Hoboken Real Estate Market Update
Week of February 14th - 20th 2011
Condominiums
Sales: For the week there were 13 total sales. Sales have been pretty steady for the last couple of weeks. The lowest sale price was $387,500 and the highest was $695,000.
Median list price for the week was $500,000 and median sale price was $485,000. Average days on market was 83 days.
Pending: For the week there are 12 units waiting to close. The lowest list price was $175,000 and the highest list price was $655,000. The median list price was $522,000. Average days on market for these under contract was 93 days.
Currently there are 368 Condos For Sale
Hoboken Brownstones and Single Family Homes
For this week there were no sales and no homes under contract. Currently there are 12 single family homes for sale.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
A Hoboken and Jersey City Real Estate Blog by Karina Abad, realtor at Keller Williams Towne Square. Real estate market news, condos, homes and brownstones, buying and selling tips and local community info.
Showing posts with label sales. Show all posts
Showing posts with label sales. Show all posts
Wednesday, February 23, 2011
Tuesday, November 2, 2010
Hoboken Real Estate Market | Hoboken Condos and Brownstones | Update October Report
Hoboken Real Estate Market Update Hoboken Condos and Brownstones - October Report
Weekly Numbers for the week of October 25th thru the 31st.
12 Units sold.
Lowest Priced sale was $247,500, for a 600 sq foot two bed condo.
Highest priced sale was $760,000 for a 1807 sq foot three bed condo.
Median list price was $419,000, median sale price was $397,500.
3 Units pending. Median list price $507,500.
Now the meat and potatoes.
How did October do overall?
Sales: October had a total of 51 sales recorded. Almost the same as September's Hoboken Real Estate sales report. The median list price for the month was $418,888. Median sale price for the month was $399,000. Sales prices are down about 8.9% from last month. September's median sale price was $438,000.
Don't panic just yet! Average price per square foot in October was $449.86 and days on market was 86 days. September average price per square foot in September was less than $1.61 higher = $451.47
Pending: October has a total of 45 units waiting to close, compared to Septembers 51 units. The median list price for those pending in October is $469,000 compared to September's median list price of $475,000.
By Bedrooms:
3 Bedrooms - 7 sales
2 Bedrooms - 23 sales
1 Bedrooms - 16 sales
Studios - 4 sales
The average price per square foot of two bedrooms in Oct was $439.82 a foot.
The average price per square foot for one bedrooms in Oct was $462.80 a foot.
CNNMoney reported this week that existing home sales climbed for another month fueling hope that a recovery may be underway.
Economists at briefing.com predicted sales to inch up to 4.25 million units, but it came in at 4.53 million units, up from 4.12 million units in August, said the article.
Bankrate.com is quoting a 30 year fixed rate mortgage at 4.25% today.
Last year, the average 30-year fixed mortgage rate was 6.2%, according to Bankrate. On a $200,000 loan, at last year's rate of 6.25%, the monthly payment would be $1108.00 with 10% down. With today's rate and the same 10% down, that same mortgage would be just $885.00 a month.
The low rates helped mortgage applications surge by 16.4% last week, according to the mortgage bankers association. Purchase applications rose 13.2% to reach the highest level since January.
Weekly Numbers for the week of October 25th thru the 31st.
12 Units sold.
Lowest Priced sale was $247,500, for a 600 sq foot two bed condo.
Highest priced sale was $760,000 for a 1807 sq foot three bed condo.
Median list price was $419,000, median sale price was $397,500.
3 Units pending. Median list price $507,500.
Now the meat and potatoes.
How did October do overall?
Sales: October had a total of 51 sales recorded. Almost the same as September's Hoboken Real Estate sales report. The median list price for the month was $418,888. Median sale price for the month was $399,000. Don't panic just yet! Average price per square foot in October was $449.86 and days on market was 86 days. September average price per square foot in September was less than $1.61 higher = $451.47
Pending: October has a total of 45 units waiting to close, compared to Septembers 51 units. The median list price for those pending in October is $469,000 compared to September's median list price of $475,000.
By Bedrooms:
3 Bedrooms - 7 sales
2 Bedrooms - 23 sales
1 Bedrooms - 16 sales
Studios - 4 sales
The average price per square foot of two bedrooms in Oct was $439.82 a foot.
