As the market keeps turning and rolling in Hoboken, so do prices and inventory levels. For the sixth consecutive month, the Absorption Rate for condos in Hoboken is under two months supply; 1.86 months to be exact. Most of the inventory is gone before you get a chance to preview it. The average Days On Market for the month of August stood at 26 days. You must be with a high profile buyer representation service like our team locally to have a chance to purchase something you want since our office has a good market share of the listings from sellers.
Year to Date as of September 1, there have been 665 closed sales for Hoboken condos. Many deals are being done with heavy down payments and lots of cash. We do not see the credit markets at risk to a potential bubble as long as the job industry continues to progress. Here are some stats from August 2014:
- 87 Sales
- $589,311 Average Sales Price
- $593 Average Sold Price Per Square Foot
- 162 – Current Inventory for sale
- 1.86 – Absorption Rate in months
Compared to August 2013
- 111 Sales
- $603,243 Average Sales Price
- $545 Average Sold Price Per Square Foot
- 152 – Current Inventory for sale
- 1.36 – Absorption Rate in Months
In contrast to a year ago, August 2013 had more sales with a slightly higher average sales price, however the price per square foot is up almost $50, a significant increase. A 2,000 square foot condo sold at $400 per square foot has a value of $800,000. If that same condo sold for $450 per square foot, the sales price would be $900,000 to put the difference in Year Over Year prices into perspective.
Prices continue to climb but inventory can still be taken if you are with the right broker.