Categories: Hoboken Condos
What’s Happening in the Hoboken Market?
This is the single most asked question I hear. The 3rd quarter results will be surprising to many.
- Average sales price up well over the 500k mark.
- Price per square foot up over $472. It hasn’t been that high since the end of 2009.
- Days on market down to 64.
- Inventory down to under 6 months worth.
Overall, some pretty significant improvement over the past few years. My buyers are often surprised when they are out-bid on a nice property but it happens all the time, especially in the larger and higher end properties. Sure, there is volatility in the stock market. It doesn’t always carry over into the housing market, though. Interest rates are ridiculously low – often under 5%. Sure it’s hard to get a loan if you have bad credit and don’t have a 20% down payment. That hurts the first-time, one-bedroom buyer in Hoboken much more than the families who have outgrown their starter condo and are looking to trade up to a place where they can raise two kids. It’s all about supply and demand. The market is telling us too many buyers out there are looking for the same home – a nice 1500 square foot 3 bedroom (or convertible 2) with parking, central air, an elevator, maybe some outdoor space and a location without too much traffic or crime. There simply are not enough of them in Hoboken. What’s changed? Hoboken is a great place to live (that is has been for a while) and a great place to grow up. The desire to get out of town as soon as your kids are school age has ended. People don’t want an hour or more commute. They don’t want to live in the ‘burbs” when they can have Hoboken. Many of them are willing to pay top dollar for that lifestyle.
The quarterly stats will be posted at the beginning of October.
This Week’s Condo Sales & Activity:
- 336 active Hoboken condo units – vs. 329 last week
- 8 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 7 dabos last week
- 22 sold vs. 16 sold
- 30 new listings vs. 35
- 20 price changes vs. 20
- 5 expired listings vs. 5
1 Bedroom & Studio Condos
7 new listings
5 price reductions
- 627 Willow Ave 3E listed on Aug 26 for $270k
- 1125 Wash 1F listed on Aug 20 for $275k
- 516 Adams #3 listed on Jul 14 for $389K
- 800 Jackson #911 listed on Jul 25 for $364k; sold for #$344k
- 419 Adams 2B listed on May 23 for $416k; sold for $411k
- 108 Monroe 4D listed on Jun 16 for $369k; sold for $355k
2 Bedroom Condos
20 new listings
8 price reductions
- 807 Garden #8 listed on Apr 2 for $438k; reduced Jun 14 to $429k; Jul 8 to $419k; Aug 18 to $408k.
- 505 Monroe 3A listed on Jul 5 for $460k; reduced Aug 10 to $450k.
- 108 Monroe 5A listed on Jun 8 for $449k.
- 84 Monroe #2 listed on Sep 13 for $359k.
- 812 Grand #302 listed on May 20 for $499k; reduced Jun 13 to $478k; Jul 28 to $475k; sold for $465k
- 150 14th 604 listed on $524k; sold for $507k
- 1030 Hudson #3 listed on May 16 for $579k; reduced Jul 9 to $559k; sold for $545k
- 214 Park 1L listed on $420k; sold for $420k.
- 601 Observer 501 listed on $599k; sold for $575k
- 531 Jeff #5 listed on Jun 28 for $429k; sold for $425k
- 109 Grand 602 listed on $659k; sold for $625k
- 108 Jackson 2B listed on Jun 14 for $485k; reduced Jun 28 to $469k; sold for $469k
- 615 Adams 3E listed on Aug 5 for $729k; sold for $695k
- 610 Newark 10A listed on Jun 6 for $550k; reduced on Jul 8 to $535k; sold for $500k
- 73 Garden 4L listed on Feb 21 for $359k; reduced Apr 1 to $350k; Jul 8 to $340k; sold for $325k
- 1025 Maxwell 212 listed on Jul 12 for $1.215mil; sold for $1.2mil
- 1110 Clinton #3 listed on May 13 for $390k; sold for $372k
- 703 Park #4 listed on Jun 15 for $450k; sold for $448k
3 Bedroom & Bigger Condos
3 new listings
5 price reductions
- 707 Monroe listed on Sep 15 for $780k.
- 720 Willow #3 listed on Apr 21 for $824k; reduced Jul 12 to $799k; sold for $770k
- 1500 Hudson 9Q for $865k; sold for $874k.