2013 Oct 3rd

The September Hoboken Condo Sales Results

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.

 

 

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  1. Andy

    So given that prices are up 20% and even my Zillow estimate is way up, why is it when I went to get a HELOC the appraisal came in at low of 2011 prices. That just seems crazy no? I tried to fight it but they declined. Any advice?

  2. Gilby

    3rd quarter figures are very strong. Softness in the market that’s occurred from August to October is too soon to call a trend, but worth watching only to the extent that everything is worth keeping an eye on. More units on the market, but less sales at ever so slightly lower prices and tiny percentage uptick in discount. Everything else looks positive (and I can’t call any of the aforementioned true negatives.) Sales also tend to drop off after the school year starts. Unless there’s some kind of price “burst” these kind of negligible downshifts mean nothing, we may see even more of the same ’til spring.

  3. Theresamarie10

    Andy, I don’t have advice, but I feel your pain. When my husband and I refinanced last month, we appraised at nearly 75K below what similar units were selling for. It was still enough for us to secure a better rate than we were currently paying, but no less frustrating.

  4. Andy

    its like the banks are putting a 50-75k haircut on current valuation because they are afraid this is temporary. Its really bull.

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