2009 Jul 29th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week of July 28th

To Receive This Report With MLS Links:

 

Hoboken Condos Inventory & Sales – Week of July 28th

Well both the NY Times and WSJ had positive front page news on the housing market today.  How does it play out in Hoboken?

Here is the Weekly Wednesday Wrap Up from July 21st.

Studio & 1 Bedroom Hoboken Condos:

6  new listings. Average list price $397,999.   Average $564 per sq. ft.   My favorite pix of the week has to be the living room at 130 Madison.

178 total active – $ 396,531 average asking price. 114 average DOM. Average asking price $565 per sq ft.

3 dabos. 103 average DOM.

3 sold for an average price of 324,000 in 111 days.

11 price reductions.

Two Bedroom Hoboken Condos:

13 new listings – average list price $690,530.   Average $541 per sq. ft.  A pretty nice loft at Harborside is included in the bunch!

292 total active – $601,199 average asking price. 109 average DOM so far. Average asking price $753 per sq. ft.

2 dabo’d.   40 average DOM

2 sold – $409,000 average sales price. Average 92 DOM.

16 price reductions.

Three Bedroom and Larger Hoboken Condos:

72  active 3BR condos – $936,888 average asking price. 111 DOM so far. Average asking price $514 per sq ft.

No new listings.

1 dabo in  59 DOM.

1 sold for sales price of $587K in 166 days.

5 price reduction.

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, our Hoboken Open House Google Map is your single best source for locating every open house in Hoboken. It’s posted on Friday every week. The info is updated weekly. If your google search seems to pull up an older version, click on the title link to get the most current map. Like this report, to receive the map with the actual links, you will have to request it.

Want to Receive New Listings & Price Reductions Daily?

If you would like to be emailed the new listings and price reductions each weekday in either 1br, 2br or 3br categories just email us at [email protected] letting us know which size(s) you would like and we’ll add you to the daily email list.
You can always contact us at 201 993 9500.

 

Thanks for reading and, as always, we welcome your comments!

Posted by Lori Turoff | Currently 34 Comments »

2009 Feb 6th

Hoboken Condo Sales – End of January 2009 Numbers

by LORI TUROFFhoboken-dogs2

January Condo Sales Figures for Hoboken

The average price of a condo sold during the first month of ’09 is suprisingly higher than it has been for the past three years. It’s also better than it’s been for the past 4 months. In fact, it’s better than it had been for most of the past 4 years. To really make sense of an average, though, it helps to look at what actually sold. There were a good number of larger, ‘high-end’ luxury units at Maxwell Place and The Garden Street Lofts. These units tend to skew the average upwards.

So let’s look at the price per square foot number, which should give us a more accurate picture of the current state of the condo market, at least in terms of pricing (pay attention – this will matter later.) In January, the average sales price per square foot was $510. If we calculate the mean for the 3+ years of data on the chart we get $529.60. So how does that compare to where we are now? Well, the standard deviation of this collection of sales prices is $22.09. January’s $510 is just slightly more than 1 standard deviation below the mean. Even if you don’t ‘get’ statistics, this basically shows that there have not been huge swings in Hoboken condo prices on a per square foot basis over the past four years.

Even looking at actual sales prices, we get a very similar result. The mean price for the 3+ year time span is $524,779. Let’s make it $525K for the sake of simplicity. The standard deviation is $30,700. So again, the swings in price over time have been quite small. January is almost 2 deviations above the mean. Overall, however, Hoboken condo sales prices have not varied much.

So What’s The Problem?

Well, maybe the problem is that prices should have varied more than they did! When you forget about price and look at market activity there is a whole other story being told. In a nutshell – nothing is selling. Now it’s possible part of the inactivity has to do with the credit crunch. Some buyers may be having problems getting a mortgage. But it’s also likely that had sellers been more willing to lower prices more, and faster, their properties would have sold and we wouldn’t have this huge inventory buildup of condos we are now facing. Look at the number of units listed and units sold lately:

Someone made a great comment the other day. They said “the dog is chasing its own tail”. Sellers are in denial so they will lower their pricing expectations a tiny bit but never enough to matter. We go on listing appointments with sellers who just love what we have to say until we get to the price. Why these agents keep agreeing to take overpriced listings is just beyond me. Until the market comes back into price equilibrium – i.e., buyers are willing to pay what sellers will accept, there will be no sales. OK – very few sales. It’s basic economics folks. Pull out that Econ 101 text book. Nothing has fundamentally changed. I’d love to hear what you think it will take for sellers to give up the “I’m going to make a 20+% profit on a property I bought in ’04” fantasy. Thanks for reading.

Posted by Lori Turoff | Currently 35 Comments »

2008 Jul 29th

Does Size Really Matter? When it Comes to Hoboken Condo Sales – Not Much

Size of Hoboken Condos Has Stayed The Same Over Time

One reason the average price of Hoboken condos might have risen so consistently over the past decade might have been due to the size of those condos increasing over time. That is not the case. Size has remained pretty consistent. The average has been right around 1000 square feet for quite some time.

So What Does A Square Foot Cost in Hoboken?

The average price per square foot of a Hoboken condo has risen along with the average sales price. Here are the visuals:

Posted by Lori Turoff | Currently 5 Comments »

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