Hoboken Condo Market Sales Update

Hoboken Condo Market Sales Update 
Despite the cold weather and the holidays, December saw more units sell than in November. While it took slightly longer to close, this number may not be accurate because of the effects of Hurricane Sandy and the delays it caused in closings. There is still a low amount of homes available for sale, just 108 condo units available and with an average of about 60 units closing a month in the last 6 months, we have an absorption rate favoring sellers of just under two months. HOWEVER, while prices are slowly increasing, we have seen some seller's price their homes 3-5% above the current market testing out this theory, but buyer's are savvy and some of these homes are taking longer to sell until they reduce their price. 

HAPPY NEW YEAR! Hoboken has made positive moves in real estate!


For the month of December Hoboken saw a total of 59 units close. A small dip from 62 units last year of about 4.8%  This is likely due to Hurricane Sandy and the disruption of units pending in November.
The Median List Price for the month was $485,000
The Median Sold Price for these units closed was $480,000 - an increase of about 12.5% from the previous December - Median Sold Price of $420,000 and just a 1% discount from the asking (list) price. The Median days on market was just 31 - a decrease of 3.5% from last December's 48 days on market

For the same month Hoboken saw 39 units change their status from active to pending. The Median List Price for those properties under contract was $525,000, and we'll know the Median Sold Price next month once they close. The Median Days on Market time was just 29 days.

I believe the number of sales in December would have been higher if not for Sandy. Looking at November's sales and comparing with November sales of 2011 we see another increase in the Median Sold Price (up 11.13%) and an increase in the amount of units traded (2.7% more).

In 2012 Hoboken real estate agents sold a total of 748 condominium units. This is an 8% increase from the number of sales in 2011.
The Median Sold Price for all condo's sold in 2012 was $470,000 (The Median List Price was $479,000) This is another increase of about 4.2% of the Median Sold Price of 2011.
The Median Days on Market was 33 days. This is a decrease (which is positive) of about 3.8% from the days on market in 2011.

Information provided and compiled by the Hudson County MLS, deemed reliable but not guaranteed.

Thank you for reading my condo market sales update, if you have any questions please don't hesitate to reach me. Check out my website to search for homes.