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%
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