Sunday, April 28th, 2013

Hoboken Condo & Real Estate Report

jacksonstWelcome to our new Hoboken Condo Report archive page.  As of October 1, 2010, we will be providing links below to our exclusive monthly reports for activity.  Scroll down below the slideshow for the archive.  For all reports prior to September 2010, all information is on this page that you can see by scrolling down.  If you are looking for assistance in the Short Sale Process of your condo in Hoboken, you have come to the right place.  We have the competetive edge in short sales.  See video of NJ Short Sales. 

ARCHIVES:

 

AUGUST 2012 CONDO REPORT

JULY 2012 CONDO REPORT

MAY 2012 CONDO REPORT

MARCH 2012 CONDO REPORT

FEBRUARY 2012 CONDO REPORT

JANUARY 2012 CONDO REPORT

DECEMBER 2011 CONDO REPORT

SEPTEMBER 2011 CONDO REPORT

MAY 2011 CONDO REPORT

APRIL 2011 CONDO REPORT

MARCH 2011 CONDO REPORT & Q1 DATA

DECEMBER 2010 HAPPY NEW YEAR REPORT

NOVEMBER 2010 HOBOKEN CONDO REPORT

OCTOBER 2010 HOBOKEN CONDO REPORT

SEPTEMBER 2010 HOBOKEN CONDO REPORT

August 2010 Hoboken Condo Sales & Real Estate Report

YAWN!!  Well kind of.  Anyway, welcome to the September 1 real estate report for Hoboken, NJ, our home city!  August sales were higher than July by about 10%, but the average price of a condo sold in Hoboken dropped, showing a glaring sign.  With the exception of June, every month has seen declining sales prices.  What does that mean?  Well, I am still sticking to my guns that Hoboken will bottom out just before spring of 2011.  We are in an unknown right now as there is very little stimulus that is propping us up anymore so we are going to have to tread on our own unless the government has other plans, which it says they do.

That said about the bottom, prices are not dropping the way they used to.  When I reference the point that prices are dropping, they are doing so by about 1% per month.  If my theory about a spring time bottom is true, than we can expect another 8% drop from now.  Although my theory suggests that, I think there will be a couple of months in there that show stronger numbers, mitigating that 8% more toward the 4-5% range.  So let’s just keep watching.  On a side note, we are seeing units priced well sell in the first couple of weeks, so there are still great deals out there and combined with today’s rates, real estate keeps moving.  Rates today are available at 4.25% and anyone who quotes you higher is ripping you off!  Go get your rate locks!!

Active Inventory as of Sept. 1 476
August Sales Volume 50
August Average Sales Price $471,410
Condos Currently Under Contract 135
Rate of Absorption 9.52 Months

Click Here to see the full month over month and year over year charts to see how Hoboken is doing.  Sorry I didn’t have time to post the charts in this post like I normally do, but running short on time.

Representing buyers for the most part, we are getting some really good deals out there and our sellers, who we advise to price aggressively are selling in under 90 days.  If you are looking to buy or sell in Hoboken, we would value an opportunity to meet with you and have you interview us for the job.  You can e-mail us by hitting the “Contact Us” link above or call us at 877-688-7582. We look forward to hearing from you!

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July 2010 Hoboken Condo Sales & Inventory Report

So the end of June, we were all excited about great figures.  This month, not so much.  The expiration of the First Time Homebuyer Tax Credit played a major roll in it.  I think that there was a mad rush to close by the end of June, hence the higher sales, so lets give Hoboken another month to settle and see where sales go.  We plunged this month from last but I expect normalcy to return to 2010 averages.

I don’t have much time today, but let’s look at some numbers.  Be sure to CLICK HERE to view the month over month and Y/O/Y average monthly sales prices and inventory sold.  Kool Aid drinkers and haters all welcome :-)

Active Condo Inventory as of 8/1 508
Total July Sales 44
July Average Sales Price $475,511
Condos Under Contract 139

Check back with us in a few days after we complete the July report.  Gotta run!!  Oh, and make sure to call us at 877-688-7582 or e-mail us to inquire about any showings or to make an appointment if you are considering selling.  We would value an opportunity to share our expertise with you.

