Here are the results of the first quarter of 2012 Hoboken condo sales.
Looking at the chart we can learn a few interesting things. Since the middle of 2009 the market had been pretty stable. Going into the first quarter of this year, sales activity slowed a bit in Hoboken. The turmoil in the financial markets, especially the Euro-zone, may have played a part in this.
The number of condo sales in Hoboken was down 5% from last quarter but was still 5% higher than a year ago. Prices followed a similar pattern. We can see small drops in the past quarter from the previous quarter but compared to a year ago, there is definite improvement across the board.
What jumps off the page at me is the 44% decrease in inventory. There were only 235 condos for sale this year compared to 425 a year ago. That’s a huge difference and, in my opinion, is the reason why we are seeing multiple buyers bidding on the same properties day after day.
Looking at the chart above, it’s clear to me that the slide that occurred from ’08 to ’10 ended and the Hoboken condo market is on the rebound. Median sales price is said to be the best indicator of a market because it’s not so influenced by the high and low outliers. Medians been hovering around $400 a square foot for the past year.
On the street, I am seeing more listings every day yet as of today, we still have only 304 active condos for sale. I can’t wait to see what the second quarter brings and, as always, hope for Hoboken to have a strong and healthy real estate market. A good economy helps everyone.