Categories: Hoboken Condos
The November Hoboken Condo sales results are in. Prices are down from previous months but still better than November 2015. If you look at the 3BR category, you’ll see a lack of those very large, over-a-million-dollar sales, which I believe lowered the overall average sales price compared to than recent months.
What I find shocking is an average price per square foot for 1BR condos of almost $700!!! How do first time homebuyers afford that and where do they get $150,000 for a down payment?
There are more units on the market this November than there were last November but there were also more sales. Overall, inventory is still extremely tight and competition for the few properties that do come on the market intense. Days on market has dropped from an average of 40 a year a go to only 27 now.
I’ve said it before and I’ll say it again – there is no reason to expect that this situation will change any time soon. Even if interest rates rise, it will be by such a small amount that the market should remain unaffected. If you are a seller, you are sitting pretty. We are always happy to see our past buyers making a very nice (tax-free) profit when the sell. One of the biggest benefits of buying over renting, besides the mortgage deduction, is appreciation potential, especially for younger buyers. If you are looking to buy, you need a smart, experienced agent who has guided buyers through this sort of market many, many times and can help you actually win the property, hopefully without multiple bids. That would be the Turoff Team so feel free to reach out at [email protected]