Gold Coast, Hudson

Hoboken Condo & Real Estate Report

February 2010 Roundup – Hoboken Condo Report

Another slow month for Hoboken real estate in the condo market.  Our excuse for January’s bad month could be attributed to the changing lending guidelines which always throw things out of whack for a while.  Due to the ongoing credit crunch, we believe that changes have affected the trading ratios for February also.

Although there is good news out there, people are more inclined sometimes to stay on the fence and wait it out.  Looks like many are waiting until the tax credit expires and want to see what happens then.  Everyone’s example is Cash For Clunkers.  We’ll see.  My opinion is that the expiration will have a negative impact on the national housing market, including Hoboken.  How much is not known, but due to low rates AND the tax credit, if you see a home you LOVE, I would start making some bids.  REMEMBER:  If the real estate is staged nicely and is priced properly, it doesn’t last on the market very long.   GO GET YOUR DEAL!!  Anyway, here are the February numbers:

In February 2010, 39 Condos traded (sold).  The average sales price was $517,512.

What is interesting is that after February of 2009, prices fell dramatically in Hoboken.  From February 2009 to July 2009, the average price of a condo sold in Hoboken fell by 21%.  However from July to the present day, condo sales prices have consistently risen and the overall sales volume has dramatically increased.

So far in 2010, the average price of condos sold in Hoboken is $542,515.  The average of the entire 2009 year of a condo sales price was $507,878.  So despite a slow first two months of 2010, prices are up and we expect sales volume to pick up with Spring just ahead.

Studios & 1 Bedroom Condos:  In February, there were 12 sales with an average trading price of $389,791.  There are currently 213 Studios and 1 Bedroom condos for sale in Hoboken with an average listing price of $380,016.  There are currently 37 DABO’s or Pending sales of studios and 1 BR’s.

2 Bedroom Condos: In February, there were 23 sales of two-bedroom condos.  The average sales price was $561,936.  There are currently 247 Two Bedroom condos for sale in Hoboken with an average listing price of $580,581.

3 Bedroom Condos:  In February, there were 4 sales of Three-Bedroom Condos in Hoboken.  The average sales price was $821,500.  There are currently 39 three-bedroom condos for sale in Hoboken with an average listed price of $937,812.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. There are currently 505 Condos for sale in Hoboken.  At February’s pace of 39 sales, the current rate of absorption in Hoboken is almost 13 months.

January 2010 Hoboken Condo Report

Hoboken started the new year a little slow, however this is quite common in most markets today. A key factor is the ever-changing lending guidelines and restrictions. FHA loans are enforcing more strict qualifying factors and Conventional mortgages are requiring everything short of a bone marrow sample from borrowerrs. As guidelines are adapted to, expect February and March to be more active than January.

As of February 1, 2010, there are 467 Active Condos for sale in Hoboken where the average listing price is $540,242.

There are currently 123 DABO’s, which means listings under contract.

In January, there were 40 Condo Sales in Hoboken. The average price of a condo sold was $567,518.

See Graphs & Charts below pertaining to January 2010 real estate activity and year over year and month over month comparison.

	All Condos	Studio & 1 BR	2 BR	3 BR	4+ BR
Active	477	198	224	48	8
DABO	124	30	78	16	0
Sold	40	14	22	3	1
Avg. Sales $$	$567,118	$415,660	$592,681	$906,666	$1,106,500
Avg. DOM	87	64	100	75	143
Absorption Rate	11.90	14.10	10.20	16.00	8.00

Indicative of these charts is that inventory sold is higher in Year over Year analysis.  The average price of a condo sold Year over Year is down slightly, almost not even worth reporting.  The first quarter of 2010 will likely show steady increases from the first month of January in inventory sold.  Prices should remain near stagnant and it would be very surprising to us if Hoboken experiences any steep price correction.  We do not anticipate a V-shaped recovery, but we also do not predict a worrisome value decline.

As always, if you are looking to purchase or sell a condo in Hoboken, New Jersey Real Estate Guys would value an opportunity for an interview to be your real estate professional.  Please Contact Us for an appointment, or call us direct at 877-688-7582

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Happy New Year Hoboken!!  End of Year Report

Instead of doing a December inventory / sales report as we normally do, I figured it was a great time to do some annual comparisons to 2008.  It’s been an interesting year for sure.  Unemployment, housing declines, weak dollar, bank failures, etc.  All in all, today, January 1, I am cautiously optimistic about what 2010 is going to bring.  Don’t forget to check out our 2010 predictions.

