2009 Jul 13th

End of 2nd Quarter – Hoboken Condo Sales Results & Market Analysis

Mini-Chart of Quarterly Hoboken Condo Sales 

Here is an abbreviated version of the 10 year quarterly spreadsheet we have compiled on Hoboken condo sales data.  The results are interesting because I would never have expected a bump in Q1 of this year – given that the Lehman crisis and related mess all occurred in Q4 ‘ 08.  Properties that went under contract in the midst of all that would typically close 30 to 90 days later – at the start of ’09.  I checked the actual list of properties thinking that perhaps there were a disproportionate number of Maxwell Place or Garden Street Loft units sold.  There were 3 and 6 respectively, compared to 4 and 1 this quarter so that may account for it somewhat (confirmed by the higher average list price, too).  

I tend to think that median and average price per square foot are a better indicator of the current state of the market.  Both those numbers are down compared to the recent past.  For a predictor of future activity, I like to look at number of transactions and days on market.  Compared to Q1 ’09,   more Hoboken condo properties sold in less time in Q2 ’09.  That give me a  little hope for better news down the line.  Here’s the chart:

If you’d like to see what’s happened in the Hoboken real estate market by quarter since 2000, we are happy to add you to view a google doc which is way to large a spreadsheet to post here.  Just send us a request below (or email us at [email protected]) and add you to the googledoc as a viewer.  Once you view the googledoc, I believe you can download it and play around with the numbers yourself.  (If anyone is a googledoc expert, please correct me if I’m wrong.  I’m still learning!)

Thanks for reading.  We always welcome your comments and discussion.  Have a great day!

Posted by Lori Turoff | Currently 54 Comments »

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