Hoboken Condo Update | October 1, 2010

So at the end of another quarter, we have seen sales volume on the decline.  This was to be expected since the first quarter of the year had volume propped up by the First Time Homebuyer Tax Credit.  Although the average sales price of condos will show an increase since last year, possibly a better indicator of the market is the change in cost per square foot which has dropped since the 2007 peak considerably.  See Hoboken Condo Sales Price Per Square Foot.

As we enter the fall season, aka slow season, I do not anticipate sales to surge until Spring 2011.  We should stay consistent in the 50′s each month but we probably won’t see a significant reduction in inventory until next year.

Let’s take a look at the September figures:

.

Indicative of the charts, Hoboken real estate sales continue to drop at about 1% per month on average.  This statistic could be misleading however, because it does not subsitute the fact that there are deals out there today from aggressive sellers.  There seems to be a fair connection between buyers and sellers today, moreso than this time last year.  Deals are getting done quicker and sellers are getting about 94% of their asking price on average.

If you are interested in buying or selling a condo in Hoboken, we would value an opportunity to interview for the job of representing you.  As you can see, we provide the most up to date market information for the area and take pride in sharing this with our customers to show real time market data in an effort to support the decision to buy or sell.  You can call Scott @ 877-688-7582 or e-mail us.  To see a report on all previous months for Hoboken condo sales and activity, visit our Hoboken NJ condo page.

Popularity: 1% [?]