2013 Jan 8th

The December Hoboken Condo Sales Results

Looking Back at the Year in Hoboken Real Estate

The end of the year.  What better time to look back and try to make sense of what happened.  Perhaps use this as an opportunity to take some educated guesses about what’s ahead.

I look at the numbers below and see some very good things.  Stability in our Hoboken housing market, for one.  Prices are inching upwards.  Not skyrocketing, but inching.  The 3 and 6 month rolling averages show that.  The quarterly figures show that.  The average and median numbers show that.  It’s a good thing.

I also see that inventory is still at an all-time low.  People are staying put.  My insight, having spent 10 years in the trenches, is that there is no quick profit to be made, no ability to leverage of the sale of a smaller property to buy a bigger one, and no more easy money.  If you want to buy, you need to have saved.  If you want to trade up to something with ‘room to grow’, you need to have saved.  People who grew up living on credit are learning that they have to change the way they think and spend.  In my opinion, that’s also a good thing.

Sellers are either learning to price their properties correctly or, the dearth of inventory is allowing them to get what they ask.  Properties sell very, very close to list price nowadays.  There are really no more ‘low-ball’ opportunities.  If you are not willing to pay what they are asking, someone else is.

I’ll be posting more charts and graphs over the next week or two.  But here’s the bottom line – Hoboken is a great place to live, as long as the PATH is running.  (I was truly ready to move back to Manhattan when we were left with just the bus.)  There will always be a demand for housing in a vibrant, young community in proximity to New York.  Maybe the fact that people will be forced to stay here longer will prompt them to become more involved in their community.  That’s yet another good thing.

Posted by Lori Turoff | Currently 15 Comments »

2012 Dec 9th

The November Hoboken Condo Sales Results – A Very Slight “Sandy” Effect

We all were curious about how Hurricane Sandy would affect the Hoboken real estate market.  It seems that the biggest change last month was that new listings were down but only by 12% compared to last year.  That’s no surprise since few sellers are likely to list their place for sale when the streets are filled with guys in hazmat suits and strewn with debris.  But if you look at the number of closings, that’s actually up from the same time last year.  We’re headed into the holidays which is always the slowest time of the year for Hoboken real estate.  It will be interesting to see what happens with the overall economy and the looming “fiscal cliff”.

The overall take away remains the dearth of inventory in Hoboken. There are simply not enough condos for sale.  The competitiveness of the market place is fierce.  It  is often hard for buyers to understand why every property they wish to see is often under contract before they are able to make time for the viewing appointment.  Today, the early bird really does catch the worm.  That’s not going to change any time soon but I believe it’s a good thing.  Demand remains strong and prices are stable.

Posted by Lori Turoff | Currently No Comments »

2012 Oct 11th

The September Hoboken Condo Sales Results

The monthly number are here.  Average sales price dropped slightly (about 4%) from last month but still remain over half a million.  Activity is also down over last month with only 61 transactions recorded on the MLS in September.  Average sales price was down 6% over last September yet average price per square foot was up 3% and median price per square foot was up 8% over last year.

Look at the average and median prices for 3 bedroom properties.  Yet, my buyers still call seeing a 3 bedroom in the 600k range.  That’s a tough order to fill.

Inventory is still extremely low.  We would sell every unit on the market today in 2 and a half months at this rate of sales.  Here are the monthly numbers:

[tomatoframe width=”500″ height=”830″]https://docs.google.com/spreadsheet/pub?key=0AjArozKAIkYjdHBEc2k1bDZzT0dQSkx6dU8tR3Y4cEE&single=true&gid=74&range=a1%3Aj38&output=html[/tomatoframe]

Stay tuned for the 3rd quarter results which will be posted shortly.

 

 

Posted by Lori Turoff | Currently 6 Comments »

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