The average price per square foot for one bedrooms in Oct was $462.80 a foot.
CNNMoney reported this week that existing home sales climbed for another month fueling hope that a recovery may be underway.
Economists at briefing.com predicted sales to inch up to 4.25 million units, but it came in at 4.53 million units, up from 4.12 million units in August, said the article.
Bankrate.com is quoting a 30 year fixed rate mortgage at 4.25% today.
Last year, the average 30-year fixed mortgage rate was 6.2%, according to Bankrate. On a $200,000 loan, at last year's rate of 6.25%, the monthly payment would be $1108.00 with 10% down. With today's rate and the same 10% down, that same mortgage would be just $885.00 a month.
The low rates helped mortgage applications surge by 16.4% last week, according to the mortgage bankers association. Purchase applications rose 13.2% to reach the highest level since January.
Tuesday, October 19, 2010
Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones
Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
Week of October 11th 2010
What's Cookin
Hoboken Condominiums
Sales: For the week, there were 13 sales. From the lowest, a 400 sq foot studio at 1026 Washington St with a listing price of $209,600 and a sale price of $185,000. To the highest, a 1450 sq foot three bed two and a half bath condo with terrace and parking on a 3rd floor walk up at 415 Madison with a list price of $609,999 and a sale price of $595,000.
Median List Price for the week was $399,000. Median Sale Price was $360,000. Median days on market, 129 days.
Pending: For the same week, 10 units went under contract status. From the lowest price, a 625 square foot one bedroom at 509 Willow Ave with a list price of $309,000 to the highest price, a 1314 square foot two bedroom two bath with terrace and parking at Maxwell Place - 1025 Maxwell Lane with a list price of $850,000.
Median List Price for pending units was $529,000. Median days on market was 66 days.
Hoboken Brownstones & Single Family Homes
Sales: Zero sales for the week.
Pending: Zero homes are under contract this week.
Compare this week to last week.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Week of October 11th 2010
What's Cookin
Hoboken Condominiums
Sales: For the week, there were 13 sales. From the lowest, a 400 sq foot studio at 1026 Washington St with a listing price of $209,600 and a sale price of $185,000. To the highest, a 1450 sq foot three bed two and a half bath condo with terrace and parking on a 3rd floor walk up at 415 Madison with a list price of $609,999 and a sale price of $595,000. Median List Price for the week was $399,000. Median Sale Price was $360,000. Median days on market, 129 days.
Pending: For the same week, 10 units went under contract status. From the lowest price, a 625 square foot one bedroom at 509 Willow Ave with a list price of $309,000 to the highest price, a 1314 square foot two bedroom two bath with terrace and parking at Maxwell Place - 1025 Maxwell Lane with a list price of $850,000.
Median List Price for pending units was $529,000. Median days on market was 66 days.
Hoboken Brownstones & Single Family Homes
Sales: Zero sales for the week.
Pending: Zero homes are under contract this week.
Compare this week to last week.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Thursday, October 14, 2010
Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones
Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
Week of 10/4/10/- 10/10/10
What's cookin'
Hoboken Condominiums
Sales:
10 sales closed for the week. From the lowest - and smallest, 725 Washington Street, a 330 square foot studio with a list price of $215,000 and a sale price of $197,500. To the highest, 1125 Maxwell Lane a 1260 square foot two bed two bath, with a list price of $872,995 sold for $845,000. It is unclear whether that sold with parking included.
Median list price for the week was $462,000. Median sale price was $437,500. Median days on market, 62 days.
Pending:
Weird coincidence, for the week there were also 10 pending sales. From the lowest, 214 Jefferson, a 565 one bedroom with a list price of $219,000, to the highest at 1125 Maxwell Lane, a 1622 square foot two bed two bath plus den with a list price of $1.679.
Median list price $484,000 median days on market 76 days.
Hoboken Brownstones & Single Family
Sales: Zero for the week
Pending: Zero for the week
There are currently only 9 single family homes for sale ranging from $525,000 to $1.6M
Information provided by the Hudson County MLS. Deemed reliable but not guaranteed
Week of 10/4/10/- 10/10/10
What's cookin'
Hoboken Condominiums
Sales:
10 sales closed for the week. From the lowest - and smallest, 725 Washington Street, a 330 square foot studio with a list price of $215,000 and a sale price of $197,500. To the highest, 1125 Maxwell Lane a 1260 square foot two bed two bath, with a list price of $872,995 sold for $845,000. It is unclear whether that sold with parking included.
