2011 Jun 21st

The May Hoboken Condo Sales Results

The May 2011 Condo Sales:

You know what pops out at me on this chart?  Something I’ve been talking about for a while now.  Look at the “discount off list”.  It’s down to 2.68%.  Do you wonder why?  Think about all the 3 bedroom units that have had multiple offers lately and sold for at or over asking.  That shows up in this number.  The buyers who think they are going to “get a deal” are mistaken. Properties, when priced correctly, are selling at numbers very close to the asking price.  Priced correctly – OK, there is room for dispute as to what ‘priced correctly’ means but I certainly know it when I see it.  That’s because I’ve seen, literally, thousands of properties and have a good basis on which to make that judgment.  Which is why it’s so important for buyers to look at lots and lots of properties.  It lets them develop their “value-meter’ so they can make that kind of assessment. The decrease in days on market further supports my belief that the good stuff is selling and selling fast. Or at least faster than they were.

Here is the update by bedroom size:

22 condo sales of 1 Bedrooms:
Avg. sales price =$351k

Size 709 sq ft

$ / sq ft = 495

DOM 74

45 condo sales of 2 Bedrooms:

Avg. sales price = $513k

Size 1173 sq ft

$ / sq ft = 437

DOM 68

11 condo sales of 3 Bedrooms:

Avg. sales price 684k

Size 1603

$ / sq ft = 427

DOM 74

  1. Craig

    Those average list and sold prices are skewed by different sized units all being lumped in together, with the many 1 bedrooms obviously dragging the average down. I’d suggest separating 1-3 BR units into their own categories so people can get a more accurate idea of the averages for the type of unit they’re actually in the market for.

    People thinking they are getting a deal are not mistaken actually. It’s still a buyer’s market. The fact is, current local pricing is hovering around 25% off the prices at the height of the market during the prior decade. Couple that with the added buying power of the lowest interest rates in decades and it all sounds like a deal to me. People should just not be expecting much of a discount off list price if the property is properly priced for the current market (because the discount from the height is already built in). The question of whether the property is properly priced is the key. There are definitely some remaining sellers out their who think it’s still 2007 and they price their property to ensure a profit on what they paid for it then. Those properties still will sit and rot. Make sure your agent gathers lots of comps people!

  2. Lori

    I split it up by bedroom size most months but didn’t have time today. I’ll try to update later.

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