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June 2010 Hoboken Condo Report – Inventory & Absorption

For those of us that thought the First Time Homebuyer Tax Credit would have no affect on Hoboken, it looks like we were fooled.  Just look at our Quarterly Comparisons from 2009-2010 below for proof.  June posted phenomenal numbers.  Was this entirely due to the tax credit deadline??  There was a huge increase in sales volume, an increase in the average price sold, and a substantially lower number of active inventory.  With 147 homes in pending status at the moment, we expect July to continue from June.

CLICK HERE to view all Hoboken condos for sale and make an appointment with New Jersey Real Estate Guys for a free consultation or showing appointment.

Home prices declined 1 percent in the New York metropolitan area, which includes Hoboken, from April 2009 to April 2010, the Standard & Poor’s Case-Shiller index reported Tuesday. Prices in the region are back to the levels of April 2004, and are 21.7 percent below their peaks in June 2006.

Currently there are 511 ACTIVE Condo Listings as of July 1.  This is down 6.2% from June 1, where there were 541 Active Listings.

June Statistics:

Active Inventory for sale 511
Total June Sales 101
Average Sales Price in June $514,839
Homes currently Under Contract 147
Rate of Absorption 5 Months

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2009-2010 Quarterly Comparisons

2009 – 2010 Statistics Sales Volume Average Sales Price Volume Difference Price Change
Q1 2009 103 $555,960
Q1 2010 141 $520,063 +27% -6.5%
Q2 2009 135 $508,433
Q2 2010 269 $500,169 +50% -1.7%
Jan-June 2009 238 $532,196
Jan-June 2010 410 $510,116 +42% -4.2%

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Current Rate of Absorption: 5 Months  (I calculate this by taking current inventory divided by recent full month of sales.  The average rate of absorption for 2010 is about 7 months in Hoboken)

Below are charts illustrating the average sales price and monthly sales volume for Hoboken Condos.  Click charts to enlarge.  To Preview the Full Statistic report for Year Over Year and Month Over Month for Hoboken condos CLICK HERE

Look for July to show some strong numbers as well.  There are 147 condos currently pending beyond attorney review.  It is clear that 2010 is producing more sales volume than 2009.  Prices have fallen since, but that is a strong sign that Hoboken is fighting for its equilibrium in the market.

New Jersey Real Estate Guys, located in Hoboken provides customers with the utmost amount of information in the local market.  If you are looking to buy or sell in Hoboken please contact us for a free consultation.  We can provide other data that could assist in determining your sales price if selling and determining a fair number to offer on condos you are interested in.  You can also call us direct at 877-688-7582.  We are your Hoboken Real Estate experts, one of the reasons our brokerage is #1 in Hudson County in sales volume.

 

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May 2010 Roundup – Hoboken Condo Sales, Inventory, and AbsorptionCLICK HERE to view all Hoboken condos for sale

Come visit us at 4th & Hudson for a free consultation or CMA. Make an appointment

Put another decent month for Hoboken condo sales in the books.  Although only a hair lighter than April, the month of May was nothing to complain about.  As being friends with people within Morgan Stanley and other boutique firms, I am getting conflicting information on projections.  One of my boutiques said that prices could be on a moderate rise very soon.  Morgan Stanley said that there is a long road to recovery and an additional 5-10% drop in prices is likely.

What do they know anyway?!  Let’s look at some May numbers

Condos Sold :                                   68 (-1.5% from previous month)

Average Sales Price:                       $481,979  (-2.7% from previous month)

Average Days On Market:                76

Current Available Inventory For Sale:      542

Current Rate of Absorption:                      7.97 Months

Since January, prices have dropped by 15.1%.  Prices have dropped month over month, however sales volume has increased significantly.  January sales volume was 40 condos, and in May, we had 68 sales, a 41.2% increase in volume.  Share your thoughts below on what you think the effect of high volume and lower prices indicate. Our opinion is that people are taking advantage of low mortgage rates now, knowing that the Fed is going to be forced to increase rates likely by next year.  That and buyers are a bit more confident in things today, moreso than about a year ago.  It’s not science, just common sense.  A good thing is that there seems to be very little disconnect with buyers and sellers.  Buyers will only buy a good deal and sellers are giving them these days.  You wouldn’t see this type of sales volume with a buyer/seller disconnection.  This is a good thing, Hobokenites!