Median list price for the week was $462,000. Median sale price was $437,500. Median days on market, 62 days.
Pending:
Weird coincidence, for the week there were also 10 pending sales. From the lowest, 214 Jefferson, a 565 one bedroom with a list price of $219,000, to the highest at 1125 Maxwell Lane, a 1622 square foot two bed two bath plus den with a list price of $1.679.
Median list price $484,000 median days on market 76 days.
Hoboken Brownstones & Single Family
Sales: Zero for the week
Pending: Zero for the week
There are currently only 9 single family homes for sale ranging from $525,000 to $1.6M
Information provided by the Hudson County MLS. Deemed reliable but not guaranteed
Monday, October 4, 2010
Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones | September Report
Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones - September Report
Where is the market trending? We will take a look back to see. Let's start first with a look at September.
September was the final month of the home buyer tax credit. Eligible buyers had to close by September 30th to recieve a tax credit. If you follow my real estate reports, you might remember that June was the biggest month in sales. 124 sales were reported for that month showing that the tax incentive was working and brought some buyers to the table skewing the sales for summer.
Now, let's look back at past months.
June: 124 Sales
Median List Price $483,250Median Sale Price $473,000
July: 53 Sales
Median List Price $509,000
Median Sale Price $502,000
August: 58 Sales
Median List Price $458,700
Median Sale Price $438,100 -
September: 47 Sales
Median List Price $461,500
Median Sale Price $438,000
Sales seem to be trending downward..
Current total active condominiums in Hoboken ritht now, is 486 condominiums. We are currently selling about 10% a month of our standing inventory. If no new homes came on the market, our absorption rate is 9.72 OR 10 months. A healthy market has an absorption rate of around 6-8 months.
Let's look back a little further to one year ago. 2009
June: 46 Sales
Median Sale Price $493,500 Compared To June 2010 $473,000
Where is the market trending? We will take a look back to see. Let's start first with a look at September.
September:
For the month there were 50 sales that closed. Of those 50 median list price was $461,500 and the median sale price is $438,000. Median days on market was 73 days.
For the month there were 50 sales that closed. Of those 50 median list price was $461,500 and the median sale price is $438,000. Median days on market was 73 days.
51 Units are under contract for the month. Of those 51 the median list price was $475,000 and median days on market 72 days.
September was the final month of the home buyer tax credit. Eligible buyers had to close by September 30th to recieve a tax credit. If you follow my real estate reports, you might remember that June was the biggest month in sales. 124 sales were reported for that month showing that the tax incentive was working and brought some buyers to the table skewing the sales for summer.
Now, let's look back at past months.
June: 124 Sales
Median List Price $483,250July: 53 Sales
Median List Price $509,000
Median Sale Price $502,000
August: 58 Sales
Median List Price $458,700
Median Sale Price $438,100 -
September: 47 Sales
Median List Price $461,500
Median Sale Price $438,000
Sales seem to be trending downward..
Current total active condominiums in Hoboken ritht now, is 486 condominiums. We are currently selling about 10% a month of our standing inventory. If no new homes came on the market, our absorption rate is 9.72 OR 10 months. A healthy market has an absorption rate of around 6-8 months.
Let's look back a little further to one year ago. 2009
June: 46 Sales
Median Sale Price $493,500 Compared To June 2010 $473,000
July: 62 Sales
Median Sale Price $469,950 Compared To July 2010 $502,000
August: 67 Sales
Median Sale Price $463,000 Compared to Aug 2010 $438,100
September: 76 Sales
Median Sale Price $499,000 Compared to Sept 2010 $438,000
From one year ago sale pace and prices are slower. This could be due to the buyer tax credit which prompted sellers to act with price reductions in time to capture those buyers. The dip in sales of September can also be contributed to the tax credit since many buyers took advantage of the incentive and bought ahead of schedule. These buyers would have bought in the warmer months making September numbers a bit higher.
If October 2009 is any indication of how this October may look, last year there were 80 sales for the month.
