What a year! My Hoboken real estate 2013 condo report shows huge gains from 2012. Hoboken condo owners can finally breathe.I can describe the year in one word - COMPETITIVE
Buyers and their agents had to work harder to buy a home due to multiple bid scenarios and very little inventory. Sellers had the advantage this year and buyer's were forced to pay.
All Hoboken condo sales for 2013
Median Sale Price was $540,000 UP 14.8% from 2012's Median Sale Price of $470,000
Total Units Sold were 1024 UP 35.9% from 2012's Total Units Sold of 753
Break Down
Studio Market - 24 sales for the year
One Bedroom Market - 330 sales for the year = $409,000 Median Sale Price
Two Bedroom Market - 553 sales for the year = $580,000 Median Sale Price
Three Bedroom Market - 105 sales for the year = $792,000 Median Sale Price
Four and Five's were the remaining.
The Median Days On Market for all condo sales in Hoboken was just 21 days reflecting the competitive nature of 2013.
2014 Start of the Year Sales
January 2014 shows 49 units sold DOWN from 82 in December. And a Median Sold Price of $504,000 above the Median List Price of $499,000 but slightly down the Median Sold Price of December of $506,000.
It is normal for sales to dip in February but you can see that prices have not been affected much as inventory is still tight and buyers are shopping in these cold months.
