Categories: Hoboken Condos
Some Facts of Note Regarding the Hoboken Real Estate Market
If you’re looking to buy, note how close the actual sales price of these properties is to the last asking price. Less than a 2% discount. That either means offers are coming in very close to asking or sellers are not very negotiable assuming the property is not overpriced.
Prices are up across the board compared to this time last year. The number of days a property remains on the market is way down and the number of units on the market is down.
Combine not enough inventory with lots of buyers all bidding on the same properties and what do you get? Prices are up quarter to quarter as well. Average price per square foot is up to $474. Median price per square foot is $411. The average price per square foot for a 1-bedroom is well over $500. Activity has been steady.
At the current rate of sales, it would take only 4 months for all of the inventory to get bought up. That, people, indicates a seller’s market. Now take the rest of the day off and go enjoy the Hoboken Arts & Music Festival!