This graph pretty much says it all:
This quarter, the average sales price for a Hoboken condo rose to almost $570,000, the highest it’s ever been. On a per square foot basis, the average sale price of a Hoboken condo was $545. There is only a 2 month supply of inventory on the market despite a marked increase in properties listed in the 2nd quarter. The average list price for a Hoboken condo was over $600,000 and, on average, properties sold for only 1% off the asking price. Timing is everything and properties remain for sale for only about 30 days before going under contract.
Now more than ever, you need a really good, experienced agent to help you find the home of your dreams. It’s an incredibly competitive environment for home buyers and most nice properties receive multiple offers. If you are serious about buying a property, it takes professional guidance to navigate these waters.
The ability for consumers to look at properties on their own, using sites like realtor.com and trulia or zillow may seem to make an agent and real representation unnecessary but the truth is exactly the opposite.
The key components to securing a property in a market like this are knowing how to analyze value, how to strategize the bid, how to make your offer strong and negotiate your way to a closing. Having worked as one of the most successful buyer’s agents in Hoboken for a decade, I would be happy to help you learn more about the home buying process and how to manage it successfully. Please feel free to email me at [email protected] to arrange for a private consultation.
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The Hoboken & Downtown JC Open House Google Map for Saturday, October 5th & Sunday, October 6th, 2013
The Original and Best Open House Google Map!
Courtesy of the Turoff Realty Team
No need to register! No form to fill out!
Just click on the map below to see every Open House in Hoboken this weekend:
When you look at the maps, place markers are color coded:
- Studios & 1BRs are red
- 2BRs are green
- 3BRs & Bigger are yellow
- New listings are marked with a Push Pin icon (in the same color scheme.)
Click the “Address”, “Price” “Bed” or “Details” columns to sort the list of open houses in ascending or descending order.
Click on the location marker for:
- open house date
- unit size
- asking price
- link to all the info found on the MLS and more (from ourHobokensBestHomes.com IDX feed.)
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Categories: Hoboken Condos
While at first glance it may appear that there was a slight dip in sales prices of Hoboken condos for the month of September, look at the price per square foot, which rose to an average of $549 from $543. My theory is that this month’s transactions included fewer closings at the new Toll properties. Those high-ticket sales tend to skew the average a bit.
What is notable is the continued low inventory and high sales volume. This is creating price pressure thanks to plain old economics – high demand and not enough supply. Those scarce 3 bedroom properties keep going up in price, too. The average sales price is now well over $850k and more on a price per square foot basis than smaller units. No one should be surprised at this given the hoards of strollers being pushed around Hoboken.
Look at the increase over a year ago – listings are way up but prices went up almost 20% since 2012. What a difference!
Here is the September chart:
The 3rd Quarter results will be posted in a few days.
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