It’s All About the Inventory
Good news on the horizon. Hoboken condo inventory is shrinking.
- Number of active units on the market on June 1, 2009: 577
- Number of active units on the market today: 414
Over the course of the entire year, there have been about 50 units a month sold so 416 condos represents an 8 month supply. But there was a real difference in the number of sales the first half of the year when the greatest impact of the financial crisis was felt versus the second half. If sales continue at the 70 sales per month pace of the second half, it’s only a 6 month supply which is considered pretty close to normal.
(577 was the high for the past 2 years that I’ve been keeping track)
December was the first month in 2009 in which more units were sold than were listed.
- Number of units listed in December 0f 2009: 56
- Number of units sold in December 2009: 63
How does it all stack up over time, you may wonder? It looks like this:
Year # Listed # Sold % Sold
- 2009 1644 646 39%
- 2008 1619 800 49%
- 2007 1613 986 61%
- 2006 1757 869 49%
So how does all this affect me if I’m a buyer or seller? Well, sellers today have a significantly lower chance of actually selling their condo than they did two years ago. Here is how the numbers play out when it comes to price:
Average Annual Sales Price
- 2009 $502k
- 2008 $528k
- 2007 $523k
- 2006 $517k
Being the end of the month, the end of the quarter, the end of the year and the end of the decade we’ve got lots more charts and analysis yet to come. Enjoy!