2010 Jan 26th

More on Hoboken Condo Sales Annual Numbers and Activity

Year Over Year – Annual Average and Median Sales Prices

This chart compares year-over-year changes in prices. Blue is average sales price, red is median.

Number of Deals Being Done

Extremely important, this chart shows how many actual closings took place each year.

What You Really Seem To Want To Know

I read comments and threads on other sites and it seems people are hung up on how far down we’ve come in the Hoboken condo market since the peak. According to the data I have available to me (and I admit it is not perfect as it is limited to what is provided on the MLS), the highest average sales price annually $524,887 was in 2008. We ended 2009 at $501,337. That represents a decrease of 4%. Similarly, the peak median sales price in both 2007 and 2008 was $500,000. In 2009 it was $470,000 representing a 6% decrease.

Now, I don’t make these numbers up – they come straight from the MLS. In fact, here are the numbers:

I hear people talking about a 20% decline. Ok, show me the data.   If you know something I don’t please share it with us. I’m not interested in anecdotal evidence of “oh, my neighbor bought in 2007 for 600k and had to sell for 300k. ” That’s statistically meaningless. I’m willing to put my name to my work and provide the basis for my calculations. I challenge anyone to do the same.

Posted by Lori Turoff | Currently 45 Comments »

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