Hoboken Condo Market Update | Hoboken Market Snapshot by Karina Abad

Hoboken Condo Market Update and Snapshot 

New Listing 662 1st Street Hoboken 

Real Estate has proved to stay competitive even though more inventory entered the market in Spring. The median days on market is up five days from June and median sale price is down 2.7% 

July 100 Units Sold                                    June  109 Units Sold

Median List  Price $550,000                      Median List  Price $550,000

Median Sold Price $539,500                      Median Sold  Price $555,000

Median D.O.M.    19 Days                        Median D.O.M.      14 Days

There are 122 units Under Contract in July with a Median List Price of $542,000 and a Median Days on Market of 20 Days.

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Hoboken Condo Market Sales Update

Hoboken Condo Market Sales Update 
Despite the cold weather and the holidays, December saw more units sell than in November. While it took slightly longer to close, this number may not be accurate because of the effects of Hurricane Sandy and the delays it caused in closings. There is still a low amount of homes available for sale, just 108 condo units available and with an average of about 60 units closing a month in the last 6 months, we have an absorption rate favoring sellers of just under two months. HOWEVER, while prices are slowly increasing, we have seen some seller's price their homes 3-5% above the current market testing out this theory, but buyer's are savvy and some of these homes are taking longer to sell until they reduce their price. 

HAPPY NEW YEAR! Hoboken has made positive moves in real estate!


For the month of December Hoboken saw a total of 59 units close. A small dip from 62 units last year of about 4.8%  This is likely due to Hurricane Sandy and the disruption of units pending in November.
The Median List Price for the month was $485,000
The Median Sold Price for these units closed was $480,000 - an increase of about 12.5% from the previous December - Median Sold Price of $420,000 and just a 1% discount from the asking (list) price. The Median days on market was just 31 - a decrease of 3.5% from last December's 48 days on market

For the same month Hoboken saw 39 units change their status from active to pending. The Median List Price for those properties under contract was $525,000, and we'll know the Median Sold Price next month once they close. The Median Days on Market time was just 29 days.

I believe the number of sales in December would have been higher if not for Sandy. Looking at November's sales and comparing with November sales of 2011 we see another increase in the Median Sold Price (up 11.13%) and an increase in the amount of units traded (2.7% more).

In 2012 Hoboken real estate agents sold a total of 748 condominium units. This is an 8% increase from the number of sales in 2011.
The Median Sold Price for all condo's sold in 2012 was $470,000 (The Median List Price was $479,000) This is another increase of about 4.2% of the Median Sold Price of 2011.
The Median Days on Market was 33 days. This is a decrease (which is positive) of about 3.8% from the days on market in 2011.

Information provided and compiled by the Hudson County MLS, deemed reliable but not guaranteed.

Thank you for reading my condo market sales update, if you have any questions please don't hesitate to reach me. Check out my website to search for homes.

Hoboken Condos Real Estate Update

My monthly Hoboken condos real estate market update for the month of June is here!

Hoboken real estate does not appear to be slowing down even given the record high temperatures in June. There are still lots of buyers looking for move in condition homes or good opportunities and the condo market has not added a significant amount of inventory to impact the pace at which homes are selling. This is keeping pressure on prices and for the first time, we see a list price to sale price, where the sale price is actually HIGHER than the median list price.

Sales:
For the month of June Hoboken saw 72 units close. Slightly up from 69 condo units in May.
The lowest sold price was $220,000 for a 600 sq ft one bedroom at 118 Jefferson St with a list price of $229,000. The highest sold price was $1.3Million, for a rare 3,500 square foot 4 bedroom 3 bath triplex with private elevator, outdoor space and 3 car garage at 504 Observer Highway, it's original list price was $1.4Million.

The Median List Price for these units sold was $485,000 and the Median Sold Price was $489,300. The Median Days on Market was 23 days. (down from 32 days in May)

Pending:
76 Hoboken condo's changed their status to pending in June. From the lowest asking priced unit of $239,000 for a 600 sq ft one bedroom at 79 Madison St, to the highest asking priced unit of $1.385Million at 1125 Maxwell Place for a 1749 sq ft three bedroom three bath unit.

