2014 Jan 8th

The December Hoboken Condo Sale Results

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!

  1. chris

    these december numbers worry me, they are quite ugly.

  2. lori

    @Chris – what does “ugly” mean as applied to market anaysis?

  3. chris

    I am a condo owner in hoboken and these metrics worry me, especially inventory, average price per square unit and discount %. In early 2013, inventory declined and prices soared, now we are seeing inventory decline again but this time prices are declining. I can only imagine what will happen to prices when inventory gets higher. I’m no rocket scientist, but this smells like trouble to me.

  4. lori

    Don’t you think it’s a bit premature to declare that “prices are declining”? Average price per square foot is still higher than it was in July, August and September and up over last year. Inventory is at a historic low and absorption rate is well below indications of a seller’s market. When inventory starts to rise, volume will pick up. I’m not a rocket scientist either – I’m a realtor. And I see a huge amount of pent up demand. I work mainly with buyers. Buyers who are unable to buy because there is nothing on the market. They’ve been saving since the crash, have 20% down, good credit and are motivated. They want to live in Hoboken due to its proximity to Manhattan and all it has to offer. I’m not worried.

  5. Mike D

    Chris = troll

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