The February Numbers – Hoboken Condo Sales & Prices Continue to Lag
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis, monthly results
The February results are in and there’s not much good news. Activity is still very low, new listings continue to accumulate, days on the market increased and prices are down. No surprise there. The only positive note is that units that have gone under contract are up. Here is the data:
| Currently 5 Comments »
Hoboken Condo Sales Results – The January Numbers
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
If the Saints can Win the Superbowl Anything is Possible
Call me an optimist, although that is not at all my nature, but today I received an email from a mortgage company with some fairly good news. I’ve reposted it below. Granted, one can find statistics to prove anything. Nonetheless, it seems a little encouraging. Closer to home, our Hoboken real estate market numbers are not too terrible either. Now, I’m not making any predictions – just stating what I see. From my day-to-day experience in the market I can absolutely say it’s pretty busy out there. My buyers even lost out in a bidding war (unfortunately). Sure, there are properties selling for low prices but not all of them.
Here are the results. Judge for yourselves.
Here are the comparisons to past year’s condo sales results:
Here is the economic report I received:
The Institute for Supply Management reported that the monthly index of manufacturing activity rose to 58.4 in January after reaching 54.9 in December. It was the sixth straight month of expansion and the fastest pace of growth since August 2004. A reading above 50 signals expansion.
The Commerce Department reported that total construction spending fell 1.2% in December after a downwardly revised 1.2% decline in November. Economists had expected a decrease of 0.5%.
The U.S. non-manufacturing sector rose to 50.5 in January from a downwardly revised 49.8 in December. A reading above 50 signals expansion. Economists had anticipated a reading of 51.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, rose 1% in December. Compared to a year ago, pending home sales are up 11%.
The U.S. non-manufacturing sector rose to 50.5 in January from a downwardly revised 49.8 in December. A reading above 50 signals expansion. Economists had anticipated a reading of 51.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending January 29 rose 21% to 620.7. Purchase volume increased 10.3% to 237.8. Refinancing applications jumped 26.3% to 2,854.8.
The Commerce Department reported that factory orders rose 1% in December. That was double the 0.5% increase economists had anticipated. It was the fourth straight gain and follows a revised 1% increase in November.
The Labor Department reported that productivity rose at an annual rate of 6.2% in the fourth quarter, following a revised third-quarter gain of 7.2%. Labor costs fell at an annual rate of 4.4%. The unemployment rate fell to 9.7% in January from 10% in December. Employers cut 20,000 jobs in January, far fewer than the 150,000 jobs lost in December. The four-week average for continuing jobless claims fell 51,250 to 4.618 million.
Upcoming on the economic calendar are reports on wholesale trade on February 9, retail sales on February 11 and consumer sentiment on February 12.
| Currently 34 Comments »
More on Hoboken Condo Sales Annual Numbers and Activity
Categories: Finance, For Buyers, For Sellers, Hoboken Condos, Market Analysis
Year Over Year – Annual Average and Median Sales Prices
This chart compares year-over-year changes in prices. Blue is average sales price, red is median.
Number of Deals Being Done
Extremely important, this chart shows how many actual closings took place each year.
What You Really Seem To Want To Know
I read comments and threads on other sites and it seems people are hung up on how far down we’ve come in the Hoboken condo market since the peak. According to the data I have available to me (and I admit it is not perfect as it is limited to what is provided on the MLS), the highest average sales price annually $524,887 was in 2008. We ended 2009 at $501,337. That represents a decrease of 4%. Similarly, the peak median sales price in both 2007 and 2008 was $500,000. In 2009 it was $470,000 representing a 6% decrease.
Now, I don’t make these numbers up – they come straight from the MLS. In fact, here are the numbers:
I hear people talking about a 20% decline. Ok, show me the data. If you know something I don’t please share it with us. I’m not interested in anecdotal evidence of “oh, my neighbor bought in 2007 for 600k and had to sell for 300k. ” That’s statistically meaningless. I’m willing to put my name to my work and provide the basis for my calculations. I challenge anyone to do the same.
| Currently 46 Comments »