The Median List price for these units pending was $493,500 and the Median Days on Market was 33 days.

Our current inventory is still surprisingly low, with just 235 units currently for sale. Averaging about 70 sales per month, that leaves us with an absorption rate of just 3.3 months of inventory.

If no other sales come on the market, it will take Hoboken buyers just a little over 3 months to buy all of the homes available..

Make sure you are ready and prepared for when the time comes for you to make an offer on a home. Read my "How To Make An Offer"  3 items you'll need on my Trulia blog.

Check back every month for Hoboken real estate market updates! Search for Hoboken condos for sale on my website 

Information provided by the Hudson County MLS, deemed reliable but not guaranteed. 

Hoboken Real Estate | Condo Market Update | April

My Hoboken Real Estate Condo Market Update For April is here!

Spring Market is in full swing! This months stats show strong activity in new contracts, but inventory is still low making real estate quite competitive .. 

April Sales
For the month there were 57 sales. From the lowest priced unit at 107 Harrisson street for a 450 square foot one bedroom with a list price of $199,900 and a sale price of $189,000 to the highest priced unit at 1125 Maxwell Lane, for a 1915 sq ft 2.5 bed 2.5 bath with direct NYC views and a list price of $2.211,995mil and a sale price of $2.180,995mil

The Median List Price for the month was $459,000 and the Median Sale Price was $435,000. The Median Days on Market Was just 57 days.

April Contracts Pending

For the month there were 70 units change to pending status. From the lowest asking price of $192,500 for probably the smallest condo in Hoboken, a studio coming at 269 square feet; tot he highest asking price of   $1.329Million for a 1774 square foot two bedroom at 1500 Garden Street, Harborside Lofts


The Median List Price for units pending was $539,000 and the !**Median Days on Market was 24 Days.**!

You can see the trend in contracts pending and Median Days on Market that there is a high amount of activity happening and that homes are selling at a significantly faster pace.




News Articles Pertaining the state of the real estate market today
Wall Street Journal - Stunned Home Buyers Find The Bidding Wars Are Back
CNN Money - Buying A Home Won't Get Much Cheaper

If you're looking for a Hoboken condo in the current real estate market you can search for units for sale on my website.

Is the Hoboken Condo Market Still Declining?

Is the Hoboken Condo Market Still Declining?

Hoboken condo sales have been on the decline since the real estate market crash. On average Hoboken condo prices are down about 20% from their peak and sales prices in 2010 and early 2011 were trading at 2004/2005 levels.

As a Hoboken real estate agent I've noticed that sales and prices have seemingly started to pick up. With several bidding wars and homes being sold in as little as 3 days, plus investors still active in almost 30% of the market, it is an unmistakable sign that things are looking up.

I spent some time creating this spreadsheet. It shows the Median Sale Price of all Hoboken Condo Sales in 2010 (recorded on the MLS) vs the Median Sale Price of the same in 2011.

Blue  2010 Green 2011

You can see that early 2011 median sale prices were trading below the median sale prices of 2010.

But if you take a close look you'll see that prices rose above 2010 prices in the months of May, September and October, and 4th quarter sales finished strong with November and December prices trading very close to last year.

This is a positive sign that prices are stabilizing. There were no artificial factors in 2011, no home buyer tax credits to jolt sales.

2012 will see an increase in inventory as Hoboken sellers will attempt to sell their homes again after trying the last two years but I suspect buyers will absorb some of that inventory because rent vs owning is finally showing that owning is more beneficial.

There were 683 sales in 2010 compared to 742 sales in 2011. Total number sales are down about 8% yr ov yr however the median sale price for the year is virtually unchanged.

The median sale price for all Hoboken condo sales in 2010 was $455,000 VS
The median sale price for all Hoboken condo sales in 2011 was $450,000

The Hoboken rental market is hot and rental prices have jumped more than 5% year over year. This along with an improving jobs picture, mortgage rates remaining low despite the recent good news (jobs report, tax cut extension and ADP numbers) could lead the way to a stronger year in real estate sales for Hoboken.

I don't expect the rental market to ease in 2012 and would predict that there will be another increase in prices, more modest near 3%.

What do you think? Are you waiting to buy? Or are you taking advantage of these favorable conditions?