Real Estate - Back To The Good Old Days?

Hoboken and Jersey City real estate agents are all too familiar with multiple offers these days. Despite popular pessimistic consumer sentiment, it is obvious to us that there is pent up demand in the housing market.

Here are just some recent addresses that have received multiple offers:

1100 Adams St #611 Hoboken, NJ - List $509,000 - Multiple Bidders 6 days on market
708 Willow Ave #3B Hoboken, NJ - List $279,000 - Multiple Bidders 5 days on market
1034 Clinton St #416 & #106 Hoboken, NJ List $599,000 and $489,000
- Multiple Bidders 1 day and 10 days on market
15 Warren St #410 Jersey City NJ - List $949,000
- Multiple Bidders 7 days on market

One caveat, there are 70+ listings for sale that have been on the market 99 days or more and there are 30+ listings that have been on the market longer than 150 days when the median days on market has been under 60 days, showing that there are still over priced listings that are not selling.



Keep in mind inventory is still very low in Hoboken with just over 200 units for sale.


So, if a home is priced appropriately it will sell in today's market in less than 60 days according to the latest figures.

This is true in any market, buyer's, seller's or balanced. Homes that are priced appropriately for their condition and location will always sell compared with those that are priced out of their appropriate range.

Hoboken Real Estate Market | Update Hoboken Condos and Brownstones

Hoboken Real Estate Market Update Condos and Brownstones

Week Of November 22nd - 28th, 2010  Gobble Gobble!!

Condominium Sales:
For the week there were 3 sales! More turkey than closings ; )
1212 Washington, probably the deal of the year! Sold for $180,000. It is a 4th floor walk up, 654 sq ft one bedroom plus den with a list price of $229,000 sold for $180,000 after 280 days on the market. Needed upgrades.
Here's another deal.
603 Jefferson Street, is a three bedroom one bath, 983 square foot, with a list price of $299,000 - SOLD for $299,000 after being on the market 158 days, and it needed upgrades.
And last but not least - The Hudson Tea - 1500 Washington Street, a 895 square foot one bedroom, facing North and with original floors, kitchen and bath, no parking, and a list price of $485,000 sold for $459,900 after being on the market 71 days.

 Median list and median sale was $299,000. Median days on market, 158 days. Currently, there are 406 condo's for sale. 38 Sold for the month. The median list price for the month was $472,000. Average list price was $534,203. Median sale price was $455,000 Average sale price was $511,465.

(I've been asked why I use median prices instead of averages. I don't like to use averages because I don't think it gives an accurate picture. Averages factors in the extreme lows and highs of the market, for this month, for example, it was $180,000 and 1.63Million - this affects the data by adding factors in very high or very low numbers.. You can see that in the difference between average and median.

If I remove the extremes, then the numbers shift. Average sale becomes $497,452 and median sale stays the same at $455,000.

Pending:
Eleven homes are waiting to close for this week. From the lowest, a 637 Square foot one bedroom two bath at 63 Madison, with a list price of $250,000; to the highest, an 1874 square foot at 610 Clinton, The Cast Iron Building, a two bed two bath duplex plus office, terrace and parking, with a list price of $910,000 are under contract.

Median list price for the week was $399,900. Median days on market is 67 days.

Brownstones and Single Family Homes
Sales:
Zero homes sold this week.

Pending:
Two homes are waiting to close. 103 Willow Terrace, a 4 bedroom 3 bath triplex with two decks and a list price of $769,000, and 33 days on market is waiting to close. And, 1247 Bloomfield, a 4 bedroom 3 bath four story brownstone with yard and a list price of 1.190M in need of full renovations, is waiting to close after being on the market for 50 days.

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

Hoboken | Real Estate | Market | Snapshot

Hoboken Real Estate Market Snap Shot

For the month of February, Hoboken saw 40 units close, not far from January's sales of 43. The average days on market 99. We've noticed an increase in inventory and currently we are looking at a 12 month supply of homes. However I expect March sales to be higher and remain strong through June.
The number of pending sales for February was solid at 56 units.

Hoboken Sold
Click to see list of homes that were sold

Total # of Listings
40
Lowest Asking Price
$279,900.00
Average Asking Price
$538,243.00
Highest Asking Price
$1,299,000.00
Lowest Sold Price
$260,000.00
Average Sold Price
$514,200.00
Highest Sold Price
$1,225,000.00
Average Price/Sq Feet
$466.42
Average Days On Market
99

Hoboken Pending - number of total pending sales
Total # of Listings
141
Lowest Asking Price
$199,999.00
Average Asking Price
$518,616.00
Highest Asking Price
$1,272,995.00
Average Price/Sq Feet
$464.28
Average Days On Market
77

These numbers are based solely on condomonium sales and do not reflect, single families, multi families or other properties, including private developer sales which are not all publicly available on the Multiple Listing Service.