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.
Nice information that explains the real estate market has gone from boom to bust, almost.Commercial and residential real estate communities for this important full-day program on the state of distress, identifying opportunities for investors, while providing solutions for highly-leveraged investors and brings together a similar group of investors, owners, developers, traditional lenders, alternative lenders, loan workout specialists, special servicers, receivers, brokers and industry service providers, with emphasis on west coast opportunities.
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