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.
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