2016 Oct 7th

The September Hoboken Condo Sales Results

September was another strong month. Prices up about 4% from a year ago.  The trend continues upward (see the 6 month rolling average chart below).  The average 1 Bedroom is over $600k.  The average 2 Bedroom over $750k.  Larger units are almost $1.3million.  While there were more units listed this month, they are selling faster so inventory remains low and multiple bids are the norm on anything nice.  So the competition for good properties continues.  Keep in mind, it’s not just price that matters.  Sellers want buyers to waive the appraisal, have plenty of cash, give up on inspection requests and be flexible about a closing date.  Welcome to the new normal!

Here are the numbers:

6 mo

  1. Joe Federici

    Did one bedrooms just make a huge jump in value? Until recently, it appeared to me that two bedrooms were more valuable than one bedrooms, on a square foot basis.

  2. lori

    No, not a sudden jump.
    Here are the figures since the beginning of the year:
    Columns represent 1BR, 2BR, 3BR

    $ / Sq. Ft.
    sept 741 668 778
    aug 677 693 734
    july 725 686 764
    june 664 689 658
    may 720 689 789
    april 698 690 789
    mar 727 615 609
    feb 655 674 707
    jan 689 652 640

  3. S

    Thanks. I always find these helpful.

    One comment – I think in your analysis for Sept ’16 vs Sept ’15 you’re actually utilizing Aug ’16 #’s. If your comment on prices being up 4% is based on avg. sold, using September #’s they would be up 6.8%. Appears there was an increase in high value properties sold this September which is skewing the #’s a bit – so looking at $/sq ft (which I assume is avg. and not median), it’s a 3.5% yoy growth which is probably more reflective (and close to your 4%).

  4. Lori Turoff

    Thanks for catching that, S. Yes, I just corrected and changed to September column.

    There is always an increase in high value property as that is what builders are now constructing. The $/sq. ft. is shown as both average and median on two different rows. If you look at my first comment, there has not been a real increase in average property size. Prices are higher because the properties are new and have higher-end finishes and appliances.

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