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: