Bad news for the housing market -Yesterday the NY Times said existing home sales hit a new low and reported that mortgage delays were part of the problem. Today, according to the Wall St. Journal , Commerce department data shows that new home sales have hit a record low in May, down 33% from April. The drop was predicted to be only 20%. This was the lowest sales figure since the government started keeping track in 1963. The FED will be issuing a policy statement this afternoon regarding its interest rate policy. Here in Hoboken, things stay the same.
In Hoboken we still have somewhere between 7 and 8 months of unsold condos on the market – which is better than a year ago. That’s based on a pretty consistent number of actives in the low 500’s and about 60 to 70 sales per month. Of course, if the expiration of the tax credit causes the number of sales to drop dramatically we could be back where we were previously with a year of unsold inventory on hand. When you look at what did sell in Hoboken this week, there weren’t very many price reductions. Some units went for over asking (727 Monroe, 618 Jeff, 501 9th, 101 Park).
Finally, there are two important meetings tonight regarding transportation in Hoboken.
A community meeting to discuss transportation issues and concerns tonight, Wednesday, from 7 to 9pm at the Jubilee Center, 601 Jackson Street. Director of Transportation and Parking Ian Sacs will discuss transportation issues including the Hop (formerly Crosstown shuttle), car-sharing, traffic in Southwest Hoboken, and more, and Mayor Dawn Zimmer will also attend to answer questions.
Also, an Open House on the Jersey City/Hoboken Subregional Transportation Study will take place from 4pm to 8pm at the Multi-Service Center, 124 Grand Street. Residents are invited drop in at any time to share their thoughts on improvements to the Southwest Hoboken area for drivers, bicyclists, pedestrians and transit users. More information is available at: http://www.jerseycityhobokenstudy.com
Here are this week’s numbers vs. last week:
- 539 active Hoboken condo units – vs. 538 last week
- 7 DABOs (Deposit Accepted By Owner i.e. under contract) with 0 short sale vs. 8 dabos
- 29 sold (0 short sales) vs. 24 (0 short sales)
- 37 new listings vs. 52
- 43 price reductions vs 43
- 7 expired listing vs. 10
Studio & 1 Bedroom Hoboken Condos:
16 new listings
203 total active
- 1200 Grand listed at $429k on Mar 24; reduced to $419k on Mar 31; INCREASED to $429k on Apr 8.
- 1500 Garden listed at $660k on Jan 4; reduced to $625 on Jan 20; $595k on Feb 10; $575k on May 6.
- 1113 Willow listed at $290k on Apr 15; reduced to $275 on May 21; rented??? on June 9. If this unit was in fact rented the sale listing should have been withdrawn – not dabo’d.
- 706 Willow listed for $290k on Mar 26; sold for $280k.
- 618 Jeff listed for $369k on Apr 11; sold for $382.5k.
- 1016 Willow listed for $315k on Apr 5; sold for $310k.
- 812 Garden listed for $349k on Apr 5; sold for $349k.
- 151 2nd St. listed for $389k on Mar 19; sold for $375.
- 1200 Grand listed for $428k on Feb 18; reduced to $415k on Apr 5; sold for $399k
- 108 14th St. listed for $269k on Feb 23; sold for $258k.
- 70 Adams listed for $395k on Apr 14; sold for $375k.
- 501 9th St. listed for $440k on Mar 26; sold for $425.
- 417 Adams listed for $259k on Sep 28; reduced to $249k on Nov 17; $235k on Jan 21; $220k on Feb 24; sold for $206k.
12 price reductions
Two Bedroom Hoboken Condos:
16 new listings
277 total listings.
- 205 up to $600,000
- 72 $600,000 and over
- 261 12th listed for $380k on May 13.
- 41 1st Street listed for $400k on Feb 10; reduced to $380 on Mar 23; $360k on May 11.
- 158 Newark listed for $550k on May 25
- 530 Madison listed for $659k on Apr 6; reduced to $645k on May 19; $639k on May 19 (no that’s not a typo).
412 Wash listed for $549k on Mar 10; sold for $525k.
- 224 Hudson listed for $570k on Apr 17; sold for $552k.
- 933 Willow listed for $409k on Mar 18; reduced to $399k on Apr 22; sold for $387.5k.
- 727 Monroe listed for $550k on Apr 6; sold for $560k.
- 700 1st listed for $500k on Jan 26; reduced to $475k on Feb 26; sold for $455k.
- 501 9th St. listed for $445k on Jan 27; sold for $445k.
- 118 Bloom listed for $939k on Nov 3; sold for $880k.
- 800 Jackson listed for $405k on Apr 5; sold for $408k.
- 123 Jackson listed for $599k on Apr 22; reduced to $525k on Oct 22; increased to $565k on Oct 29; sold for $535k.
- 830 Monroe listed for $599k on Feb 28; reduced to $585k on Mar 16; $575k on Mar 30; $555k on Apr 27; sold for $525k.
- 82 Clinton listed at $570k on Mar 15; sold for $550k.
- 101 Park listed for $670k on Feb 25; sold for $684k.
- 122 Mad listed for $550k on Apr 1; sold for $550k.
- 109 Harrison listed for $749k on Mar 4; reduced to $700k on Apr 7; sold for $685k.
- 1023 Clinton listed for $539k on Mar 15; sold for $528k.
- 517 Adams listed for $739k on Oct 16; sold for $715k.
26 price reductions
Three Bedroom and Larger Hoboken Condos:
3 new listing
59 active listings.
- 822 Hudson listed for $1.15mil on Apr 7; sold for 1.06mil.
- 629 Jeff listed for $779k on Mar 17; sold for $765k.
- 200 Jackson listed for $640k on Mar 2; sold for $620k.
4 price reductions
Hoboken Condo Open Houses
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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.
For more information you can always contact us at 201 993 9500.
Thanks for reading and, as always, we welcome your comments!