2016 Nov 7th

The October Hoboken Condo Sales Results

October was another strong month with prices up about 25% over last October. Wow. The average for a two bedroom Hoboken condo is quickly nearing the $900k mark. The number of units listed, under contract and sold is down significantly. Multiple offers remain the norm and inventory remains tight. There are some very happy sellers in Hoboken right now.

Here are the numbers:

  1. Jake

    Thank you for always spending time to organize and share these insights about our neighborhood. AVG list 845k…amazing times.

  2. Jake

    Any insight on why the abs rate ticket up to 2.2? While still very low, is there a key contributor?

  3. Andrew

    Is it possible that absorption rate is adjusting to fewer homes on market? E.g., sequentially about 30% fewer listings this month, so would the denominator change for abs rate?

  4. JC

    Andrew…IMO while there is 30% fewer NEW listings for the month, the formula takes into account total units active of which there is a 30% increase from prior month:
    Total units active / Units Sold = abs rate
    137 / 63 = 2.2

    I believe approx 4 months is a “balanced market”.

  5. Matt

    Party like it’s 2007! The good times will last forever! Pay no attention to that may behind the curtain. The great and all powerful Oz has spoken!

  6. Alex

    I think the lack of inventory is a real problem and not good for Hoboken’s long-term prospects. So much of what’s on the market is characterless garbage. If we want to compete with Brooklyn there needs to better options in the 1-2mil range. We need more development that is moderately sized but well designed. If the choice is a characterless box on west side of town, an overpriced gigantic new condo, or an expensive brownstone renovation on top of high property tax and private school tuition then my family may be heading back across the river.

  7. lori

    The development profile of Hoboken was fixed long ago – back in the Russo and Robert’s administrations. What you see is what you are going to get a bit more of as there are so few empty lots. Rockefeller group is going to come in and build a huge complex by the Park Ave. bridge – where you now see a big pile of dirt and west of there. Most of the construction has been designed by the same architects – Marchetto had a wrap on that party for years – sheesh – they even did Maxwell! Now Minervini Vandermark is doing the smaller glass front boxes you see scattered among the row houses. As for going across the river, the price gap is enormous. In 15 years, i know of only 1 family that went that route. Out to the ‘burbs for better schools is more likely but have you seen property taxes in Short Hills or Montclair?

  8. lori

    Oh – and the vast majority of recent new construction has been “luxury” rental. They may convert to condo at some point but that’s a tough move with NJ tenant protection laws. So we have buildings like “The Jordan” at 1200 Clinton with “the pantry you deserve”. SMH.

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