2010 Jan 1st

Who’s Keeping Score of the Hoboken Condo Market?

It’s All About the Inventoryscore

Good news on the horizon.  Hoboken condo inventory is shrinking.

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.

How does it all stack up over time, you may wonder?  It looks like this:

Year           # Listed       # Sold         % Sold

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

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!

  1. Lonnie

    What about the 130 plus condo’s that expired or withdrawn during the last 6 months ?
    Most of which were not re-listed..
    That would rain a bit on your parade..!

  2. Lori

    There are always units that don’t sell, expire, get rented out, etc. That’s why only 39% sell! It doesn’t change the fact that inventory has shrunk. Of course, let’s see what happens next week when all the owners who were told to “wait until after the holidays” list their units for sale.

  3. Lonnie

    Good answer and well put.
    Unfortunately, add another 25 or so “Expired” to the list on Dec. 31st…

  4. TS

    The easiest way to settle this debate is to look at the history of the # expired/withdrawn in past years as a % of inventory. My guess is more expired or were withdrawn this year than past. But even then, many people this year didn’t even bother to list based on market conditions. It’s hard/impossible to quantify to say the least.

    That said, with shrinking inventory and increases in monthly sales you have to be an eternal pessimist not to be encouraged.

  5. Lori

    I tried to pull those numbers from the MLS but it is impossible. All listings have an expiration date and the system does not distinguish between those that sold and those that expired without being sold. Too bad. It would be an interesting stat.

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