Although there remains pressure on real estate values, with the help of government tax incentives, we should see activity continue to increase, which is all we can ask for at this time.  I predict there will be more “connection” between buyers and sellers in 2010 as the equity rallies of mid/late 2009 created a disconnection due to sellers expecting top dollar and buyers only willing to make under market bids.  So without further ado, here it goes.

2008 – A total of 800 Condos sold in Hoboken with an average sales price of $528,254

2009 – A total of 634 Condos sold in Hoboken with an average sales price of $502,126

2009 Showed a 21% drop in sales activity and an average of a 5% drop in prices.  Overall, we are seeing asking prices and current sales prices down about 12% in Hoboken from its peak.  2010 will be a big year as unemployment is expected to peak, Government Tax Credits continue, and rates remain low.

December 2008:  A total of 29 Condos sold in Hoboken with an average sales price of $543,183

December 2009:  A total of 63 Condos sold in Hoboken with an average sales price of $495,665

As Hoboken and all of Northern NJ search for its market bottom, Q4 of 2009 has skyrocketed in housing statistics against 2008 when comparing absorption.  Prices have dropped considerably since last year and should provide for extra motivation for buyers and investors.  See charts below for averages.  Click Charts to enlarge:  Click Here to Download Full PDF Report

As of January 1, 2010, Hoboken’s absorption rate is 6.5 Months, down from nearly 10 months from a year ago today.

On June 1, 2009, there were 577 condos for sale in Hoboken.

On January 1, 2010, there are only 414 condos for sale in Hoboken, a clear indication that inventory is shrinking and with sales drastically increasing, absorption rate remains steadfast. Inventory is nearly 30% less than what it was mid 2009.

2009 Market Tidbits:

In 2008 there were 29 sales in the Hudson Tea Building with an average sales price of $618,587.  In total, 11 of the 29 sales were 1 bedroom condos whose average sales price was $549,453.

In 2009 there were 11 sales in the Hudson Tea Building with an average sales price of $528,181.  In total, 6 of the 11 sales were 1 bedroom condos whose average sales price was $454,166, which is 18% less than what they sold for last year.

There are currently 13 short sale listings in Hoboken.  Two of them are in the Sky Club.

3 Luxury Condo units sold or DABO’d at the Hoboken W Residences in December 2009.  There are currently 4 additional condos for sale at the Hoboken W.

Conclusion:

In our first full year going online globally, New Jersey Real Estate Guys has been a huge success.  Website traffic has quadrupled and we are recognized as one of the Top 5 private real estate websites in the state of NJ.  We hope that you consider using NJ Real Estate Guys when considering buying or selling a home in Hoboken.  We would value an opportunity to be interviewed for the job!  Have a wonderful 2010 and may it be prosperous to all.  Thank you for an interesting 2009.

Hoboken Real Estate Report- NOVEMBER 2009     Condos Sold & Inventory For Sale

The following is a report for Hoboken real estate , condos sold, and condos for sale during the month of NOVEMBER.  Year to date numbers are included as well.  Only condos have been included in this report.  Don’t forget…If you would like to search for Hoboken condos for sale, visit our MLS/IDX searching tool and call NJ Real Estate Guys at 877-688-7582 to set up a showing appointment or if you would like info on how we can help sell your condo.

The total number of Hoboken condos sold was 55 during the month of November, 2009… 19 fewer than condos sold in October 2009, but 18 more than the month of November in 2008.  This brings the Year to Date condos sold in Hoboken to 571, an average of about 52 condos sold per month.  At this point last year in 2008, the Year to Date sales were 771.  There has been a drop of 26% in sales activity.  This, however is largely the effect of the “fear” mentality that gripped the country following last years Q3 Financial collapse that carried over to this year.  Sales have dramatically increased month over month in 2009 largely due to the homebuyer tax credit, low rates, market optimism, etc…

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of December 1, 2009, there were 481 condos for sale.  As mentioned, the total number SOLD during November was 55.  The absorption rate for Hoboken based on November’s sales figures is 8.75 months, slightly higher than a month ago.  (Builders typically use the 4 month rule to determine whether to begin new projects.  More than 4 months of inventory is less favorable for adding new construction inventory.  Less than 4 months is considered favorable)

