2010 Aug 9th

The July Hoboken Condo Sale Activity – The Numbers Are In

Here are the results of sales activity for July. red arrow

Two things stand out to me – the average price per square foot is lower again; and the number of sales while lower than the past is higher than I expected for the dead of summer and after the expiration of the tax credit.  Listings also seem to be down a bit.  If we could only soak up a bit of that excess inventory things might be looking up again.  Buyers – all time historic low interest rates – under 4.5%.  That’s an opportunity in and of itself.

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  1. whynot

    shortsequalmarket – look at all of the short sales in Hoboken! your name is really on point!?! makes a lot of sense!

    :(

  2. carl

    Why Not– Prices down 12% since May. I thought you said prices have stopped falling

  3. whynot

    carl – if that was true, we would see that very clearly! again, i’m out there looking and def. don’t see a 12% decline since May! carl, you’re a little fiesty guy!! 😉

  4. homeboken

    I think he is stating that avg $ sqft is down 12% since May (491psf vs 434psf).

    Though measuring one specific month over another is not very indicative of trends. You could also say prices are flat from March to May (437psf vs 434psf)

    More telling to me is that the average size of condo sold is the highest it has been in the last 12 months while prices seem pretty stable.

    To me this means that recent buyers are getting more space for their money.

  5. Craig

    I think Homeboken has it exactly right. Buying in Hoboken still comes at a premium – but you are now getting more for your money. If anyone read the numbers as prices being down 12% overall since May they are mistaken. That would mean that in 2 months, a unit selling for $500k has been reduced to $440k. Totally not true. The tax credit is gone and that set things back a bit, but that’s been mitigated by 4.5% interest rates. The sweet spot of the local inventory is selling well – that would be the nicely-finished, sub-$600k, 1000 sq. ft. or more, 2 br/2 ba units.

  6. whynot

    homeboken – hot comment for once! 😉 😉 😉

  7. carl

    4.5% interest rate means nothing when you have 9.5% UNEMPLOYMENT RATE

  8. Guest

    If you are unemployed that is very unfortunate but you are probably not buying a home and getting a mortgage.

  9. Craig

    Carl – A 4.5% interest rate means quite a lot for the other 90.5% who are gainfully employed and looking to buy or re-finance a home.

  10. carl

    4.5% interest rate means nothing with 9.5% UNEMPLOYMENT. People are afraid of losing their jobs. By the way those highly desirable maxwell and hudson tea properties are really moving fast. Oh and dont mind the 500 units sitting on the market. Hoboken will be sub $ 400 a sqft at end of year

  11. whynot

    carl, very un-sexy! :( :( :(

    why so upset?

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