Hoboken Real Estate Market | Hoboken Condos and Brownstones | Update October Report

Hoboken Real Estate Market Update Hoboken Condos and Brownstones - October Report

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.

Sales prices are down about 8.9% from last month. September's median sale price was $438,000.
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.

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones

Week of October 11th 2010

What's Cookin

Hoboken Condominiums
Sales: For the week, there were 13 sales. From the lowest, a 400 sq foot studio at 1026 Washington St with a listing price of $209,600 and a sale price of $185,000. To the highest, a 1450 sq foot three bed two and a half bath condo with terrace and parking on a 3rd floor walk up at 415 Madison with a list price of $609,999 and a sale price of $595,000.

Median List Price for the week was $399,000. Median Sale Price was $360,000. Median days on market, 129 days.

Pending: For the same week, 10 units went under contract status. From the lowest price, a 625 square foot one bedroom at 509 Willow Ave with a list  price of $309,000 to the highest price, a 1314 square foot two bedroom two bath with terrace and parking at Maxwell Place - 1025 Maxwell Lane with a list price of $850,000.

Median List Price for pending units was $529,000. Median days on market was 66 days.


Hoboken Brownstones & Single Family Homes
Sales: Zero sales for the week.
Pending: Zero homes are under contract this week.

Compare this week to last week.

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

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones
Week of 10/4/10/- 10/10/10

What's cookin'

Hoboken Condominiums
Sales:
10 sales closed for the week.  From the lowest - and smallest, 725 Washington Street, a 330 square foot studio with a list price of $215,000 and a sale price of $197,500. To the highest, 1125 Maxwell Lane a 1260 square foot two bed two bath, with a list price of $872,995 sold for $845,000. It is unclear whether that sold with parking included.

Median list price for the week was $462,000. Median sale price was $437,500. Median days on market, 62 days.

Pending:
Weird coincidence, for the week there were also 10 pending sales. From the lowest, 214 Jefferson, a 565 one bedroom with a list price of $219,000, to the highest at 1125 Maxwell Lane, a 1622 square foot two bed two bath plus den with a list price of $1.679.

Median list price $484,000 median days on market 76 days.

Hoboken Brownstones & Single Family
Sales: Zero for the week
Pending: Zero for the week

There are currently only 9 single family homes for sale ranging from $525,000 to $1.6M

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

Hoboken Real Estate Market | Weekly Update | Hoboken Condos and Brownstones | September Report

Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones - September Report

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.

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  $483,250

Median Sale Price $473,000
July: 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%

Hoboken Real Estate Weekly Update + Month Overview

Hoboken Real Estate Weekly Sales Update

Month of July - Let's Tally Up The Totals For The Month

What's Cookin In Hoboken

Condomonium Sales:
The month of July saw 49 sales. Down significantly from June's 119 sales.
Median List Price was $499,888
Median Sold Price was $477,500
Median Days on Market - 51 Days.

Average Price Per Sq Foot - $439.75

Pending Condominium Sales:
53 units were DABO'd (Deposit accepted by owner) for the month.
Median List Price was $464,000
Median Days on Market - 74 Days

Already we see that the median list price is down from the median sale price for the month.

Here's a few snap shots at sales over the last few years /condominium prices in Hoboken

July 04 - 92 Sales = median sale price $402,500
July 05 - 91 Sales = median sale price $525,000 +
July 06 - 84 Sales = median sale price $498,500 -
July 07 - 88 Slaes = median sale price $506,000 +
July 08 - 92 Sales = median sale price $490,750 -
July 09 - 62 Sales = median sale price $469,000 -
July 10 - 49 Sales = median sale price $477,500 +

I've highlighted the dips to take note of. This July we are very low and off track of normal July sales for the month...

With the tax credit expired and buyer's left wondering about job security, the housing and job market, most likely, August's sales will be weaker than expected. NAR released a statement saying that June's sales fell more than 5 percent.

From Realtor.org's website.

Washington, July 22, 2010


With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of Realtors®.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.

Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said.

“Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”


Stayed tuned as I monitor this month's in my weekly Real Estate Sales Update.
July last week saw 15 sales. Median sale price of $475,000.

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