Here are the final numbers for all sales not just condominium activity that occured in March 2009 plus a look at month over month activity from February to March. However, these numbers do not include any private developer sales that are not listed on the Hudson County MLS.
*Information is deemed reliable but not guaranteed.
Deciphering sales numbers can sometimes be as daunting as trying to read a NYC parking sign. Ever find a spot in the city and have to read the signs 5 times before you park there?
I've gathered the information from my market research and made it easier to understand.
* In March there were 553 properties listed. That means that many homes were available for purchase. Of those, 46 were sold and 42 went under contract.
* Compare that to February 2009 were there were a total of 415 properties for sale, notice a smaller number of inventory, and of those 25 sold and 24 went under contract.
A noticeable spike in sales and inventory. In inventory that was a 33% increase while in sales we saw a 45% increase and in contracts a 42% increase month over month.
Also worth mentioning 3 distressed property sales are in contract since January of '09 and today there are a total of distressed property or short sales currently available on the market. I personally believe that we will start to see more of these in our market.
*Our current absorption rate based on March's higher sales numbers and current properties for sale (the length of time it would take to sell all of our inventory) is about 12 months - that is if no other prorperties are listed for sale.
CONDO-CO OP SUMMARY SOLD - LIST PRICES
Lowest $224,900
Avg $568,462
Highest $1.388
VS - SALE PRICES (What they actually sold for)
Lowest $200,000
Avg $540,541
Highest $1.325
Average Price Per Sq Ft = $499. Average Days On Market = 84
If you'd like a list of the properties that are short sales (pre-foreclosure) please email me your request, the list if free.
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