2018 Jan 7th

The December Hoboken Condo Sales Results

Some big numbers to wrap up the year.  December was one of the strongest months of 2017.  The average sales price for a Hoboken is now well over $850,000.  The increase over a year ago is in the double digits.  Average price per square foot is $750.  Inventory remains low and it is still a seller’s market.  We will be posting quarterly and yearly figures over the next week.

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  1. Indianlegend

    What are your projections going into 2018? Still on course for double digit growth in Hoboken?

  2. JC

    Nice analysis Josh. Lori…I’d love to know if any of your buyers at $1mm above are holding off or downsizing their purchases based on the new tax policy of $10k cap for SALT and mortgage interest deduction change. Maybe a post one of these weeks after you have more conversations with clients and other agents. I’m sure your readers would appreciate that. thnx

  3. Lori Turoff

    Josh – I double checked all the numbers and calculations. Yes, the overall median differs from the ones limited to bedroom size categories. Probably because not all properties include the square footage in the MLS listing. When there are a few blanks, I fill them in with the closest neighboring figure as a best estimate. Unfortunately, the data I have to work with is not perfect and the MLS does not enforce agents who submit incomplete listings. It’s all I have to work with and I do the best I can with that. I expect it is close enough to provide information from which you can gain some insight and reach some conclusions.

    JC – I’ve not had any buyers squawk about the tax implications (yet) though they have always balked about the mansion tax. I think these buyers are buying in that price range because they need the space and the few extra tax dollars won’t have any significant impact on their purchase decision. The biggest change I’ve seen is a much higher percentage of buyers with Asian surnames in the upper price tier. That’s been consistent over the past year. I look at the closed sales every day where the buyer and seller names are listed.

    Indianlegend – I believe we will continue to see price growth, at a slower rate, until the inevitable recession hits. When that will be is anyone’s guess.

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