And taking a look back to 2008 of September - there were 66 sales and the median Sold price was $510,000. From 2008 real estate sales prices are down about 14%
Wednesday, August 18, 2010
Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones
Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
Week of August 9th - August 15th 2010
What's Cookin In Hoboken
Condominium Sales: This week there were as many sales as the week prio. 5 total sales. The lowest price a 661 Sq foot one bedroom at 163 14th St, with a list price of $339,900 and a sale price of $315,000. The highest price, an 1100 sq foot two bed two bath with parking at 1300 Grand St with a list price of $549,900 and a sale price of $530,000.
Median list price was $379,900 median sale price was $372,750. Median days on market was 36 days.
Pending Sales: For this week there were ten units that went under contract. Two shy of last weeks pending sales. The lowest price was a 330 square foot studio at 725 Washington St with an asking price of $215,000. The highest price was a 1298 square foot one bed plus den w/terrace and parking at Maxwell Place with an asking price of $799,999.
Median list price was $439,000 median days on market 33 days.
Brownstone Single Family Homes
Sales:One sale for the week. 1217 Park, a 4 bedroom three bath single family on a 16 by 100 lot in need of complete rehab sold, with an original list price of $829,000 sold for $750,000.
Pending:
No single family homes pending for the week.
Compare this week's to last weeks sales.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Week of August 9th - August 15th 2010
What's Cookin In Hoboken
Condominium Sales: This week there were as many sales as the week prio. 5 total sales. The lowest price a 661 Sq foot one bedroom at 163 14th St, with a list price of $339,900 and a sale price of $315,000. The highest price, an 1100 sq foot two bed two bath with parking at 1300 Grand St with a list price of $549,900 and a sale price of $530,000.
Median list price was $379,900 median sale price was $372,750. Median days on market was 36 days.
Pending Sales: For this week there were ten units that went under contract. Two shy of last weeks pending sales. The lowest price was a 330 square foot studio at 725 Washington St with an asking price of $215,000. The highest price was a 1298 square foot one bed plus den w/terrace and parking at Maxwell Place with an asking price of $799,999.
Median list price was $439,000 median days on market 33 days.
Brownstone Single Family Homes
Sales:One sale for the week. 1217 Park, a 4 bedroom three bath single family on a 16 by 100 lot in need of complete rehab sold, with an original list price of $829,000 sold for $750,000.
Pending:
No single family homes pending for the week.
Compare this week's to last weeks sales.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Wednesday, August 4, 2010
Hoboken Real Estate Weekly Update + Month Overview
Hoboken Real Estate Weekly Sales Update
What's Cookin In Hoboken
Condomonium Sales:
The month of July saw 49 sales. Down significantly from June's 119 sales.
Median List Price was $499,888
Median Sold Price was $477,500
Median Days on Market - 51 Days.
Pending Condominium Sales:
53 units were DABO'd (Deposit accepted by owner) for the month.
Median List Price was $464,000
Median Days on Market - 74 Days
Already we see that the median list price is down from the median sale price for the month.
Here's a few snap shots at sales over the last few years /condominium prices in Hoboken
July 04 - 92 Sales = median sale price $402,500
July 05 - 91 Sales = median sale price $525,000 +
July 06 - 84 Sales = median sale price $498,500 -
July 07 - 88 Slaes = median sale price $506,000 +
July 08 - 92 Sales = median sale price $490,750 -
July 09 - 62 Sales = median sale price $469,000 -
July 10 - 49 Sales = median sale price $477,500 +
I've highlighted the dips to take note of. This July we are very low and off track of normal July sales for the month...
With the tax credit expired and buyer's left wondering about job security, the housing and job market, most likely, August's sales will be weaker than expected. NAR released a statement saying that June's sales fell more than 5 percent.
From Realtor.org's website.
Washington, July 22, 2010
With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.
Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said.
“Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”
Stayed tuned as I monitor this month's in my weekly Real Estate Sales Update.
July last week saw 15 sales. Median sale price of $475,000.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Month of July - Let's Tally Up The Totals For The Month
What's Cookin In Hoboken
Condomonium Sales:
The month of July saw 49 sales. Down significantly from June's 119 sales.
Median List Price was $499,888
Median Sold Price was $477,500
Median Days on Market - 51 Days.
