 Bedroom Hoboken Condos:
13 new listings
- Average asking price: $372,915
184 total active
- Average asking price: $393,374
- Average DOM : 81
5 dabo. 92 average DOM.
- 356 1st Street listed at $260K on Apr 2; reduced to $249k on Jun 24.
- 232 Madison listed at $369k on May 5; reduced to $359k on Jun 12; $349k on Jun 30; $339.9k on Aug 13.
- 725 Jeff listed at $439k on Aug 4; reduced to 424k on Sep 10.
6 sold
- Average sales price: $441,260
- Average DOM: 82
- 300 Newark listed at $377.8k on Apr 6; reduced to $355.6k Jun 8, $347.8k on Jul 1; sold for $325k.
- 406 Grand listed at $359k on May 4; reduced to $339k on May 14; $324.9k on Jun 22; sold for $340k.
- 406 Grand listed for $389k on Mar 13; reduced to $369k on May 14; sold for $350k.
19 price reductions.
Two Bedroom Hoboken Condos:
15 new listings
- Average asking price $553,669
301 total active
- Average asking price: $602,158
- Average DOM: 106
- 212 up to $600,000
- 89 $600,000 and over
6 dabo’d. 84 average DOM
- 749 Park – first listed for $449.9k on Sep 19 ‘08; relisted 3 times at $429K, $419k and most recently $410k.
- 456 9th St. – listed at $574k on Jun 19; reduced to $559k on Jul 6; $539k on Jul 28.
- 70 Adams listed at $649k on Apr 14; reduced to $629k on Sep 7.
9 sold
- Average sales price: $524,344
- Average DOM: 143
- 118 Clinton listed at $435k on Jun 10 ‘08; reduced to $420k on Sep 30; $409k on Nov 20; $399k on Dec 10; $375k on Jun 18; $359k on Aug 4; sold for $349k.
- 501 Adams – listed at $474.9k on Jun 3; reduced to $468.5k on Jun 11; $458.9k on Jun 16; sold for $425k.
- 700 1st St – listed at $499k on Feb 21; reduced to $475k on Mar 3; $450k on Mar 19; sold for $455k.
- 915 Madison – listed at $544k on May 7; reduced to $529.9k on May 20; $519k on Jun 26; sold for $504k.
- 1327 Grand – listed for $555k on Jan 29; reduced to $547k on Mar 13; $537k on Apr 15; sold for $515k.
- 830 Monroe listed for $645k on Jan 15; reduced to $629k on Mar 7; $619k on Apr 27; $599k on Jul 13; sold for $580k.
- 308 Bloom – listed at $804.9k on Apr 29; reduced to $779k on May 22; $759k on Jul 13; sold for $721.5k.
20 price reductions.
Three Bedroom and Larger Hoboken Condos:
69 active
- Average asking price: $ 953,257
- Average DOM: 106
1 new listing
- Average price $989,000
No dabos
None sold
1 price reduction.
Dear Lori,
thanks once again for a very useful source of information on the state of the local real estate.
This question has been probably brought up previously – I noticed that the numbers don’t quite add up: if there are 36 new listings and only 21 sold (plus one expired), that would mean that the inventory should go up. Even if the new dabos are excluded from the inventory, that should still result in an increased inventory. So I assume there are unreported sales, or unreported expired or withdrawn listings. Do you know which of these numbers accounts for the discrepancy?
Thanks! — Victor
My guess… mostly withdrawn/re-listed; a very common event under current market psychology.
Yes – it is strange. It is partly, as vreporter said, that properties get re-listed, some get listed once as a 1 br then again as a 2 br (if, for example, it’s a 1br plus den) but it is only reported once when sold. or a property listed as both a condo and a house. It’s partly that deals are entered late. Something sells but doesn’t get changed to sold for weeks. It’s not a perfect system and I honestly wish it was better. Technologically it certainly is possible. Unfortunately, we have to make due with what we’ve got so we do the best we can. When I see a particular discrepancy with respect to a property I try to point it out.
Every time I start to think the pessimists are right, I see sales like the following:
600 Hudson – 712K
308 Bloomfield – 721.5K
700K is not a small number.
Thoughts
Thoughts, I can’t tell if you’re kidding, or if you just completely miss the concept. The size of the number means nothing without context. A billion dollars is a big number too, but that doesn’t mean there’s reason to be optomistic just because someone spent that much on a house.
Yes, 721.5k is a lot of money. But it’s a lot less than 740k, which is what 308 Bloomfield sold for in 2005.
Sale Date: 03/29/05 Book: 7608 Page: 290 Price: 740000 NU#: 0
Eric, I think Thoughts is making a psychological argument that people are still willing to make a very large investment in expensive property for Hoboken. The mean apartment selling in Hoboken used to be roughly 500-550k. There were plenty above and below but that was average. To see inventory moving at the high end of the spectrum even with a small price drop(btw, thats a mere 3% decrease in price) is a very positive sign. So from a psychological standpoint, you can infer that there are buyers out there who still view Hoboken as a good place to live and has long term growth potential. Those shouting 30-40% price drops are loosing the impact of their arguments with each additional sale.
sale price for that 600 Hudson apartment was 783,000. peak pricing in 07030 was 2006.
Sr1a Date Book Page Price NU# Ratio Grantee
More Info 02/21/06 7825 207 783000 600 HUDSON ST #5A
Yes, 600 Hudson is a much better example of a typical decline from peak. 308 Bloomfield actually has held up very well with only a slight decline.
If you were the buyer of 600 Hudson in Feb 2006 @ $783K and put down 10%, after closing costs you ended up losing your entire down payment. So, for the joy of ownership, you paid interest to the bank (a large # considering the purchase price, $4,000/month), a small amount of principal over the last 3.5 years on a declining asset, and another $1,700/month ($71,000/42 months) in declining value of your home. Clearly much better off renting in that example.
agreed, very small decline on 308 bloomfield. puck has been headed to 2005 pricing across town though. Interesting to see where we end up
Isn’t 600 Hudson the Union Club? Who the heck would pay over 750k to look at a parking lot? Don’t get me wrong its a lovely building w/ history but over 750k for one of those even at the height is pushing it big time.
going back to my comment, nobody can argue that hoboken is 15-20 off of the very high. our economy hit big trouble. that said, we have held steady at 15-20 off of the very high very a long long time.
as was stated earlier:
“Those shouting 30-40% price drops are loosing the impact of their arguments with each additional sale.”
Thoughts- down roughly 20 % now. If declines have stopped you are right. I do not think they have stopped here. We shall see. Tough to call the game at halftime