News Flash - Now Really Is the Time to Buy a Hoboken Condo
Categories: For Buyers, Hoboken Condos, Market Analysis
Interest Rates are Low Low Low
I’d be very surprised if you have not heard of the recent drop in mortgage interest rates resulting from the federal government’s bailout of Freddie Mac & Fannie Mae. The 30 year fixed rate for primary residence condos is below 6%. When money is that cheap, renting often becomes more costly than owning.
Hoboken Condo Inventory is on the Rise
It is still a buyer’s market with plenty of nice properties on the market. Buyers are able to shop around and find good value when inventory is high. The important thing is to move while the stars are aligned in your favor - Hoboken condo prices may be bottoming out so if you’re a buyer who has been sitting on the sidelines, now may be the perfect time to make a move.
The Increase in Jumbo Loan Limits are Expiring Soon
For those of you lucky enough to be in the high-end market, the advantages of the Economic Recovery Act of 2008 are about to expire.
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The Weekly Wednesday Wrap-Up - Hoboken Condo Sales & Inventory for the Week Ending September 10th
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis, Weekly Wednesday Wrap Up
Studio & 1 Bedroom Hoboken Condos:
6 sold in an average of 95 days at an average sale price of $419,500 View 1 BR SOLD Listings
3 under contract this week in an average of 118 days - View DABO 1BR Listings
152 total active with an average asking price of $485,436 View 1 BR ACTIVE Listings
15 new listing with an average list price of $426,826 View NEW 1BR Listings
Two Bedroom Hoboken Condos:
8 sold in an average of 117 days at an average sale price of $639,262 View 2BR SOLD Listings
6 under contract this week in an average of 131 days - View DABO 2BR Listings
251 total active with an average asking price of $685,520 View 2BR ACTIVE Listings
11 new listings with an average list price of $569,163 View NEW 2BR Listings
Three Bedroom and Larger Hoboken Condos:
1 sold this week for $694,000 in 108 days View 3 BR SOLD Listings
None under contract this week.
46 active 3BR condos for sale with an average asking price of $1,111,681 View 3BR ACTIVE Listings
3 new with an average asking price of $685,666 View NEW 3BR Listings
Compare to last week: View Week Ending September 5th Here
NEW FEATURE - PRICE CHANGES ON HOBOKEN CONDOS FOR SALE
Price changes on Hoboken condos for the past 7 days: Click to see PRICE REDUCTIONS on Listings
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The Hoboken Condo Market - Here are the August Sales Results
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
August Hoboken Condo Sales Appear Strong
Despite the traditional summer slowdown, sales of Hoboken condos actually picked up in August. The average sales price for a Hoboken condo was up to $535,181 a 5.4% increase over July and over 8% greater than ‘07 and ‘06. The median sales price increased to $521,500 which is almost a 6% increase over last month. Price per square foot rose to $528 from $520. What I notice when looking at the year so far is that while there is some fluctuation from month to month, that fluctuation has usually remained within 10% of the prior month. Overall the Hoboken condo sales figures for 2008 have remained, on average, in the $500,000 to $560,000 range.
How Long it Takes to Sell a Hoboken Condo & Inventory Levels
There are a few other indicators besides price that give us some insight into the Hoboken real estate market. How long it takes properties to sell, on average, or “days on market” is also informative. That number is down to only 61 days for August, continuing a downward trend since the high of 88 days in February. Inventory is also important to any sales analysis. The number of new Hoboken condos listings on the MLS has dropped dramatically but so has the number of Hoboken condo sales. In August, only 90 new condos for sale hit the Hoboken market. The year’s high was 185 in March. The number of Hoboken condo units sold in August was 66 significantly less than the prior two years.
Real estate inventory has to be examined in light of the pace of sales to be more meaningful. Right now, at the current pace of sales so far this year, there is more than a 6 month supply of condos for sale in Hoboken. Last November, the absorption rate for Hoboken condos was just under 5 months.
Market Analysis Numbers for The Hoboken Condo Market to Date
Hoboken Condo Sales - August 2008 Compared to Past Years
I hope you find these numbers useful. Since some results are reported late, I will check and make any necessary adjustments in a few days. At the end of September I will post the quarterly analysis for Hoboken condos. Remember, as always, these figures include only those properties listed on the MLS and not new construction sold by the developer or for sale by owner properties. You can keep your finger on the pulse of the Hoboken condo market by following the Weekly Wednesday Wrap-up right here at HobokenRealEstateNews. The report includes links to the actual sold, under contract, and active Hoboken properties. As always, I look forward to your comments and questions.
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The Weekly Wednesday Wrap-Up - Hoboken Condo Sales & Market Activity for the w/e Aug. 27th
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis, Weekly Wednesday Wrap Up
Studio & 1 Bedroom Hoboken Condos:
2 sold in an average of 29 days at an average sale price of $289,950 View Sold 1BR Listings
6 under contract this week - View 1BR Dabo’d Listings
139 total active with an average asking price of $490,563
( 23 Week Supply selling at 6 per week since January 1)
6 new with an average asking price of $500,478 View New 1BR Listings
Two Bedroom Hoboken Condos:
10 sold in an average of 57 days at an average sale price of $545,717 View Sold 2br Listings
7 under contract this week - View 2BR Dabo’d Listings
258 total active with an average asking price of $689,628
( 31 week supply selling at 8.37 per week since January 1)
9 new listings - $700,875 - View New 2BR Listings
Three Bedroom and Larger Hoboken Condos:
None sold this week
1 under contract this week - View 3BR Dabo’d Listings
45 active 3BR condos for sale with an average asking price of $1,134,652
(41 week supply selling at 1.09 per week since January 1)
2 new with an average asking price of $1,134,652 - View New 3BR+ Listings
Also be sure to check out the 4 Bedroom penthouse duplex at 2 Constitution (The Shipyard) - pretty nice for a cool $4.3 mil.
Compare to last week: View Week Ending August 20th Here
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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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