Studios / 1 Bedrooms: There are a total of 159 Studio and 1 Bedroom condos for sale in Hoboken.  A total of 20 Studio and One Bedroom condos sold during the month of November, 5 fewer than what sold in October.  The average listing price of the condos sold was $361,871 and the Average sales price was $340,375 for 1 bedroom / studio units.  The highest sale was $407,500 (Prospect Hill)  and the lowest sale was $232,500, a brownstone condo near 2nd & Grand.  The absorption rate for 1 Bedroom condos in Hoboken is 7.95 months.  Average Days on Market for Studio and 1B condos sold was 106 Days.

Two Bedroom: There are a total of 262 Two Bedroom condos for sale in Hoboken.  A total of 28 Two Bedroom condos sold in November.  The average listing price of sold 2 BR condos was $536,798 and the Average sales price was $518,275.  The highest sale was $867,500 (Harborside Lofts) and the lowest was sold for $321,000 located on 4th Street.  The current absorption rate for 2 bedroom condos in Hoboken is 9.35 months.  Average Days on Market for 2B condos sold was 118 Days.

Three Bedroom: There area total of 53 Three Bedroom condos for sale in Hoboken.  A total of 7 Three Bedroom condos sold in November.  The average listing price of sold 3 BR condos was $749,577 and the Average sales price was $716,436.  The highest sale was $1,045,000 (New Construction near 2nd & Bloomfield) and the lowest sale was for $467,552, located near 5th & Monroe.  The absorption rate for Three bedroom condos in Hoboken is 7.57 months.  Average Days on Market for 3B condos sold was 78 Days.

Four Bedroom & Higher: Very few care about 4’s and higher but quickly, there are 7 Active Listings as of December 1, 2009.  Not a single condo consisting of 4 bedrooms or more sold during the month of November.

And there you have it!  The November Hoboken Real Estate Report.  New Jersey Real Estate Guys always has their fingers on the pulse of the market for your due diligence.  Please contact us if you would like to discuss any future Hoboken real estate purchases or sales.  We would love an opportunity for an interview!  If you are interested in previous months’ sales and inventory activity, continue reading below.

Hoboken Real Estate – October 2009 Condo Sales

The total number of Hoboken condos sold was 74 in the month of October.  This brings the Year to Date condos sold in Hoboken to 516, an average of about 52 condos sold per month.  At this point last year in 2008, the Year to Date sales were 734.  There has been a drop of 30% in sales activity.  This, however is largely the effect of the “fear” mentality that gripped the country following last years Q4 world market collapse.  Sales has dramatically increased month over month in 2009 largely due to the homebuyer tax credit, market optimism, etc.

Listing Price versus Sale Price:  In October of 2009, the Average listing price of condos sold was $498,963.  The Average sales price was $475,696.  This means that sellers received over 95% of asking price, a positive sign.

Absorption Rate:  An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of November 1, 2009, there were 527 Active Listings of Hoboken condos for sale.  As mentioned, the total number SOLD during October was 74.  The absorption rate for Hoboken based on October’s sales figures is 7.12 months.

Studios / 1 Bedrooms: There are a total of 175 Studio and 1 Bedroom condos for sale in Hoboken.  A total of 25 Studio and One Bedroom condos sold during the month of October.  The average listing price of the condos sold was $387,426 and the Average sales price was $368,375.  The highest sale was $625,000 (Maxwell Place)  and the lowest sale was $111,385, a condo near 5th & Willow.  The absorption rate for 1 Bedroom condos in Hoboken is 7 months.  Average Days on Market for Studio and 1B condos sold was 116 Days.

Two Bedroom: There are a total of 286 Two Bedroom condos for sale in Hoboken.  A total of 43 Two Bedroom condos sold in October.  The average listing price of sold 2 BR condos was $513,537 and the Average sales price was $492,236.  The highest sale was $825,000 (another in Maxwell Place) and the lowest was sold for $265,000 located near 7th & Willow.  The current absorption rate for 2 bedroom condos in Hoboken is 6.65 months.  Average Days on Market for 2B condos sold was 136 Days.

