The Weekly Wednesday Wrap-Up – Hoboken Condo Sales & Inventory for the Week of October 21st
Categories: For Buyers, For Sellers, Hoboken Brownstones, Hoboken Condos, Hoboken New Construction, Market Analysis, Weekly Wednesday Wrap Up
Hoboken Condos Inventory & Sales – Week of October 21st
Hi everyone - Lori had to go to a trade show, so it’s Howie here covering for her. Here is a slightly abbreviated version of the Weekly Wednesday Wrap up. As w did last week, we skipped the intermediate price reduction information to save some preparation time. I’ll have Lori add it later – probably tomorrow.
Here are this week and last week’s numbers:
- 547 active Hoboken condo units today - 558 last week.
- 33 price reductions, the same number as last week
- 13 dabos (under contract) vs. 7 last week
- 11 sold vs. 11 last week
- 49 new listings vs. 27 last week
- 6 expired listings vs. 5 last week
Studio & 1 Bedroom Hoboken Condos:
7 new listings. Average list price $421,557.
181 total active – $394,782 average asking price. 74 average DOM.
4 dabos. 181 average DOM.
2 sold for an average price of $377,500 average 93 DOM.
15 price reductions.
Two Bedroom Hoboken Condos:
34 new listings – average list price $527,729.
- 217 up to $600,000
- 81 $600,000 and over
8 dabo’d. 60 average DOM.
9 sold - 493,666 average sales price. Average 118 DOM.
15 price reductions.
Three Bedroom and Larger Hoboken Condos:
8 new 3BR condo listings - $886,598 average asking price.
68 active listing. Average price $943,001.
One dabo’d. 40 DOM.
One sold. $730,00, 135 DOM.
5 price reductions.
Hoboken Condo Open Houses
Want to Receive New Listings & Price Reductions Daily?
I will never understand the total inventory calculation
Last week = 558
New list = 49
Less Sold = (11)
Less expired = (6)
Total = 579
Even if you reduce this by the DABOs (13), there is 563. How do you get to 547? Not nit-picking, but there seems to be tremendous noise in the weekly data, most likely due to the MLS system being such antiquated crap.
honestly, what are your really going to do with weekly data?
who cares..
Bill – I agree weekly data is useless for determing large macro trends, but ask Lori how many people request the weekly data. That should tell you that people find it usefull, even if you do not.
Homeboken is correct – the system sucks. It’s not just the software – it’s that there is no way to make the agents enter changes in status in a timely or accurate manner. An agent can have a property go under contract today and not bother to change Active to Dabo for weeks. We are supposed to do it w/in 24 hrs. but nothing happens if we don’t. I personally call listing agents and ask them to “dabo” listings I sell. But – it is all we’ve got so that’s what I’ve got to use.
Also, properties don’t sell and get relisted as new. 1 BR plus Dens are listed at 1br and 2brs since we don’t have an option of 1+den. Deals fall through and get relisted. It also depends what time of day we pull the numbers. Entries can be made 24/7 so it’s a bit of a moving target. I supposed if I had nothing else to do I could improve it a tiny bit but it’s not worth my time or effort. Hopefully, this is better than nothing.
People look at the weekly info more to see what is new and what sold and for how much. For looking at trends, of course, monthly and quarterly data are much better. I always go back and recheck the latest months because eventually the numbers do seem to stabilize but it takes about a month.
I’ve updated the quarterly results to include 3Q 09. Here is the link: http://spreadsheets.google.com/ccc?key=0AjArozKAIkYjcEJJU01qdVZLeWM0Y3lleXdpcTlNQ3c&hl=en
“People look at the weekly info more to see what is new and what sold and for how much. ”
Exactly…….if you care that the numbers don’t match up you are most definitely over-thinking things
Some Press: http://www.nypost.com/p/news/business/realestate/residential/is_for_wow_Uy1PisG9HpXZfIrUwna3FO
I agree, I took a closer look at the MLS and it does seem like an outdated system. As a rule of thumb enterprise systems should be upgraded once every five years or so, when was the MLS updated?
I know agents sometimes don’t bother, that’s why I think they should introduce rules in the MLS system itself; for example; restrict the ‘from’ and ‘to’ status; have list status timeout every period of time, so agent is required to go back and re-apply status, this way you maintain some sort of standards.
I am originally from hoboken my family and i moved to secaucus 20 years ago. I have a favor to ask.
We are trying to get a high school reunion together
for the class of January 1960 Demarest High school, Hoboken. I am living in florida now. If you could put a little note up on your bulletin board it would be greatly appreciated. If interested they can call me at 352 666 8149. If you cannot do this I certainly will understand, but getting the word out is so difficult. I did put it in the jersey ledger
and a few other papers too. thank you so much
tony maccaquano