The December Hoboken Condo Sales Results
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis, monthly results
Before I get into lots of end-of-year analysis, I thought I’d post the regular monthly figures as I always do. So what do all these numbers mean, you may wonder? What I see is a strong end to the year. When you look at the quarterly results this strong finish becomes even more apparent. (See the graph below). We have experienced four consecutive quarters of increased average sales price. The 4th quarter of 2012 ended almost 10% higher than last year. That’s pretty great no matter how you look at it. Still, the most striking change I’ve seen in the Hoboken market has been the shrinking inventory. There simply are not that many units for sale today. I suspect a few agents out there are going to have a hard time making a living this year. But that’s ok, the field could use some weeding out.
On the negative side, there is still one real road block I believe we must confront. It is one that is very particular to our market given the number of young, first-time home buyers in Hoboken. Buyers simply cannot get a mortgage if they don’t have 20% saved up for their down payment. Many would-be buyers have not been in “saving mode” and have nowhere near what they need to get a loan. It has hurt our one bedroom market more than any other. The less-than-perfect one bedroom condos – the older, walk-up units in run down buildings and on the west side of Hoboken are hurting the most. I don’t know how those buyers are suddenly going to come up with the 50 to 60k they need. Many of the potential sellers decide to rent instead as most of these units still can command decent rents. But that is a whole other story.
I’ll be attending an exciting and very interesting real estate and technology conference this coming week. Some of the presenters include the Managing Director of Customer Research for the New York Times, the Director of PR and Social Media for Century 21, the Chief Economist of both Zillow and Trulia, the CEO of Evernote, The CEO of Realogy (they own C21, Coldwell, etc.) the CEO of Realtor.com,the Director of Marketing for Corcoran,the founder of Curbed.com, the Director of Marketing for C21, and Danny Meyer of the Union Square Hospitality Group and NYC restaurant fame. I’m hoping to learn a thing or two.
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A Glimpse of Things to Come in Hoboken Real Estate
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
If you’ve ever invested in the stock market you know that every prospectus says “past performance is not an indication of future results”. That may be true in the securities market but in real estate, the first question everyone asks is “what’s the market doing?” We’re going to be delving into that in depth over the next few weeks. I believe you can look to see trends in the real estate market because, among other reasons, properties don’t trade as quickly as securities and we don’t have huge institutional investors and computer trading messing up our market. So hear is a bit of a little taste of what’s to come:
- 678 – number of condo sales on the MLS in 2011 (versus 742 in 2010; an 8.6% decrease in unit volume)
- $500,098 – average sales price in 2011 (versus $496,462 in 2010; a .7% increase)
- $450,000 – median sales price in 2011 (versus $455,000 in 2010; a 1% decrease)
- 71 – average number of days on the market (versus 80 in 2010; and 11% decrease)
- 3.4% discount off asking price (versus 4.2% in 2010; a 19% decrease)
- $2,137,517 most expensive condo sold in 2011 (1125 Maxwell Lane)
- $162,500 least expensive condo sold in 2011 (607 1st St.)
- $339,066,714 total value of condos sold on the MLS in 2011
(Note – There are always a few agents who don’t enter their transactions into the MLS in a timely manner so I will update these numbers if needed over the next week.)
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The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Activity for the Week of December 28th
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis, Weekly Wednesday Wrap Up
This Week’s Condo Sales & Activity versus last week’s:
- 198 active Hoboken condo units – vs. 210 last week
- 9 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 7 last week
- 15 Sold vs. 17 last week
- 3 New listings vs. 8 last week
- 7 Price changes vs. 6 last week
- 4 Expired listings vs. 3 last week
1 Bedroom & Studio Condos
2 New listings
3 Price changes
82 Active
2 DABOs
- 118 Jefferson St., 3R listed Nov 17 for $229K;
- 64 Second St., 205 listed Sept 12 for $268K;
4 Sold
- 1500 Washington St., 5T listed Oct 21 for $389K; sold for $369K;
- 150 Fourth St., 203 listed Sept 28 for $389K; sold for $387K;
- 81 Grand St., 3B listed Sept 26 for $357K, reduced Oct 17 to $350K; sold for $330K;
- 73 Garden St., 4R listed Aug 23 for $319K; reduced Aug 30 to $299K; sold for $285K;
2 Bedroom Condos
No new listings
4 Price changes
96 Active
7 DABOs
- 221 Willow Ave., 4L listed Nov 28 for $519K;
- 81 Jackson St., 4C listed Nov 15 for $549K;
- 1125 Maxwell Ln., 711 listed Oct 31 for $900K; reduced Nov 16 to $875K;
- 605-607 Willow Av3., 3B listed Nov 26 for $600K; reduced Nov 17 to $579K;
- 1216 Bloomfield St., A listed Oct 3 for $679K; reduced Nov 19 to $649K;
- 1500 Hudson St., 9G listed July 25 for $1.0Mil;
- 650 Second St., 5F listed June 7 for $550K; reduced Sept 23 to $520K;
9 Sold
- 537 Garden St., 2 listed Oct 7 for $419K; sold for $415K
- 81 Grand St., PH listed Oct 7 for $599K; sold for $575K;
- 1125 Maxwell Ln., 461 listed Oct 3 for $904K; sold for $893K;
- 416 Monroe St., 1L listed Sept 29 for $395K; sold for $385K;
- 551 Observer Hghwy., 8D listed Sept 20 for $413K; reduced Oct 28 to $390; sold for $380K;
- 1125 Maxwell Ln., 901 listed Sept 18 for $2.194Mil; sold for 2.138Mil;
- 1101 Bloomfield St., A listed Sept 1 for $1.499 Mil; sold for $1.4Mil;
- 1030 Hudson St., 4 listed Aug 8 for $559K; reduced Aug 26 to $539K; sold for $534K;
- 1125 Maxwell Ln. 1003 listed Aug 4 for $1.199Mil; sold for $1.164Mil;
3 Bedroom & Bigger Condos
1 New listing
No price changes
20 Active
No DABOs
2 Sold
- 510 Monroe St., 303 listed Aug 12 for
- 422 Madison St., 1 listed Aug 4 for $399K; reduced Sept 21 to $379K; reduced Oct 7 to $359K sold for $345K;
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