Categories: Weekly Wednesday Wrap Up
I spent the day at a real estate and technology conference in the city yesterday. The most interesting thing I learned is that the NAR (National Assocation of Realtors) is coming out with a product for realtors that is going to go head-to-head and way beyond the likes of Trulia and Zillow. Many of you are familiar with “Zestimates” which let you see what a property is worth. The value given in the Zestimate is based on an algorithm and isn’t always 100% accurate, though.
This new product, called RPR (Realtor property Resource), will be available only to Realtors but will take the Zestimate a big step forward by including much more information in the algorithm that calculates market value and adds nationwide MLS info, appraisal values and allows agents with local market knowledge to comment on the properties they’ve seen and indicate corrections to the (often incorrect) public records. It’s also a highly sophisticated property search engine that takes info from all MLS’s, tax records, and more. It will show school & neighborhood info, transportation, and shopping. It will show price trends, mortgage history, estimated loan balance, sales transaction & pricing history, and much more. There is an extremely sophisticated system for pulling and evaluating comps and determining market value. Go to the above RPR link and check out the video if you’re really interested. This is going to be a game changer.
It seems as though the MLS’s will have to opt-in to the system and they have historically been resistant to sharing information, transparency and change. I can’t wait to see what our local board decides.
Hoboken Condos Inventory & Sales – Week of January 12th.
Here are this weeks numbers vs. a week’s ago numbers:
- 436 active Hoboken condo units today – vs. 422 last week and so it begins.
- 37 price reductions, vs. 19
- 6 dabo (under contract) vs. 10
- 12 sold vs. 15
- 47 new listings vs. 26
- 7 expired listings vs. 25
Studio & 1 Bedroom Hoboken Condos:
24 new listings.
161 total active – $375,084 average asking price. Average 87 DOM.
1 dabo. 36 Average DOM.
7 sold for an average price of $316,678 Average 68 DOM
- 80 – 82 Bloom listed at $369k on Sep 8; reduced to 359k on Oct 14; sold for 334k.
- 422 Bloom listed for $350k on Aug 12; reduced to 340k on Sep 10; 325k on Sep 24; sold for 305k.
- 123 Willow listed for $375k on Sep 9; reduced to 362k on Sep 22; 349k on Oct 6; sold for 330k.
13 price reductions.
Two Bedroom Hoboken Condos:
22 new listings
227 total listings. Average list price $566,478. Average 109 DOM.
- 167 up to $600,000
- 60 $600,000 and over
5 dabo’d. Average 54 DOM.
- 62 Madison listed at $599k on Aug 8; reduced to 579k on Dec 15.
- 700 1st St. listed at 520k on Dec 21; increased (?) to 525k on Dec 23. (Short sale)
5 sold – $442,700 average sales price. Average 55 DOM.
- 331 Adams listed at $380k on Oct 23; reduced to 369k on Nov 16; sold for 365k.
- 135 Garden listed at $550k on Aug 17; reduced to 450k on Sep 25; 435k on Oct 5; 430k on Oct 12; 425k on Oct 21; 415k on Oct 28; 405k on Nov 20; sold for 392.5k. (Short sale).
- 1100 Adams listed for $545k on Sep 21; reduced to 539k on Oct 23; sold for 519k.
20 price reductions.
Three Bedroom and Larger Hoboken Condos:
1 new listing
49 active listing. Average price $936,483. Average 144 DOM.
3 price reductions.