Average Price Per Sq Foot - $439.75
Pending Condominium Sales:
53 units were DABO'd (Deposit accepted by owner) for the month.
Median List Price was $464,000
Median Days on Market - 74 Days
Already we see that the median list price is down from the median sale price for the month.
Here's a few snap shots at sales over the last few years /condominium prices in HobokenJuly 04 - 92 Sales = median sale price $402,500
July 05 - 91 Sales = median sale price $525,000 +
July 06 - 84 Sales = median sale price $498,500 -
July 07 - 88 Slaes = median sale price $506,000 +
July 08 - 92 Sales = median sale price $490,750 -
July 09 - 62 Sales = median sale price $469,000 -
July 10 - 49 Sales = median sale price $477,500 +
I've highlighted the dips to take note of. This July we are very low and off track of normal July sales for the month...
With the tax credit expired and buyer's left wondering about job security, the housing and job market, most likely, August's sales will be weaker than expected. NAR released a statement saying that June's sales fell more than 5 percent.
From Realtor.org's website.
Washington, July 22, 2010
With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.
Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said.
“Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”
Stayed tuned as I monitor this month's in my weekly Real Estate Sales Update.
July last week saw 15 sales. Median sale price of $475,000.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Tuesday, July 27, 2010
Jersey City Real Estate Weekly Sales Market Update
Jersey City Real Estate Weekly Sales Market Update
For the week of July 19th, through July 25th 2010
Condominium Sales:
There were 5 sales that closed for the week. From the lowest price a 566 square foot one bedroom at The A condo's with a list price of $359,000 and a sale price of $315,000. To the highest price, a 2300 square foot 3 bedroom 3 bath restored brownstone condo with a list price of $1.249Million and a sale price of $1.075Million.
Median list price was $537,995 and median sold price was $513,000. Down about 6% from last week. Median days on market was 116 days.
Pending Sales:
There were ten contracts written by real estate agents for the week. The lowest priced was a 759 square foot one bedroom at The Portofino, with an asking price of $275,000. The highest priced was a two bedroom two bath at Gulls Cove with an asking price of $672,000.
Median list price was $408,500, median days on market was 88 days.
Brownstone Single Family Homes
Sales:
There were no sales this week.
Pending:
There were no homes that went under contract.
Compare this week's sales to last weeks.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
For the week of July 19th, through July 25th 2010
What's hot in JC
Condominium Sales:
There were 5 sales that closed for the week. From the lowest price a 566 square foot one bedroom at The A condo's with a list price of $359,000 and a sale price of $315,000. To the highest price, a 2300 square foot 3 bedroom 3 bath restored brownstone condo with a list price of $1.249Million and a sale price of $1.075Million.
Median list price was $537,995 and median sold price was $513,000. Down about 6% from last week. Median days on market was 116 days.
Pending Sales:
There were ten contracts written by real estate agents for the week. The lowest priced was a 759 square foot one bedroom at The Portofino, with an asking price of $275,000. The highest priced was a two bedroom two bath at Gulls Cove with an asking price of $672,000.
Median list price was $408,500, median days on market was 88 days.
Brownstone Single Family Homes
Sales:
There were no sales this week.
Pending:
There were no homes that went under contract.
Compare this week's sales to last weeks.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones
Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
For the week of July 19th to July 25th, 2010.
Condominium Sales:
There were six sales for this week. The lowest price a 611 square foot one bedroom on 2nd and Adams, with a list price of $224,900 sold for $220,000. The highest priced sale, was a 1338 square foot two bedroom two bath at 1100 Adams with a list price of $629,000 and a sale price of $595,000.
Median list price for the week was $457,433 median sale price was $440,500. Median days on market was 59 days. Down about 12.5% from last week.
Pending Sales:
14 new contracts were written by real estate agents this week. From the lowest, 222 Grand St a short sale, 720 square foot one bedroom with a list price of $349,000 to the highest, 56 Jefferson St a 2139 square foot three bedroom three bath with an asking price of 1.1Million.
Median list price for the week was $449,450. Median days on market was 62 days.
Brownstone Single Family Homes
Sales:
No homes sold for this week.
Pending:
No homes are under contract this week.
Compare this week's to last weeks sales.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
For the week of July 19th to July 25th, 2010.
