2014 Apr 10th

The March Hoboken Condo Sales Results

Sales price, in terms of average sales price, backed off a little this month.  But – the average size unit sold in March in Hoboken was under 1000 square feet and there was only 1 (small) three-bedroom sale.  I would propose that those families with the strollers didn’t want to traipse around in the heavy snow back in January (when March closings are born).  Next month we are likely to see the effect of the bigger unit sales hitting this chart.  My buyers have had to deal with multiple offers on every single one of them.

Other points of note:

– the average price of a one-bedroom in Hoboken condo has hit $600 a square foot;

– it’s getting harder and harder to buy a two-bedroom Hoboken condo for under $600,000;

– Hoboken condos sell for even closer to asking price than in the past.

Here is the March chart:

 

 

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2013 Jun 10th

The May Hoboken Condo Sales Results

The May numbers are here.  Slightly softer than April but not by much.  The big story is that inventory remains low and activity is high.  As a result, the days it takes a property to go under contract is short than it’s ever been.  Median prices still outpace a year ago by a lot.  Look at the discount off of list price – it is almost gone.  The story here is simple.  If you want a nice property, you have to be able to see it first, pay full price or more, and hope the seller will agree to stop showings.

 


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2013 Mar 7th

The February Hoboken Condo Sales Results

Some Observations On the February Hoboken Condo Sales Results

Yep, February was a slow month, relatively speaking.  And a short one.  I remember not too long ago telling Hoboken buyers that finding a 1 Bedroom for under $300,000 was difficult.  Then all that changed in 2008.  Now I think I’ll be telling buyers that finding a 1 Bedroom for under $400,000 is becoming difficult.  Even with tight credit and a strong 20 downpayment requirement, the demand continues to outpace supply.

Nowadays, there is no discount off list price.  If you want it (and it’s decent) you better be willing to pay full price.  Days on market has shrunk to a new low of 29.  Maybe buyers are finally “getting” that they have to act quickly or they miss out.

So is it all good news?  Of course not.  February took a dip in activity (number of units sold down 47% from last year) and if you look at the bottom chart for 6 month moving sales price average, there seems to be a slight downward trend.  My suspicion is that prices will rise again with the Spring temperatures ahead.

6 mo

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