2015 Dec 9th

The November Hoboken Condo Sales Results

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]

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  1. Mike D

    I’ve noticed prices slightly down in Maxwell over the last two months or so. We were due for a downturn after an impressive run in the last four years.

  2. Lori

    Mike,
    I’m curious. On what do you base your prediction?

  3. JB

    For sure – those are quite “posh” places where people have many other choices. More money to be made purchases a low priced brownstone and renno it…… If you can get one

  4. Mike D

    Its not a prediction, just an observation of the sales versus those apts now on the market.

    I live in 1125 Maxwell, so I focus mostly on the recent relative sales on that building to get a price of my apartment.

    Remember the 2013 reval? I take the price of the sale and divide by the reval appraisal to get “the factor”. So right now that number is at about 1.35. So any Hoboken home valued at the time of the reval at a million would be on the market for about $1.35MM today.

    I calculate “the factor” of the last 12 sales, drop the high and low and take the average of the other 10 to get the number. For the first time since 2011 that number has dropped, and existing apartments on the market – at least in my building – who were using a higher factor of 1.35 are lowering their offer prices.

    I’m not saying that prices are going down per se, but they’re starting to taper a bit versus what we’ve seen since late 2011.

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