Hoboken Real Estate Market Update - Q1 Report

Hoboken Real Estate Market Update - Q1 Report

Happy Spring!

It's no secret our real estate market has turned around. Buzz is out that our market is hot. And that's for many reasons.
Let's review briefly the factors that got us here.

• Low housing starts (builders stopped building when the market was soft)
• Scared buyers turned to renting (rental prices went way up turning those renters into buyers late 2012&2013)
• Inventory was low (sellers stayed in their homes longer than they would have because of low sale prices)
  
• Low mortgage rates (buyers and sellers are taking advantage by locking in low rates)
• Buyers continue to enter our real estate market 
• Seller's took advantage of high rents and decided to rent instead of sell

So, with all of this, it's easier to make some sense out of why the current market is so competitive. Add to that -- it's Spring! Traditionally this is the best time of year to sell and it's when most people look to buy.

First quarter real estate condo sales in Hoboken broken down by month:

January: There were a total of 44 condo sales in Hoboken. Their Median List price was $559,500 and their Median Sale price was $558,000. Median Days on Market - 30 days.

65 condo units changed their status to pending the same month of January.

February: There were a total of 35 condo sales in Hoboken. Their Median List price was $549,000 and their Median Sale price was $516,000. Median Days on Market 14 days.

70 condo units changed their status to pending the same month of February.

March: There were a total of 60 condo sales in Hoboken. Their Median List price was $549,000 and their Median Sale price was $530,000. Median Days on Market was 28 days.

112 condo units changed their status to pending the same month of March.

First Quarter Condo Sales in Hoboken

139 Sales  

$539,000 Median List Price

$530,000 Median Sale Price ----------- up from The Median Sale Price of 4th QR 2012 $485,000

Median Days on Market 24 days. 

Compared with First Quarter Condo Sales in 2012

137 Sales

$459,000 Median List Price

$437,000 Median Sold Price

Median Days on Market 48 days.

Check back often for the Hoboken Real Estate Market Condo Update on my blog every month! And you can search for homes on my website at www.karinaabad.com

Information collected from the Hudson County MLS, deemed reliable but not guaranteed.