Categories: Hoboken Condos
While at first glance it may appear that there was a slight dip in sales prices of Hoboken condos for the month of September, look at the price per square foot, which rose to an average of $549 from $543. My theory is that this month’s transactions included fewer closings at the new Toll properties. Those high-ticket sales tend to skew the average a bit.
What is notable is the continued low inventory and high sales volume. This is creating price pressure thanks to plain old economics – high demand and not enough supply. Those scarce 3 bedroom properties keep going up in price, too. The average sales price is now well over $850k and more on a price per square foot basis than smaller units. No one should be surprised at this given the hoards of strollers being pushed around Hoboken.
Look at the increase over a year ago – listings are way up but prices went up almost 20% since 2012. What a difference!
Here is the September chart:
The 3rd Quarter results will be posted in a few days.