2015 Dec 30th

The Shape of Things To Come – Hoboken Condo Sales

6mo chart

 

It’s a few days early and the year-end sales results may not be fully reported until the beginning of January but this gives you a pretty good idea of the current state of the Hoboken real estate market.

Inventory is at a historic low with fewer than 80 condos listed for sale today. Prices for the month of December were up 25% over last December. The average Hoboken condo sells for just under $700,000. The median price of a condo sold in Hoboken this year was $615,000. Prices this year were up about 14% over last year. There were just about 1,000 transactions closed on the multiple listing service (new construction sales through developer sales office are not included).

What does this mean for you? If you are looking to buy a condo in Hoboken in 2016, be prepared for fierce competition, multiple bids, over asking sales prices and continued price increases. If you are selling, you call all the shots. As always, buyers especially, need an extremely experienced agent to help you navigate these waters. The Turoff Team has been successfully helping buyers and sellers in Hoboken for the past 12 years. It’s what we do – full time. Give us a call at 201 993 9500 to learn how we can help you buy the home of your dreams.

More stats and charts will be published here in the next few weeks.

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