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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Buying A Hoboken Condos Is Just Like Drafting A Running Back
Categories: For Buyers, Hoboken Condos
For My Blog Readers Who Aren’t Into Shoes:
Like many people, I love a bargain. Like most men, I also love my Fantasy Football Pool. Now put the two together and you’ll know how I look for late round sleepers. I go to My Street and Smith’s Pre-Season Issue and read every article on every team, from the Patriots veterens, to the 49ers rookies. Ultimately, I will only draft 5 running backs . The research process itself is hugely important. Not only does it let me decide who I like best, it lets me know which players are a great deal. There is nothing like the thrill of finding a great wide receiver who will be available in the late rounds.
Think of Shopping for a Hoboken Condo Like the Search For a Perfect High Round Draft Pick
Just as you would never plan to draft LaDanian Tomlinson with the 10th pick of the draft, when buying a condo, you need to know your budget and what you can get at that price point. If you haven’t talked to a banker, financial advisor or mortgage lender you are doing yourself a disservice. Unless you’re paying cash for your Hoboken condo, you will need a prequalification letter from a lender to make your offer. Even though a ‘prequal’ is non-binding and you are not obligated to use that lender, it makes your offer a serious one. Similarly, just as you know if you’re looking for a running back in the 1st round, you should have an idea in which neighborhood you plan to concentrate your condo search. If you are all over the map its that much harder to focus in on which property would be the best potential home.
The “Health, Availability and Affordability” of Hoboken Real Estate
You can always find a back that’s just a little bit injured, or with a little bit of a coke habit in a late round. We draft them anyway thinking they will heal or stay clean. Sometimes they do, but often they don’t and wind up traded, cut or waived. You might want to draft an Adrian Peterson or Tom Brady but you don’t have a high enough draft pick (i.e. you can’t afford them). So when we select players, we go for a combination of health, availability and affordability. Buying a condo is no different but with real estate the crucial factors are location, condition and price. Like searching for players, a condo buyer has to consider all three factors and find the property in an acceptable location, in good enough condition and within one’s budget. The single best way to guarantee a winning combination when buying real estate is to look at as many properties as possible. Like reading FFN and watching Sportscenter, going to see as many condos for sale as possible will let you know when you’ve hit the winning mix and it’s time to make an offer. But just like frequently happens with players, if you take too long to decide (wait too many rounds), the best ones will be gone and you may miss out on the new home of your dreams.
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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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