2016 Apr 8th

The Hoboken Condo Quarterly Sales Results

I have the mother of all spread sheets. Seriously – it goes to column “BO”.  Sixteen years of data. I like tracking the market. I like it because I want to know how my property value has changed. Isn’t that what Zillow purports to do with their inaccurate Zestimates ? You know why they are so inaccurate? Because Zillow pulls data from public sources, like the tax records and then uses a “propriety formula”, a fancy name for an algorithm, to come up with the value of your home. Problem is, the algorithm contains sales of houses and not just condos. So in an urban area like Hoboken, they are especially poor predictors.

As a realtor, I have the advantage of being able to access the MLS and get the actual closed sales data from the MLS. Granted, agents make mistakes in entering the data but its pretty close to correct. I then crunch those real closed sales figures and prepare my quarterly chart.  It’s loaded with great info and for you financial types who like studying spreadsheets and manipulating the numbers, you’d love it.  I’m not going to give it away.  I’ll share it with you if you would kindly do something for me.  Go to Facebook and “like” HobokenRealEstateNews.  I’ll then message you the spread sheet.  Believe me, it’ll be worth it.  You may even enjoy the feed – Howie posts great real estate jokes.

In the meantime – here is a teaser.  I find the visual more compelling than a chart.  The story is so clear.  If you have any inkling of selling your Hoboken condo, now would be a really good time and if you contact me, I’d be so happy to do that for you.  Yes, we are extremely good at what we do.  But that’s another post.  Smart people debate if median matter more than average so I’ll give you both.  Enjoy.

median

 

Avg sale price

 

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Posted by Lori Turoff | Currently 8 Comments »

2015 Oct 6th

The September Hoboken Sales Results – How’s The Market Doing?

The average one bedroom condo in Hoboken now sells for over $500,000 and the average two bedroom condo for over $800,000. Once again, prices have increased 13% over a year ago. The overall average declined slightly from August but so did the average size. There simply were not that many big three bedroom units sold last month. On a price per square foot basis, September was higher than August.

The story has been the same for quite a few months now – prices keep going up. Hoboken real estate is getting more and more expensive. The demographics of the neighborhood are likely to change to reflect this trend.

Here are the September numbers:

Posted by Lori Turoff | Currently No Comments »

2015 Jun 5th

The May Hoboken Condo Sales Results

Hold on to your hats, Hoboken. New records being set across the board.  Sales prices are up almost 20% over a year ago.  We’ve hit new highs in average sales price of well over $700k.  Days on market has dropped to a blink.  That’s right, blink and you will miss out on that newly listed property.  Inventory is not increasing – the competition is getting stiffer and buyers are putting their money where their mouths are.  If they want that shiny, new condo – they are willing to pay over asking for it.

Here are the May numbers:

 

Here is the 6 month moving average of sales prices.

6 mo moving avg

 

 

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