Hoboken Real Estate Year Condo Report 2013

What a year! My Hoboken real estate 2013 condo report shows huge gains from 2012. Hoboken condo owners can finally breathe.

I can describe the year in one word - COMPETITIVE  
Buyers and their agents had to work harder to buy a home due to multiple bid scenarios and very little inventory. Sellers had the advantage this year and buyer's were forced to pay.


All Hoboken condo sales for 2013 

Median Sale Price was $540,000 UP 14.8% from 2012's Median Sale Price of $470,000
Total Units Sold were 1024 UP 35.9% from 2012's Total Units Sold of 753


Break Down
Studio Market - 24 sales for the year
One Bedroom Market - 330 sales for the year  = $409,000 Median Sale Price
Two Bedroom Market - 553 sales for the year = $580,000 Median Sale Price
Three Bedroom Market - 105 sales for the year = $792,000 Median Sale Price
Four and Five's were the remaining.

The Median Days On Market for all condo sales in Hoboken was just 21 days reflecting the competitive nature of 2013.


2014 Start of the Year Sales

January 2014 shows 49 units sold DOWN from 82 in December. And a Median Sold Price of $504,000 above the Median List Price of $499,000 but slightly down the Median Sold Price of December of $506,000.

It is normal for sales to dip in February but you can see that prices have not been affected much as inventory is still tight and buyers are shopping in these cold months.

Hoboken Real Estate Monthly Market Update

It's the Hoboken Real Estate Monthly Market Update!

Wow, the real estate market is incredibly busy and it seems for every property there are a dozen buyers. Inventory is still low and activity high. There is no sign of any flooding of inventory or even a shower coming soon. In fact, home sales traditionally slow down in Q4 and we expect inventory to slowly lower into the winter months when seller's who are not in a rush to sell will take their homes off the market to enjoy the holidays in there home and try again in the Spring.

Sales:
For the month of September there were 57 sales reported. A drop off of about 38% compared with August
The Median List Price for the month was $489,000 
The Median Sale Price was $480,000 A discount of about 1.8% of the asking price and up about the same from August's Median Sale Price.
The Median Days On Market was 42 days.

Pending:
For September Hoboken reported 56 units as under contract
The Median List Price for those pending is $497,000
The Median Days on Market is 44

Hoboken is averaging about 55 sales a month, with just 153 units for sale our current absorption rate is just 3.5 month's worth of inventory indicating a seller's market. Now could be the time to sell your home and capitalize on this rare opportunity. Please reach me for a consultation if you are considering selling your home before the Spring rush in 2013.

If you're looking for a home make sure to visit my website to search for the right place for you at www.myhobokenproperties.com

Information from the Hudson County MLS deemed reliable but not guaranteed. 
Check back soon for more Hoboken Real Estate Market Updates.