The May Hoboken Condo Sales Results
Categories: For Buyers, For Sellers, Market Analysis, monthly results
Sales exploded in May. There is just no other word for it. Here are a few of the highlights:
- Prices are up 10% this month over the month of May a year ago.
- Hoboken condos are selling for more than the list price, on average.
- Price per square foot is nearly $600.
- There is fewer than 2 months inventory – sign of a strong seller’s market.
- The average 2-bedroom now sells for over $700k.
- There are 20% fewer properties for sale now than there were a year ago.
Here are the May numbers:
There is not a single sign that this rise in activity and prices is going to end any time soon. I hear buyers tell me “I’m not in a rush so I’m just going to wait for the market to come back down”. I laugh to myself that I will likely be retired by the time that happens.
Every buyer says to me “I don’t want to be involved in a bidding war”. I say, then you’re not going to buy a premier property in Hoboken. You need an exceptionally qualified agent to navigate these waters; to show you value; explain the strategies; provide guidance on how to make the strongest offer; win the bid and not overpay. You need an agent who will work with you as a true buyer’s agent – not a transaction broker (fancy name for salesperson). Try to find an agent with more than a decade of experience in Hoboken condo sales alone and negotiating skills second to none. Wait, that would be me. If you’d like a private consultation, please email me at [email protected]
Enjoy the weekend!
Lori
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The May Hoboken Condo Sales Results
Categories: Hoboken Condos, Market Analysis, monthly results
Just What Does it Mean? More Fuel for the Fire
There have been, literally, hundreds of comments in the past few weeks over the state of the Hoboken real estate market. I don’t think this one will be resolved any time soon but here are the May sales results. List price is down, average sales price is down, median sales price is down, but both average and median price per square foot is up.
Sales volume is better than it’s been in the past but nowhere near where it would need to be to soak up all the inventory on hand. To me, that is the critical figure – there are simply too many properties for sale in the Hoboken market.
My question to the nay-sayers, however, is this: if real estate is going to crash and burn, where do you invest? The stock market is down, interest rates are effectively zero. I’d love to hear predictions for which investments are likely to perform well in a doom and gloom scenario. That’s not to say I’m a believer – just curious to hear your thoughts.
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