Categories: Weekly Wednesday Wrap Up
Hoboken Condos Inventory & Sales – Week of January 5th.
Wecome back from the holidays. This is a crucial time period to watch. Just yesterday, the NY Times reported a possible double dip in housing downturn due to a drop in the number of properties under contract (what we call dabo’s). On the same day, the New York Daily News had an article saying just the opposite. These reports are nationwide. The Hoboken real estate market, fortunately, has had better luck than most of the rest of the country. Yet my experience tells me that lots of agents told their prospective sellers to “wait until after the holidays to list“. At the same time, buyers often wait until the weather gets a little milder to pound the pavement looking for properties. So the next few weeks and even months ought to be telling.
What do I see here in the Hoboken condo market? As of today, inventory is still much lower than it had been a year ago. There was a tiny jump this week but not an avalanche in listings by any means. Sales and dabos are happening at a steady pace although some of the price reductions are shocking. Take a look at 350 7th Street, for example. The price went from $719,000 for a 2 bedroom down to $569,000. Same at 508 Garden, a 2 bedroom listed at an overpriced $639,000 that is now down to $530,000 and dabo’d. When was the last time we saw an over 1000 sq. ft. unit at the Upper Grand go for under $500,000? Or 2 bedrooms at The Shipyard for $499,000? How about studios at Hudson Tea in the high $300,000s? Then there is the affect that short sales in buildings like The SkyClub have had on the market and the comps, and appraisals. Short sales typically close for well under market value. They pull the rest of the market right down with them. These are the new, lower price levels it sometimes takes to get the unit sold. Yet I still hear sellers tell me “well my neighbor got X two years ago so I would like to list for X plus 10%”. Reality check anyone?
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As you know we took last week off so the summary contains the past two weeks combined measured against the week before Christmas and the detailed analysis shows activity for the past two weeks as well.
Here are the past two weeks number combined vs. two week’s ago numbers:
- 422 active Hoboken condo units today – vs. 450.
- 19 price reductions, vs. 9
- 10 dabo (under contract) vs. 6
- 15 sold vs. 23
- 26 new listings vs. 14
- 25 expired listings vs. 9
Studio & 1 Bedroom Hoboken Condos:
13 new listings.
147 total active – $372,493 average asking price. Average 97 DOM.
3 dabos. 96 Average DOM.
- 114 Willow listed at $399k on Aug 18; reduced to $385k on Oct 5.
- 1500 Hudson listed at $394k on Sep 17; reduced to $389k.
7 sold for an average price of $367,000 Average 66 DOM .
No price reductions.
Two Bedroom Hoboken Condos:
12 new listings
226 total listings. Average list price $575,534. Average 112 DOM.
- 164 up to $600,000
- 62 $600,000 and over
5 dabo’d. Average 188 DOM.
- 508 Garden listed at $639k on Aug 21; reduced to 629k on Sep 30; $620k on Nov 17; $605k on Jan 12; $590k on Mar 20; $555k on Aug 13; $530k on Sep 8.
- 809 Washington listed at $489k on Oct 2; reduced to $469k on Oct 9.
- 717 Madison listed at $580k on Sep 10; reduced to 549k on Oct 2; $535k on Nov 3.
14 sold – $478,756 average sales price. Average 93 DOM.
- 331 Jefferson listed for $499k on Jul 7; reduced to $475k on Sep 25; sold for $465k.
- 2 Constitution listed for $575k on Jun 3; reduced to $545k on Aug 24; $525k on Oct 19; sold for $499k.
- 350 7th Street listed for $719k on Jun 9; reduced to $699k on Jun 22; $650k on Jul 9; $629k on Sep 4; sold for $590k.
- 78 Jackson listed for $679k on Apr 10; reduced to $650k on Jul 23; $630k on Nov 24; $609k on Jun 3; $580k on Jun 16; $565k on Oct 5; sold for $540k.
- 1201 Adams listed at $525k on Oct 29; reduced to 509k on Nov 5; sold for 490k on Dec 27.
- 501 Adams listed at $499k on Aug 27; reduced to $475k on Oct 9; sold for $457.3k.
19 price reductions.
Three Bedroom and Larger Hoboken Condos:
1 new listing
49 active listing. Average price $944,758. Average 138 DOM.
2 dabos. Average DOM 176
- 720 Willow listed at $849k on Jun 4; reduced to 824k on Oct 6; $799k on Oct 12.
2 sold. Average price $672,500. DOM 87.
- 78 Jackson listed at $769K on Jun 29; reduced to $729k on Sep 10; sold for $710k.
No price reductions.
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