Average Sales Price versus Median Sales Price
For the next week I’ll be posting different analysis in chart form based on annual figures I’ve compiled from the MLS going back to 2000. Today I’m starting with average sales prices (blue) and median sales prices (red). When I post my monthly analysis there are some commentors who make a big deal about how the average sales prices in Hoboken are so skewed because of the newer, high-end development like Maxwell Place and Harborside lofts. The fact is, though, that the average and median figures have tracked each other pretty closely and both are down since 2008. Average sales price in ’09 was just about $500,000 versus $525,000 in ’08. So in answer to the question I’m most frequently asked – “How is the Hoboken condo market doing?” – the answer is that the average price of a Hoboken condo has come down just a smidgen under 5%. The median sales price fell to $470,000 in ’09 from 500,000 in ’08 for just about a 4% decline.
If you’d like to see the raw data that comprises the charts, just fill out this contact form and I’ll add you to the google doc. (Why a contact form and not just give you my email address? I’ve learned that evil bots roam the web to find email addresses so they can bombard me with spam.)
In light of what’s going on in other places of the country, a 5% or 6% decline is not too bad. Of course, the question is where do we go from here. So stay tuned for more year end results for the next week.