Hoboken Real Estate Market Update - May Report

Hoboken Real Estate Market Update - May Report

Month of May 2011 Report on Hoboken Condo's

Sales:
Pretty good numbers again for May. The month reported a total of 71 Hoboken condo units close. From the lowest priced sale, a 700 sq foot one bedroom on 4th and Madison with a list price of $209,900 and a sale price of $202,500; to the highest price for a sprawling, 2271 sq ft 3 bed 3 bath duplex at The Vespa with a list price of $899,900 and a sale price of $800,000.

Median list price for the month was $474,900 and the median sale price was $450,000. Average days on market for all sales was just 69 days.

Pending Units:
There are 65 units pending for this month. From the lowest priced unit, a one bedroom at 235 Monroe with a list price of $229,000 to the highest asking price, a 1900 sq ft two bedroom two bath with balcony and spectacular NYC views at the W Hotel residences with a list price of $1.995Million are under contract.

Median list price for those pending was $450,000. Average days on market was 65 days.

Currently there are a total of 392 Hoboken condos for sale. If we use 55 units closing as a monthly average, we are looking at just over 7 months of inventory.


Here is a recap of total sales in the last six months:
December - 53 Sales. Median sale price of $440,000. Average days on market 84 days.
January -     41 Sales. Median sale price of $460,000. Average days on market 83 days.
February -  38 Sales. Median sale price of $427,000. Average days on market 70 days.
March -      51 Sales. Median sale price of $455,000. Average days on market 84 days.
April -        63 Sales. Median sale price of $430,000. Average days on market 80 days.
May -         71 Sales. Median sale price of $450,000. Average days on market 69 days.

Compared to the same months one year ago:

December - 71 Sales. Median sale price of $478,000. ADOM 86 days.
January -     43 Sales. Median sale price of $480,000. ADOM 84 days.
February -   46 Sales. Median sale price of $456,000. ADOM 102 days.
March -      53 Sales. Median sale price of $498,500. ADOM 83 days.
April -        74 Sales. Median sale price of $473,752. ADOM 82 days.
May -         82 Sales. Median sale price of $435,000. ADOM 70 days.
June -       124 Sales. Median sale price of $473,000. ADOM 70 days. * (Will this June see the same jump?)