2012 May 6th

The April Hoboken Condo Sales Results

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!

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  1. Rob

    I wonder what the short sale/foreclosure inventory looks like? I would assume that market has dried up considerably and is playing some sort of small role in turning the market back to the seller’s side.

  2. Lori

    Actually, Rob, Hoboken never had a significant number of distressed properties. Less than 1% of the market. So other than perhaps in one particular building there simply was no impact.

  3. Rob

    Good info, thanks!

  4. Dan

    Just curious – which ‘one particular building’?

    Thanks!

  5. Lori Turoff

    The Skyclub.

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