Categories: Weekly Wednesday Wrap Up
Hoboken Condos Sales & Activity – Week of December 1st
A New Low!
During the height of the real estate market units would fly off the shelves as fast as they were listed. Inventory was low and prices were soaring. Sigh… those were the good old days. While the current inventory of condos available for sale is down to yearly low of 406, it may be a bit premature to rejoice and declare an end to the market slump. Sellers know that the weeks between Thanksgiving and New Years are the real estate “Dead Zone”. Buyers and sellers alike are busy with holiday shopping, parties and family obligations, real estate offices are closed for holiday weekends, and Realtors take the opportunity for vacations and a little R&R. January on the other hand is traditionally a pretty strong month for new listings, so expect a bit of a spike in the new year.
There’s another reason for the low inventory number and that is expirations and withdrawals. I believe that the number of listings that are expiring unsold and/or being withdrawn are way up, as are the number of people choosing to rent their units for a year or two and then try selling again when the market has recovered. I can’t do it today, but look for an analysis of this trend in a future HREN blog post. Later this week I’ll post the November results, too.
Here are this weeks numbers:
Disclaimer: The data relating to real estate transactions on this web site comes in part from the Hudson County MLS. While some of these listings are, in fact, our listings they are not ALL our listings nor do we hold them out as such. Century 21 Listings are identified with “C21″ after the address. Other listings are from the MLS and are identified with “MLS” after the address. Information is deemed reliable but not guaranteed.
- 406 active Hoboken condo units – vs. 425 last week
- 11 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 11 dabos last week
- 5 sold vs. 9 sold
- 11 new listings vs. 14
- 8 price reductions vs 24
- 10 expired listing vs. 6
Studio & 1 Bedroom Hoboken Condos:
5 new listings
- 700 1st St. (mls) listed at $359k on Sept. 7; reduced to $339k on Oct. 16; under contract on Nov. 30.
- 80 Park Ave. (mls) listed at $349k on Jul. 26; sold for $339k.
- 725 Jefferson (mls) listed at $369k on Oct. 6; sold for $354k.
5 price reductions
161 Total Active 1BRs
Two Bedroom Hoboken Condos:
4 new listings
- 700 1st St. (mls) listed at $549k on Sept. 27; under contract on Nov. 24
- 1100 Clinton (mls) listed at $509.9k on Oct. 15; reduced to $494.9k on Nov. 1; $479.9k on Nov 3; under contract on Nov. 24
- 1125 Maxwell Lane (mls) listed at $1,679,995 on July 13; sold for $1,634,840.
2 price reductions
205 Total Active 2BRs
Three Bedroom and Larger Hoboken Condos:
4 new listing
3 price reductions
40 Total Active 3BRs
Hoboken Condo Open Houses
Want to Receive New Listings & Price Reductions Daily?
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Thanks for reading and, as always, we welcome your comments!