Some Observations On the February Hoboken Condo Sales Results
Yep, February was a slow month, relatively speaking. And a short one. I remember not too long ago telling Hoboken buyers that finding a 1 Bedroom for under $300,000 was difficult. Then all that changed in 2008. Now I think I’ll be telling buyers that finding a 1 Bedroom for under $400,000 is becoming difficult. Even with tight credit and a strong 20 downpayment requirement, the demand continues to outpace supply.
Nowadays, there is no discount off list price. If you want it (and it’s decent) you better be willing to pay full price. Days on market has shrunk to a new low of 29. Maybe buyers are finally “getting” that they have to act quickly or they miss out.
So is it all good news? Of course not. February took a dip in activity (number of units sold down 47% from last year) and if you look at the bottom chart for 6 month moving sales price average, there seems to be a slight downward trend. My suspicion is that prices will rise again with the Spring temperatures ahead.