What's cookin in Hoboken
Condominium Sales:
There were six sales for this week. The lowest price a 611 square foot one bedroom on 2nd and Adams, with a list price of $224,900 sold for $220,000. The highest priced sale, was a 1338 square foot two bedroom two bath at 1100 Adams with a list price of $629,000 and a sale price of $595,000.
Median list price for the week was $457,433 median sale price was $440,500. Median days on market was 59 days. Down about 12.5% from last week.
Pending Sales:
14 new contracts were written by real estate agents this week. From the lowest, 222 Grand St a short sale, 720 square foot one bedroom with a list price of $349,000 to the highest, 56 Jefferson St a 2139 square foot three bedroom three bath with an asking price of 1.1Million.
Median list price for the week was $449,450. Median days on market was 62 days.
Brownstone Single Family Homes
Sales:
No homes sold for this week.
Pending:
No homes are under contract this week.
Compare this week's to last weeks sales.
Information provided by the Hudson County MLS, deemed reliable but not guaranteed.
Wednesday, December 23, 2009
CNN Money - housing | sales | up again! Real estate | market | on the rebound?
November home sales leap
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..
Monday, March 30, 2009
Hoboken Recent Spring Sales!
Here are some recent Hoboken Condo sales for you! (More added)
1025 Maxwell Lane 1361 sq ft 2 bd 2 bth w/balcony listed by Caulfield Real Estate for $980,000 on 10/27/08, offer accepted 12/10/08, closed 03/17/09 for $920,000.
629 Garden 1050 sq ft 2 bd 2 bth with private backyard listed by Century 21 for $559,000, offer accepted 02/02/09 and closed 03/20/09 for $559,000.
924 Jefferson new construction 1000 sq ft 2 bd 2 bth listed by Century 21 for $569,900 on 9/9/08, offer accepted 12/10/08, closed 3/24/09 $566,400
924 Jefferson new construction 750 sq ft 1 bd 1 bth listed 09/09/08 $409,900, offer accepted 1/15/09, closed 3/24/09 $400,000
829 Garden, 1019 sq ft 2 bd 2 bth listed by Liberty Realty for $529,900 on 01/05/09, offer accepted on 01/14/09, closed 03/27/09 for $515,000
333 Adams, 552 sq ft 1 bd 1bth listed by RE/MAX Gold Coast Realty for $365,777 on 01/07/09, offer accepted 01/19/09, closed 03/30/09 for $330,000
928 Garden St, 768 sq ft 1 bd 1bth listed by Brian David Realtors for $419,000 on 10/21/08, offer accepted on 02/17/09, sold 03/31/09 for $379,000
924 Jefferson - new construction - 1040 sq ft 2 bd 2 bth closed 03/27/09 for full list price of $540,000
218 Madison, 710 sq ft 1 bd 1bth w/terrace listed by Liberty Realty for $419,000, offer accepted on 03/02/09, sold 03/30/09 for $399,000
Friday, March 27, 2009
New Hoboken Listings Today
Thinking about more space? Here is a list of new Hoboken listings as per the Hudson County Multiple Listing Service..
New 1 bedroom with parking, 885 sq ft downtown asking $389,999 - Listed by Adele Tamburo Weichert Realtors
2 - New 3 bedroom 2 bth with parking, 1795 sq ft downtown asking $760,000 & $785,000 (w/ terrace) New construction - Listed by Cynthia Nazzaro & Eric Dilone Halliburton Homes
New 2 bedroom 1 bth (previously listed) 701 sq ft, 4th fl uptown asking $375,000 - Listed by David Najjar Realty Executives
New 1 bedroom 1 bth with parking, (previously listed at $424,900) downtown asking $400,000 - Listed by Patrick Southern Liberty Realty
Wednesday, March 25, 2009
Hoboken Condo Sales - UP
As of today, there are 527 condominiums currently active on the MLS. This does not count any co-ops, single or multi family homes. This is up from recent months.
Some Good News! So far this month, there are 36 units that have sold, and 33 that have gone under contract. That is up from the last 3 months. February there were 32 units that went under contract and 22 that sold. January saw 44 new contracts and 27 sales.
We are anticipating an increase in sales for the end of this 1st quarter as well as the 2nd quarter due to competitive mortgage rates, the new stimulus tax incentive and the spring buying season.
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