Categories: Hoboken Condos
Here is the December chart:
Prices dropped slightly in December compared to last month but were a good 10% higher than a year ago. Inventory continues to be non-existent. More and more buyers are being priced out of the 3 bedroom and larger market. Back in the day, for various reasons, developers were not encouraged to build large apartments in Hoboken. That is now coming back to bite us on the butt. Families who have a vested interest in seeing the community grow, schools improve and are stakeholders in Hoboken’s future simply can’t find a large enough condo at a competitive price. Once they are looking in the over-a-million dollar range, the nearby suburbs become an awfully attractive alternative.
There will be lots of year end analysis coming in the next week so stay tuned and stay warm!