Categories: Hoboken Condos
Interestingly, this month shows little change from the sales figures of last December. Maybe it’s just the holidays. The real story, however, can be seen in the 3 month moving average chart. That is an upward trend if I’ve ever seen one! Right now, prices are about a third higher than they were back in the peaks of the ’05 and ’06 “bubble”. This, folks, is no bubble. The prices are being driven by a severe lack of supply and ever-increasing demand. Having lived in Hoboken for almost 20 years now, it is no secret that we’re a favorite with people who work in Manhattan. Especially with free day-care for pre-schoolers (thanks to being an “Abbott District“). Ah, Hoboken’s little secret! Problem is, once those little ones hit middle school, many parents want to move to areas with better high schools and bigger homes. So we see constant turn over in Hoboken. Even rising interest rates have not put a dent in the rising prices as 4% on a 30 year fixed mortgage is still historically very low. Some year-end analysis will be forthcoming over the next week. Stay tuned!
We are here ready to help you get the most out of this market – just reach out to us at 201 993 9500 or email me at lorituroff “at” gmail.com (writing it that way keeps spam down but you know what I mean).
Here are the December Hoboken condo numbers: