Categories: Hoboken Condos
Hoboken Condo Prices Still on The Rise
Once again, condo prices are up in Hoboken. The August numbers show new highs almost across the board. The average condo sales price is almost 20% over where is was a year ago. The average price per square foot is well into the mid $500 range. Inventory is still low and activity high. Properties are selling very close to the asking price. Regardless of what may be happening with interest rates (which are still historically very low) it is by every measure, a seller’s market.
The average 2 bedroom condo in Hoboken now sells for over $650,000. I had to check to see if there were an exceptional number of very high-priced, new construction Toll properties included in the closed sales this month but there was not a single one. There were some resales of the older Toll units but that is it. Those units, by the way, are now a part of our market and their prices exert a pull on the entire market.
Labor Day has come and gone so I am expecting an uptick in activity (and listings) this month before the Thanksgiving – New Year’s lull. If there is a lull this year.
Here is the chart – enjoy!