Below are some charts to show price and sales throught the year and back into 2009.  Click on images to enlarge.


On a side note, the most popular floorplans in Hoboken have been Studios and 1 Bedrooms historically.  While sales volume is up double since January’s 13 condo sale month, prices on these have slid 15.3% since the beginning of the year from $399k to $338k.

If you are looking for a condo in Hoboken, our projection of price projection is that brownstone units will continue to struggle a bit, however amenity buildings or waterfront properties could only see an additional 3-5% drop.  That is our projection and we’re sticking to it!

If you are planning on living in your condo for 3+ years, now is the time to start looking for a place you absolutely love.  Hoboken condos are unique in floorplan and style so if there is a one you love, giving up a few points this year for possible longer term gains in the long run could be worth it, especially in a market like Hoboken that shows historically good appreciation.

Call Scott with New Jersey Real Estate Guys at 877-688-7582 or e-mail us with any questions.  Feel free to call us for an appointment to come in and discuss buying and selling opportunities.  We are conveniently located in the Liberty Realty office at 4th & Hudson.

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April, 2010 Roundup – Hoboken Condo Sales – Inventory – Absorption Report

Well that’s more like it!  During the month of April, sales shot up as expected.  The first official full month of Spring typically generates sales in our urban district.  Now that the First Time Homebuyer Tax credit is expiring and the Fed’s no longer purchasing MBS’s, time will tell how our housing market will stand without being held on a crutch from government assistance.  It needs to happen sooner or later so let the changes begin!

April 2010 Statistics and Month over Month changes

Sales Volume :    69  (29.0%)

Average Sales Price:   $495,213  (-2.3%) (-4.4%)

Average Days on Market:  84

DABO:   218

Current Active Inventory:  532

Average Listing Price:   $524,698

Rate of Absorption:  7.7 Months

Indicative of these charts, April activity resembles Q4 of 2009 which ended in a bang.  Again, it will be interesting to see how our housing market progresses without government assistance.

So far in 2010, there have been 197 Condo sales in Hoboken where the average sales price has been $521,767.  The average sales price for the entire 2009 year was $507,878.

If you or anyone you know is looking to buy or sell a condo in Hoboken, please give New Jersey Real Estate Guys an opportunity to advise you on our expertise sales and marketing approach.  Contact us at 877-688-7582.

March 2010 Roundup – Hoboken Real Estate Report

Although sales have progressively increased month over month this year, sales have been disappointing after finishing 2009 on a very strong note.  I’ve been saying it since the birth of the First Time Homebuyer Tax Credit that after the tax credit expires at the end of this month in addition to the Government’s halt to spending on Mortgage Backed Securities, we may see some additional lag time until the job market picks up.

Although extending the Tax Credit again could produce positive gains in the housing market, we ultimately need to see how our economy can do standing on its own without using any Government programs as a crutch.  That said, it is still a fact that there are some good deals out there, but don’t expect your new home purchase to jump high in value anytime this year.  So let’s see how March panned out:

In March, 2010, there were 49 condos that sold in Hoboken.  The average selling price was $506,823.  March sales volume beat February by 21.5% (10 sales) but the selling price average dropped a tiny bit by 2.1%.

Currently, there are 526 Condos for sale in Hoboken.  The average list price is $523,889.  Inventory is up almost 12% since January and the average selling price has dropped nearly 11% since January’s report.

Taking this years’ decline in statistics we track into consideration, we feel that a further market adjustment is necessary to bring us to absolute bottom.  Look for Hudson County’s real estate bottom sometime by end of Q3 of this year and possibly as far out as Q4.  Make no mistake that Hoboken is one of NJ’s premiere urban cities and one that has so many off-setting factors, thus, we feel that a significant drop in prices is not in our near future.  Inflation will play a key part in real estate values as well.

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 RateAn 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.

Hoboken2010SalesPrice

HobokenInventory2010

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

Hoboken InventoryHoboken Avg Price

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…

Hobokenhoboken2

Absorption RateAn 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 RateAn 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, 2009Note: 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!

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