Summer is gone and Hoboken Real Estate is at the top of many people's minds. Rent's are rising, inventory is low and sales are even. Investors are still active in our current market accounting for a nice slice of all sales. The upper end of the market is performing well and seller's are opting to rent out their condo's to receive record rental incomes instead of selling short.
SEPTEMBER SALES
51 Sales closed for the month. Median list price for all 51 sales was $474,900 and the Median sale price was $460,000. The average days on market was 65 days.
By bedrooms:
1 - Studio
12 - One bedrooms
31 - Two bedrooms
6 - Three bedrooms
UNDER CONTRACT
39 Units changed to pending this month. The Median list price for those under contract was $435,000 and the average days on market was 83 days. (There are a total of 105 units currently in the pending pipeline waiting to close.)
How will real estate fair in the colder months? Historically the trend is for sales to continue to dip during the colder months and into the holidays. However with rents continuing to rise it is a motivating factor for first time buyers and we could see activity in this market increase with affordability conditions favorable and mortgage rates remaining at all time lows.
Quarter Over Quarter Performance 2011
Third Quarter VS Second Quarter VS 1st Quarter
Total Sales 182 Sales 223 Sales 225 Sales
Median Sold $ $450,000 $450,000 $455,000
AVG D.O.M. 64 74 82
Quarter Over Quarter Performance 2010
Third Quarter VS Second Quarter VS 1st Quarter (4th Q)Total Sales 165 Sales 280 Sales 142 Sales 155
Median Sold $ $450,000 $457,250 $475,000 $440,000
AVG D.O.M. 82 73 89 83The National Association of Realtors reported on Sept 21st that August Existing Home Sales Rise Despite Headwinds, Up Strongly From A Year Ago.
Trulia.com reports: Average price per sqft in Hoboken, NJ went up 5.61% to $546/sqft from prior quarter
Numbers above provided by the Hudson County MLS, deemed reliable but not guaranteed.
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