2016 Sep 9th

The August Hoboken Condo Sales Results

For the first time in a very long time, sales prices are slightly down compared to a year ago. Maybe things are leveling off a tiny bit. But the problem is that inventory still remains very low and new listings are way down. I would not expect to see much of a drop in prices as long as inventory is so constrained.

Here are the numbers:

  1. Josh

    I’m not sure that it’s fair to say prices are “down” slightly from last year – sure the average sale price in August is down $7.4k YoY, but in August of 15, the average condo sold was more than 70 sqft larger than in Aug. ’16 (1141 vs 1070). What I find more telling is that the average cost per sqft has been trending higher (nearing $700) and is up ~5% YoY. I think it’s fair to say the steep upward trajectory that we’ve seen in recent years is shallowing up a bit, but in looking purely at the historical data and not speculating on what the future holds, I can’t see a dip or even a flatline…

  2. lori

    Josh – I agree with you completely. It is too soon to call a trend but it will be interesting to see how it plays out. Enjoy this gorgeous September day!

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