2009 Mar 18th

The Weekly Wednesday Wrap Up – Hoboken Condo Sales & Inventory for the Week Ending March 17th

Research, analysis & post by Lori Turoff

 

How Many Price Reductions Does It Take to Sell A Hoboken Condo?

Take a look at some of the properties that sold this week – like 418 Bloomfield and 1301 Adams.  These properties have too many price reductions to list and ended up dropping 15 to 30% before selling.  Until sellers become more realistic about what buyers are willing to pay for these properties they just are not going to move and inventory will continue to accumulate.  Note, also, that those that were priced correctly to begin with sold quickly.  

Today I took the time to cross check every sold listing to make sure, despite entry mistakes by agents or the MLS, the sold figures would be accurate.  

 

Studio & 1 Bedroom Hoboken Condos:

177 total active – $446,659 average asking price.   87 average DOM so far.

4 Dabos – 75 average DOM.

1 sold – $480,000 sales price.  34  DOM.

15 new listings – average list price $394,780. 

10 price changes.

Two Bedroom Hoboken Condos:

293 total active – average asking price $640,662.   110 DOM so far.

6 dabo – after 102  DOM

10 sold – average sold price $503,115.  Average DOM 88.

22 price changes

16 new 2BR listings – average list price $512,306.

Three Bedroom and Larger Hoboken Condos:

56 active 3BR condos – average asking price $1,062,720.   139 DOM so far.

None under contract.

None sold.

4 price changes

4 new listings  average list price $686,875.

Hoboken Condo Open Houses

If you are in the market for a Hoboken condo, don’t forget to check our once again, new and improved Hoboken Open House Google Map on Friday, Saturday & Sunday to see if any of the new listings (or old ones) are having open houses this weekend. The map is updated every week so even if your google search seems to pull up an older version, when you click on the link you’ll see the current version.

Thanks!

Posted by Lori Turoff | Currently 12 Comments »

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