My clients receive a monthly real estate E-Newsletter from me on real estate topics for buying, selling and investing plus a monthly breakdown of the downtown Jersey City and Hoboken real estate markets.
November's News Looks Promising
45 Units sold in November in Hoboken. Broken down by bedroom, 17 were one bedrooms, 20 were two bedrooms, and 8 three bedrooms were sold.
The average list price for the month was $546,367, the average sale price was $524,330 about 4% off the list price. Average days on market was 80 days. Current inventory is 382 - down significantly from months past - less competition, not a bad time to sell.
Note* The average list price for the same month in 2009 was lower - at $493,097 and the average sale price was $473,857.
If no new units are listed, current absorption rate is 8.48 months! This is the best it's been in a while!
16 Units have sold so far in December, and another 19 went under contract. If Hoboken can keep a pace of 40+ sales a month until the Spring, we should be in much better shape come April/May. We will have to keep an eye out on new inventory as this could skew sales.
Have we hit bottom? What do you think? Of course there are outside factors that could shake things up a bit too including unemployment and foreclosure rates. However, distressed properties make up a small fraction of all Hoboken sales and the rental market is very strong signaling people are still moving here. Curious on your thoughts!
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