Three Bedroom: There area total of 59 Three Bedroom condos for sale in Hoboken.  A total of 5 Three Bedroom condos sold in October.  The average listing price of sold 3 BR condos was $881,310 and the Average sales price was $819,200.  The highest sale was $1,320,000 (Vesta Hoboken – Observer Hwy) and the lowest sale was for $640,000, located near 1st & Willow.  The absorption rate for Three bedroom condos in Hoboken is 11.8 months.  Average Days on Market for 3B condos sold was 106 Days.

Four Bedroom & Higher: Very few care about 4’s and higher but quickly, only one 4-bedroom condo sold in Hoboken in October.  The listing price was $749,000 and the sales price was $730,000.  It was on the market for 135 days.

So there you have it for the month of October.  Sales have been a little down, but there are great signs of improvement.  Remember, Hoboken was approved for their highly needed pump station that will mitigate the water retention in the area during and after rainstorms, a major boost to property value stygma in these areas.

If you would like any additional information regarding Hoboken real estate, please do not hesitate to contact us.  We are the best in the biz for a reason.  We are sensitive to your criteria and maximize your dollar on real estate.

September 2009 Update

Due to my analysis on internet searching activity, many lookers landing on our website have been searching for “hoboken real estate” or “hoboken condos for sale“.  So I figured I would start doing a monthly update on active inventory and other activity such as pending and sold.  I think it’s pointless to show withdraws as most of them hit the market again within days anyway.  So, let’s get at it.

All statistics are based off of information gathered from the Hudson County MLS and are as of September 16, 2009.  Note: Always keep in mind that DABO’s (under contract) condos are not clearly indicative of the actual agreed sale/purchase price.  We won’t really know this until the condos officially close.  Our analysis is for Studios, 1, 2, and 3 bedroom Hoboken Condos.  See at the bottom for ABSORPTION RATE

Studio Condos for sale and those sold between 8/15/09 and 9/15/09

Active Studio Listings	16
Highest List Price	$449,000
Lowest List Price	$220,000
Average List Price	$320,512
Median List Price	$299,450
Average DOM	81
DABO	3
Average DABO	$308,299
Median DABO	$225,000
SOLD Studios	0

1 Bedroom Condos for sale and those Sold in Hoboken 8/15/09 thru 9/15/09

Active 1 Bedroom Listings	159
Highest List Price	$959,000
Lowest List Price	$229,518
Average List Price	$409,401
Median List Price	$389,000
Average DOM	89
DABO	3
Average DABO	$308,299
Median DABO	$225,000
SOLD 1 Bedroom Condos	53
Average Sale Price	$395,675
Median Sale Price	$379,000
Average DOM	95
Absorption Rate	3 Months

2 Bedroom Condos for sale in Hoboken and those sold from 8/15/09 thru 9/15/09

Active 2 Bedroom Listings	268
Highest List Price	$2,250,000
Lowest List Price	$275,000
Average List Price	$612,121
Median List Price	$560,950
Average DOM	116
DABO	82
Average DABO	$564,088
Median DABO	$519,450
SOLD 2 Bedroom Condos	37
Average Sale Price	$532,329
Median Sale Price	$535,000
Average DOM	116
Absorption Rate	7.2 Months

3 Bedroom Condos for sale in Hoboken and those sold from 8/15/09 thru 9/15/09

Active 3 Bedroom Listings	64
Highest List Price	$2,750,000
Lowest List Price	$419,000
Average List Price	$865,658
Median List Price	$767,000
Average DOM	105
DABO	13
Average DABO	$840,484
Median DABO	$779,000
SOLD 3 Bedroom Condos	8
Average Sale Price	$670,725
Median Sale Price	$657,000
Average DOM	123
Absorption Rate	4.9 Months

As of September 16, there are a total of 515 Hoboken NJ Condos for sale .  Over the last 30 days, a total of 68 Condos have sold in Hoboken.  An absorption rate is calculated by the number of overall active listings DIVIDED by real estate sold the previous month.  (We did our report in mid-month…Absorption rate is relative).  An absorption rate is indicative of how long of time will the current inventory for sale be “absorbed” or “bought” based on the previous months’ sales activity.  Based on today’s numbers, the absorption rate for Hoboken, NJ condos stands at 7.57 months. Many people have their own opinions on absorption rates.  Let’s hear yours in our comment section below!

Interested in a Hoboken Condo?  Contact us today for a free consultation.  We would value an opportunity to earn your business through experience.

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