Categories: Hoboken Condos
Hoboken Condo Sales Market Report
Did We See a Spring Fling?
There were 213 sales in the second quarter, more than 22% less than the ‘federal-tax-credit’ stimulated 274 total sales of the same period last year which may seem terrible, at first. But look at the 213 of this quarter against the 126 sales of the first quarter of this year – that’s a 69% seasonal increase!
Where are Prices Headed?
Median sales price declined by only 1.6% from last year to $450,000. Similarly, average sales price and average price per square foot declined by less than 2% over the same period. A drop, no doubt, but a very small one. Seasonally, both average sales price and average price per square foot were up by almost 5%.
What About Active Inventory?
There were 369 active condos for sale at the end of the second quarter. That’s almost 33% fewer Hoboken condos for sale than the same period last year! But there was a seasonal increase in inventory of just over 1% from last quarter. Overall, still good news.
How Much Should I Offer?
This is a question I am asked all the time. My answer is usually the same – when Hoboken condos are priced correctly they sell very, very close to the asking price. Look at the discount off list. It’s under 4% across the board. Sure, if something is priced incorrectly it can’t hurt to make a low offer but lowballs on the good properties that are priced right are simply a waste of time.