The Weekly Wednesday Wrap-Up - Hoboken Condo Sales & Market Activity for the w/e Aug. 20th
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
Some New Weekly Statistics on the Hoboken Real Estate Market
This week I’ve added to the active, sold, under contract and new listing information by including absorption rate. You’ll see it as “number of week’s supply” right under the total number of condos for sale in each size category. Hopefully, this will give you another way to analyze the Hoboken condo market and answer the always popular questions like: “How is the Hoboken real estate market doing?” and “Do you think it’s a good time to sell my condo” or “Is now a good time to buy a condo”. For example, you’ll see that one bedroom condos sell at a much better rate than two bedrooms condos. As always, I welcome your comments and questions.
Studio & 1 Bedroom Hoboken Condos:
6 sold in an average of 84 days at an average sale price of $480,117 View 1BR Hoboken SOLD Condos
6 under contract this week - View 1 BR Hoboken Condos UNDER CONTRACT This Week
147 total active with an average asking price of $480,117 View ALL 1BR Hoboken Condos for Sale
(24 Week Supply selling at 6.12 per week since January 1)
8 new with an average asking price of $356,411 -Click Here to View NEW LISTINGS of 1BR Hoboken Condos
Two Bedroom Hoboken Condos:
9 sold in an average of only 57 days at an average sale price of $686,499 View 2BR SOLD Hoboken Condos
9 under contract this week - View 2 BR Hoboken Condos UNDER CONTRACT This Week
10 new listings -
260 total active with an average asking price of $686,499 View ALL 2BR Hoboken Condos for Sale
(31 week supply selling at 8.41 per week since January 1)
13 new with an average asking price of $761,407 Click Here to View NEW LISTINGS of 2BR Hoboken Condos
Three Bedroom and Larger Hoboken Condos:
2 sold in an average of 80 days at an average sale price of $860,000 View 3BR SOLD Hoboken Condos
None under contract this week
45 active 3BR condos for sale with an average asking price of $1,055,741 View ALL 3BR Hoboken Condos for Sale
(40 week supply selling at 1.12 per week since January 1)
2 new with an average asking price of $715,450 View NEW LISTINGS of 3BR Hoboken Condos
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Hoboken Condo vs. Downtown Jersey City Condo Absorption Rate
Categories: For Sellers, Hoboken Condos, Market Analysis
Absorption Rate For Hoboken & JC Condos
Absorption rate means how long it would take the real estate market to absorb all the properties for sale if they were to keep selling at the same rate as they have been. 
Hoboken Condos
Number of Hoboken condos for sale today: 460
Number of Hoboken condos sold since January 1, 2008: 527
Daily rate of condo sales: 2.34222
Monthly rate of condo sales: 71
Months it would take to sell all the Hoboken condos: 6 1/2 months
Downtown Jersey City Condos
Number of JC condos for sale today: 357
Number of JC condos sold since January 1, 2008: 278
Daily rate of condo sales: 1.23555
Monthly rate of condo sales: 38
Months it would take to sell all the Hoboken condos: 9 1/3 months
Who Cares?
If you’re thinking of selling your condo in the next 6 months, you should care! If your condo is in Hoboken, you are in pretty good shape. At the current absorption rate, almost all the condos on the market will sell in that time period so the chances are your condo will sell, too. If, however, it’s in downtown JC, about two thirds of the condos will sell and a third won’t. Your chances of selling in 6 months are not as good as in Hoboken.
Value of good marketing in Jersey City (and Hoboken): Priceless
See also:
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Hoboken Condo Sales vs. Downtown Jersey City Condo Sales - First Half 2008
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
I was asked how Hoboken condo sales compare with downtown Jersey City condos. Here’s a chart showing some useful information about the real estate markets in both towns and how they have performed the first half of this year. The sales numbers are broken down by unit size and combined. The percentage difference is also included.
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1st Half 2008 - Jersey City Condo Sales
Categories: For Buyers, For Sellers, Market Analysis
Here’s something to compare against recent Hoboken condo sales. These are sales numbers from the MLS for the first half of 2008. Keep in mind that this does not include new construction sold directly from the developer.
Studio & 1 Bedroom Downtown Jersey City Condos:
Average List: $392,343
Average Sold: $381,822
Median Sold: $374,205
Average Days On Market: 73
Number of Sales: 114
2 Bedroom Downtown Jersey City Condos:
Average List: $618,438
Average Sold: $599,643
Median Sold: $570,000
Average Days On Market: 94
Number of Sales: 86
3 Bedroom & Larger Downtown Jersey City Condos:
Average List: $831,028
Average Sold: $798,823
Median Sold: $778,000
Average Days On Market: 102
Number of Sales: 17
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The Weekly Wednesday Wrap-Up - Hoboken Condo Sales and Market Activity for the Week of August 13th
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
The Dabo Dilemma Revisited
Last week, I discussed a problem present in the MLS in that the DABO listings were not being accurate because some agents hadn’t changed the status when the properties were sold, withdrawn or expired. As a result, list of DABO’s properties included old, out of date listings that weren’t really under contract any longer. So last week I looked at each property with a status of DABO and manually eliminated the ’stale’ ones but I’ve figured out a better system. Starting this week and from now on, I will include in these reports only new DABOS - that is, properties which went under contract in the prior week, as I do for sold condos and new listings. Here is the info from last Wednesday through today:
Studio & 1 Bedroom Condos:
1 unit sold for an average sale price of $402,500 - View Sold Listings
3 units under contract this week - View Dabo Listings
155 active listings with an average list price of $484,565 - View All Active Listings
12 new listings - View New Listings
Two Bedroom Condos:
9 units sold for an average sale price of $570,824 - View Sold Listings
5 units under contract this week - View Dabo Listings
10 new listings - View New Listings
272 active listings with an average list price of $673,927 - View All Active Listings
Three Bedroom and Larger Condos:
none sold this week
none under contract this week
no new listings this week
48 active listings with an average list price of $1, 054,463 - View All Active Listings
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