Categories: Hoboken Condos
The long awaited results are in and the numbers show much of what I’ve seen and have been talking about here for the past few weeks. What I find of note in this month’s results is as follows:
- The low spread between asking price and sales price. Buyers – be ready to pay close to asking if you expect to get that condo. 3 Bedroom buyers – that means over asking in your case.
- Sales price may seem to be down but not on a price per square foot basis and that is what really matters. The mix of apartments sold any given month is never the same. Looking at $/sq ft equalizes things and the trend is a steadily upward.
- The number of units going under contract is rising, keeping inventory low. Expect that absorption rate* number to shrink very soon.
*Absorption rate refers to the number of months it would take at today’s pace of sales to sell out all the current inventory.
Now take a look at this March compared to last March:
- The discount-off-list is way down.
- The average sold price per square foot is up.
- Active inventory is down by over a third!
Finally, when broken down by bedroom size I note:
- Those 1BRs are moving quickly, I believe, because the investors are back.
- The 3BRs are going to continue to produce multiple offers on every listing. Get used to it. It’s the new Hoboken real estate market of 2012.
- You are going to need a really good agent who is going to get news of the listing to you the moment it hits the market.