The Weekly Wednesday Wrap-Up – Hoboken Condo Sales and Activity for October 4, 2011
Categories: Hoboken Condos, Weekly Wednesday Wrap Up
Come to a Craft Beer Tasting Dinner & Support the Hoboken Library!
Hoboken’s Novella Night is Saturday, October 15th, and Howie and I are hosts again this year. While the organizers at the library tried to change the event from a dinner to drinks and hor d’oeuvres, we have our own ideas about that. We are going to do a 6-course craft beer tasting and each course will be paired with a special food designed to enhance the particular beer being served. We will feature beers from small and independent producers. It will be informative, fun and supports a great amenity of the Hoboken community. Tickets are still available though space is limited. Just tell them you want to go to Lori & Howie’s house.
This Week’s Condo Sales & Activity:
- 321 active Hoboken condo units – vs. 336 last week
- 10 DABOs (Deposit Accepted By Owner i.e. under contract) vs. 8 dabos last week
- 12 sold vs. 22 sold
- 24 new listings vs. 30
- 21 price changes vs. 20
- 14 expired listings vs. 5
1 Bedroom & Studio Condos
9 new listings
4 price reductions
121 active
4 dabos
- 625 Willow 4L listed on Sep 9 for $319k
- 809 Willow 4R listed on Aug 2 for $320k
- 80 Park 3A listed on Jun 10 for $375k; reduced Aug 1 to $359k; Aug 14 to $349k
- 725 Jeff #12 listed on May 19 for $349; reduced Jun 14 to $339; Sep 6 to $329k
1 sold
- 627 Willow 3E listed on Aug 26 for $269k; sold for $255k
2 Bedroom Condos
11 new listings
12 price reductions
166 active
6 Dabos
- 800 Jackson PH6 listed on Sep 9 for $605k
- 841 Willow 3L listed on Aug 6 for $399k
- 700 1st 7K listed on Aug 30 for $445k; reduced Sep 23 to $430k
- 551 Observer 8B Aug 2 for $375k; reduced Aug 15 to $350k
- 505 Monroe 3A listed on Jul 5 for $460k; reduced Aug 10 to $450k
- 1025 Maxwell 506 listed on May 16 for $1.25mil; reduced Sep 6 by $1 (this is a ploy to get it back on the hot sheet);
9 sold
- 800 Jackson #707 listed on Sep 2 for $536k; sold for $519k
- 264 5th 2E listed on Jul 25 for $775k; sold for $775k
- 604 Grand #1 listed on Jul 17 for $589k; sold for $610k
- 823 Wash #3 listed on Jul 5 for $535k; sold for $513k
- 214 Park 1L listed on un 23 for $420k; sold for $420k
- 913 Willow 3A listed on Jun 15 for $509k; reduced Jul 20 to $489k; sold for $491k
- 108 Jackson 2B listed on Jun 14 for $485k; reduced Jun 28 to $469k; sold for $460k
- 1001 Clinton 5F listed on May 10 for $489k; reduced Jul 5 to $475k; sold for $450k
- 80 Madison #7 listed on May 10 for $340k; sold for $315k
3 Bedroom & Bigger Condos
4 new listings
2 price reductions
35 active
no dabos
2 sold
- 819 Washington #3 listed on Jul 22 for $399k; sold for $399k
- 720 Willow #3 listed on Apr 21 for $824k; reduced Jul 12 to $799k; sold for $770k
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Hoboken Condo Sales – The November Numbers. Hoboken Buyers Get More for Their Money
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis
Why Are Average Sales Prices Stable When Price Per Square Foot is Dropping?
The November sales results are very interesting.
Take a look at the bottom two charts. I compared this year’s monthly results to the past 3 years and noted the year-over-year changes. For the sake of simplicity, let’s just look at the yearly average figures at the far right. The average sales price of a Hoboken condo has decreased only a little. The price per square foot has decreased by much more. Why might that be?
To date this year, 588 condos have sold for a total of $295mil in sales so far. Last year 800 condos sold for a total of $423 mil in sales. That represents a 30% decline in gross sales but only a 22% decline in total space sold. The average unit size sold so far this year is 1060 square feet versus 1000 square feet last year. Of course, I’ll complete the chart when we have all the data at year end.
So what does this mean? Basically, that you now get more for your money in the Hoboken condo market. Buyers who were spending half a mil for a 1000 square foot 2 bedroom can now get closer to 1200 or 1300 square feet for the same price. That is my theory and my day-to-day experience in the market (having closed more deals in 2009 for buyers than any other agent in Hoboken) bears that out. Any quants out there want to contribute an alternative analysis? I’d love to hear your ideas.
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The August Numbers – Thanksgiving in September?
Categories: For Buyers, For Sellers, Market Analysis
Hoboken Condo Sales
Here is a chart showing condo sales data for the year to date:
A few things strike me. Inventory is down. Sales activity is up. Price per square foot is up. In my opinion, this is all good news. It’s not a 100% certain but it is starting to look to me like the market is improving. Could I be wrong? Sure – this is not the bible blog. I don’t have special powers or wisdom. But I’m certainly thankful that we’re moving in the right direction. Let’s take a look at recent performance another way.
Year-to-Year Comparisons for Hoboken Condo Sales
Here, too, I see what looks like it might have been a low point in April. Of course, it’s going to take much more time to completely recover or even to be sure that we are on the road to recovery. Nonetheless, it’s fun to look at the numbers. What do you see?
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