2012 Aug 6th

The July Hoboken Condo Sales Results are Here!

Hoboken Real Estate Just Keeps Improving!

Here is the story of Hoboken real estate in a nutshell – sales prices are up, inventory is down, sales activity is up, number of units being put on the market for sale is down.  Two of the classic measures of how a market is doing both say it is a seller’s market.  The “absorption rate” measures how many months it would take to sell out all of our current inventory.  5 months or less is considered a seller’s market.  The current Hoboken absorption rate is only 3 months.  The “discount of list” measures the actual sales price of a property compared to what it is listed for.  That has been right at about 2% this year, a historically low figure.

Another set of figures I believe are very useful for buyers are these:

Avg. Sold  1 bedroom:  385,756    2 bedroom:  552,338   3 bedroom:  804,142

If you are shopping for a condo you typically have a particular size in mind.  If you think you are going to be able to find, for example, a nice 2 bedroom with parking or an elevator east of Willow in the low $400,000 range when the average price is over $550,000 you are going to be facing quite a challenge.

Similarly, if you are a 3 bedroom buyer, look at the average days on market number – only 37.  The competition for these units is fierce.  You need to be the first one to make an offer if you hope to avoid a multiple bid situation.  (I refuse to call it a bidding war).

So there is much to learn from the state of the market before you begin your search.

Here are the charts:

 

 

 

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