2010 Mar 10th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of March 9th

Hoboken Condos Sales & Activity – Week of March 9th.

What was interesting this week is after the sort of dismal February results, which may well be a function of the holidays (it takes about 45 to 60 days to close) and the bad weather, this week we have some real action in the “under contract” or “dabo” category. Not only that, look at the two bedroom dabos – only 23 days average on the market and no price reductions! We can only hope that continues.sunshine

Now the weather is finally getting nicer but I wouldn’t be surprised if new listings continue to increase. The problem is that sales have to keep pace with those listings to absorb some of this inventory. Right now, we are averaging about 50 sales per month with about 500 units on the market so that’s about a 10 month supply of condos.

Here are this weeks numbers vs. a week’s ago numbers:

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Studio & 1 Bedroom Hoboken Condos:

16 new listings.

216 total active – $380,630 average asking price. Average 74 DOM.

5 dabo. Average 98 DOM

2 sold. Average price $280,000. 67 average DOM.

19 price reductions.

Two Bedroom Hoboken Condos:

29 new listings

264 total listings. Average list price $573,393. Average 98 DOM.

14 dabo’d. Average 23 DOM. – Wow – only 23 days and no price reductions needed!

9 sold. Average price $531,444. Average 74 DOM.

17 price reductions.

Three Bedroom and Larger Hoboken Condos:

5 new listings

51 active listings. Average price $987,872. Average 111 DOM.

1 dabo’d. Average 51 DOM.

1 sold. Price $505.000. DOM 268.

No price reductions.

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your single best source for locating every open house in Hoboken. It’s posted on Friday every week. The info is updated weekly. If your google search seems to pull up an older version, click on the title link to get the most current map. Like this report, due to MLS regulations, to receive the map with the actual links, you will have to request it using the request form on the post. It only takes a second.

Want to Receive New Listings & Price Reductions Daily?

If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at [email protected] letting us know which size(s) you would like and we’ll add you to the daily email list.

A word about that – if you have an ongoing relationship with another agent we are not going to email you listings. You can ask your own agent to do that. So what is an ongoing relationship? Is that not up to you? Have you been working with another agent on a regular basis? More importantly, are you happy with that agent’s service? If so,we respect that relationship. If not, find an agent you like!

If you attend an open house or see several properties with several different agents, that’s not an ongoing relationship. That’s the nature of our job. Despite what some agents in town would like to have you believe, simply showing a buyer a single property, or even a few, does not a relationship make. You are the consumer – you get to decide with whom you wish to work. Unless you’ve signed a “buyers agency agreement”, which is highly unusual in Hoboken, an agent doesn’t have any “hold” over you. So find an agent you like, trust and whose advice you respect. It’s your money, no?

For more information you can always contact us at 201 993 9500.

Thanks for reading and, as always, we welcome your comments!

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  1. Pat Boyle

    dabo? please explain acronym. Thanks

  2. Tiger

    Pat:

    dabo= deposite accepted by owner, meaning that the condo is under contract

  3. Randy

    Hi Lori,

    Would it be possible to see the mls listings on a map like the weekly open house tour you post?

    thanks.

    randy

  4. Lori

    Randy,
    You cannot imagine what a huge job that would be. Unfortunately we could not possibly take that on. Very sorry.

  5. bz

    Lori – follow up with Randy’s request…maybe make a map for only sold and under contract (on a weekly or monthly basis)? I think this map will be of many people’s interest, especially for some who argue about 1/2 mile “magic” circle:)

  6. Lori Turoff

    OK – We’ll see what we can do.

  7. Randy

    Hi Lori,

    Thanks for the quick response. Didn’t realize what a huge job it would be. Don’t worry about it then.

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