Hoboken real estate does not appear to be slowing down even given the record high temperatures in June. There are still lots of buyers looking for move in condition homes or good opportunities and the condo market has not added a significant amount of inventory to impact the pace at which homes are selling. This is keeping pressure on prices and for the first time, we see a list price to sale price, where the sale price is actually HIGHER than the median list price.Sales:
For the month of June Hoboken saw 72 units close. Slightly up from 69 condo units in May.
The lowest sold price was $220,000 for a 600 sq ft one bedroom at 118 Jefferson St with a list price of $229,000. The highest sold price was $1.3Million, for a rare 3,500 square foot 4 bedroom 3 bath triplex with private elevator, outdoor space and 3 car garage at 504 Observer Highway, it's original list price was $1.4Million.
The Median List Price for these units sold was $485,000 and the Median Sold Price was $489,300. The Median Days on Market was 23 days. (down from 32 days in May)
Pending:
76 Hoboken condo's changed their status to pending in June. From the lowest asking priced unit of $239,000 for a 600 sq ft one bedroom at 79 Madison St, to the highest asking priced unit of $1.385Million at 1125 Maxwell Place for a 1749 sq ft three bedroom three bath unit.
The Median List price for these units pending was $493,500 and the Median Days on Market was 33 days.
Our current inventory is still surprisingly low, with just 235 units currently for sale. Averaging about 70 sales per month, that leaves us with an absorption rate of just 3.3 months of inventory.
If no other sales come on the market, it will take Hoboken buyers just a little over 3 months to buy all of the homes available..
Make sure you are ready and prepared for when the time comes for you to make an offer on a home. Read my "How To Make An Offer" 3 items you'll need on my Trulia blog.
Check back every month for Hoboken real estate market updates! Search for Hoboken condos for sale on my website
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Perfect, I totally agree with it. This blog has good information about condos.
ReplyDeleteI can see that you are putting a lot of time and effort into your blog and detailed articles! Will be back often to read more updates!
ReplyDeleteaileen_c
An update on the real estate condos for sale. The information provided is helpful.
ReplyDelete