2020 Oct 16th

Hoboken Condo Average Sales Price Trend

Just hover your cursor over the line to see monthly numbers.

  1. JC

    Hi Lori. Hope you and yours are healthy. Shouldn’t Price per square foot be used as a more accurate measure of the health of the market over time? According to your numbers for September Sales price is down 8% from last year but PSF is down only 1%.

    If at any point the new construction trend is 4BR’s or studios then this will skew the sales price up/down giving a less realistic view of the health of the market.

  2. Lori Turoff

    Hi JC,

    We are all good, thanks for asking. Hoping the same for you!

    I believe I can whip up a $/SF chart and will post this week.

    The industry standard it to use sales price. If you use $/SF, the small units are price higher on that basis as the additional space is not worth nearly as much as the initial square footage. So you have the same issue as with sales price – if there are many studios, the price skews upwards and if many large units, downwards.

  3. JC

    Makes sense. Thanks, I’d certainly be curious to see that chart for reference.

    While RE pricing lags real time action I believe Hoboken is holding up well. Seems like what’s happening in Manhattan is isolated to Manhattan. Brooklyn is fairing well and outer burbs are hot. Maybe we get an inflow of folks from Manhattan for all we know. However, we need the Manhattan job market and economy to be strong for Hoboken to be strong.

  4. Lori Turoff

    As a born and bred New Yorker, I know this, too, will end and NYC will come back strong. Different than before but strong nonetheless. It’s just a question of time.

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