Hoboken Real Estate Condo Market Update September 2013

Hoboken Real Estate Condo Market Update September 2013

Hoboken's real estate market remains hot. Best to strike while the iron is hot as mortgages are low and it is a great opportunity for both sellers and buyers. Although for buyers you will need patience and your wits about you!

Sales:
For the month of September Hoboken saw a total of 98 sales. The Median List Price for all units sold was $561,950 and the Median Sold Price was $560,919. The lowest and highest sales were $265,000 and $1.580Million respectively.

The Median Days on Market was 28 days.

Pending:
The same month, 76 units changed their status from active to under contract. The Median List Price was $533,066. The Median Days on Market was 27 days.

Hoboken | Real | Estate | Weekly | Sales | Update

Your weekly real estate sales update for Hoboken. Search my website for more properties currently for sale.

Week of May 3rd through May 9th - sales activity recorded Spring market in full bloom..

In Hoboken, there were 13 condominium sales. The Median List price was $509,900 and the Median Sold price was $490,000 with a median Days On Market of 43. The lowest sale was an 800 sq foot two bedroom one bath on 9th street for $320,000 cash - $29,000 off asking. The highest sale was a sprawling 1950 square foot duplex with 3 beds 3 baths, outdoor space and garage for $830,000 - only $15,000 less than asking.

Same week there were 15 contracts.
From the lowest list price $249,900 for a one bedroom on Monroe and 1st, to the highest list price was $889,000 for another large 1991 sq foot 3 bedroom 3 bath triplex with yard and garage, the Median list price was $499,888 and the Median days on market was 22.

Single Family Homes - Brownstones sales for week of May 3rd.

There were two sales recorded. 169 11th street, corner property, was asking $1.850M and sold for $1.650 M, featured 5 bedrooms 2 1/2 baths, yard and garage.

1028 Willow sold in a quick 17 days, featured 4 bedrooms 4,000 square feett with garage and incredible yard, first came on the market in May of '09 for $2.75M then came back on the market at $2.495 and sold for $2.295.

Same week there was one brownstone that went under contract. 907 Hudson Street was on the market for just hours it seems before they received an accepted offer. Asking price was $1.7M and it featured 5 bedrooms, two baths and yard.

How did last week fair in sales compared to this weeks numbers?

Information supplied by the Hudson County MLS, deemed reliable but not guaranteed.

Sneak Peak At Hoboken's Real Estate Pending Sales

I'm keeping an eye on sales waiting to see what the year end totals are. So here's what's cookin' in Hoboken..(Great picture of Audrey by the way, it looks like she could be in a Hoboken apartment actually :) )

Naturally I have to keep tabs on sales activity in the area, but why not share with you? So here is a list of what is currently under contract for the month - just condominiums however. Click here to view. They are listed according to listing price, from lowest to highest. You'll see that the lowest listing price is $259,000 and the highest $1.249 million - but these don't include single and multi-family homes.

Here is a list of what has sold so far in December until today - 12/29/09. They start as low as $250,000 and go up to $1.2million. Click here to view sales.

As a disclaimer I have to say that I personally did not put into contract, sell or list all of these homes. I certainly would've liked to though! However when you click on them you will see my information at the bottom, which is how my MLS customer copies are formatted.

CNN Money - housing | sales | up again! Real estate | market | on the rebound?

November home sales leap

By Les Christie, staff writerDecember 22, 2009: 12:40 PM ET

NEW YORK (CNNMoney.com) -- After surging 10% in October, sales of existing homes jumped again in November, growing 7.4% compared with October to an annualized rate of 6.54 million units, according to the National Association of Realtors.

"This clearly is a rush of first-time buyers not wanting to miss out on the tax credit," said NAR's chief economist, Lawrence Yun.

Read fully story here

>>Comments

During my real estate conference in Atlantic City, I attended a seminar with Mr Lawrence Yun, National Association of Realtor's chief economist, who shared some very interesting and optimistic information with us.

I will share with you my notes from this discussion with him.

He said that in a normal housing market, supply is usually at 6 months - that has been the historic average. He said that currently, we are trending down from 7 months and are very close to a normal housing market. Of course every market is different, but this is a positive sign when looking at the housing market as a whole.

He also said in a very convincing tone "the worst is over, momentum is steadily building." - Things that make you go hmmmm right? He said many times that we already hit bottom. Buyers that are waiting to see if prices will continue to go down, should buy now before news gets out and other buyer's figure it out or it will be too late soon.

He also made an interesting point and said that "home values have over-corrected." What does this mean? Well, that with prices dropping quickly and steadily over the last year or so, they have actually dipped too low according to historic trend lines. Which he also pointed out that our recession was right on schedule and we are repeating history. Because of this over-correction, he and his team made a strong case to the Obama administration regarding the extension of the home buyer tax credit and how this could help keep values from dropping further at levels that would be difficult to recover from. It seems that the home buyer tax credit is doing it's job, with a large percentage of sales across the board are from buyer's that are looking to cash in on the credit.

He also quoted that the NAR, Case Schiller, and FHFA (housing measure) all show that month to month, we are seeing price stabilization. He even felt confident enough to say that 'buyers buying today's market, are not losing money'.

We'll be seeing changes in FHA guidelines with tighter restrictions because of the large number of delinquencies in loans. They are considering raising the credit score requirement as well as lowering the loan limits as a way of preventing foreclosures in the future.

Lawrence Yun, told us that he predicts a 4% home price growth in 2010.

He predicts home mortgage interest rates to rise to 5.5% . He added that our budget deficits need to be reduced in order to keep rates low, and with Americans seeing these numbers rising not lowering any time soon.. where do you think rates will go..

When he speaks, people listen. Unfortunately he spoke so fast and went through a gazillion graphs that I was jotting down everything I could but missed some of his other points.. Like how he was explaining that if housing starts (new construction) stay low we could see a housing shortage in 2011 or 2012 - which will leave a big demand for homes.. I was interested in his interpretation of this because it could mean some lucrative opportunities should be had now by builders..

So here is some interesting information coming from a credible source, not just me and other real estate agents saying now might be the best time for you to buy. I hope this provides some new light for you - as clearly, it isn't all doom and gloom and we have crawled out of our buyers market it seems..

Peak At Hoboken Real Estate Condo Sales since November 1st 2009

Take a sneak peak at what November is shaping to look like for Hoboken real estate condominium sales. I know you're curious as to what listing prices versus sale prices are right now. Look on the right side of the listing page and see the list price and sale price. Some of these have pictures attached as well.
Click here for list of sales.





Want a list of what's available in your price range? Email me and I'll send right over.