2020 Aug 5th

The July Hoboken Condo Sales Results

Condo inventory levels continue to climb in Hoboken. New listings have more than doubled from what they were a year ago. Absorption rate is up to a 7 month supply. Some of this activity may be backlog from the ‘lockdown’ Spring months. Prices are trending downwards. Take a look at the 3 month rolling average chart below the monthly data.

Here are the numbers:

  1. Paul

    Are you seeing any trends with larger properties with outdoor space, ie Brownstones & larger condos with backyards?

  2. Lori Turoff

    Hi Paul,
    Larger (3BR / 2000 sq ft) properties have been flying off the shelves for quite a while now. That has much more to do with Hoboken’s demographics than the pandemic. I have noticed no difference in desirability of condos with a balcony. Condos and brownstones with a private yard of any substantial size are pretty scarce and have always been sought after. Of course, they are even more attractive through the lens of potential ‘shelter in place’ situations but there is no real way to know if that demand has increased due to the current situation. The biggest change in Hoboken is the increasing inventory we are now seeing. Sales are not moving at as fast a pace.

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