This graph pretty much says it all:
This quarter, the average sales price for a Hoboken condo rose to almost $570,000, the highest it’s ever been. On a per square foot basis, the average sale price of a Hoboken condo was $545. There is only a 2 month supply of inventory on the market despite a marked increase in properties listed in the 2nd quarter. The average list price for a Hoboken condo was over $600,000 and, on average, properties sold for only 1% off the asking price. Timing is everything and properties remain for sale for only about 30 days before going under contract.
Now more than ever, you need a really good, experienced agent to help you find the home of your dreams. It’s an incredibly competitive environment for home buyers and most nice properties receive multiple offers. If you are serious about buying a property, it takes professional guidance to navigate these waters.
The ability for consumers to look at properties on their own, using sites like realtor.com and trulia or zillow may seem to make an agent and real representation unnecessary but the truth is exactly the opposite.
The key components to securing a property in a market like this are knowing how to analyze value, how to strategize the bid, how to make your offer strong and negotiate your way to a closing. Having worked as one of the most successful buyer’s agents in Hoboken for a decade, I would be happy to help you learn more about the home buying process and how to manage it successfully. Please feel free to email me at [email protected] to arrange for a private consultation.