Hoboken dog days of summer mean easier parking, less crowded restaurants, weekend trips down the shore, and low condo inventory! Yes, that’s right. The Hoboken condo market has been at anemic levels for quite some time, but as of today we have only 185 condos listed for sale in the Hudson County Multiple Listing Service.
The current data tells the same story from most of this year – strong buyer enthusiasm coupled with low inventory levels. Sprinkle in the historically slower selling months of July and August, and we sit at the low water mark-et where we are today. The only thing different is that the buyers are still out there looking to snap up a new home before winter.
If you have been considering selling, now may prove to be a good entry point. If you’re looking to purchase, the fall inventory should be coming to market soon.
Either way, it’s hard to believe that we are almost into September! I think I’ll join that house for an ice cream!
Current Hoboken Condo Market Statistics as of 8/20/12
For Sale:
Total condos: 185
Average asking price: $588,751
Average days on market: 79
54 units listed in the last 30 days
Under Contract:
Total: 178
Average asking price: $498,091
Average days on market: 56
56 units under contract last 30 days
Sold:
Total sold last 90 days: 222 – (74/month)
Average asking price: $552,839
Average selling price: $541,159
Average list to sales price ratio: – 2.11%
Average days on market: 42
67 units sold last 30 days
Absorption rate:
This is the time it would take to sell through the total current condo for sale inventory if no other units were to come onto the market using the number of units under contract in 30, 60, and 90 days data points divided into the current number of units for sale.
30 days – 3.30 months (197 units divided by 56 under contract last 30 days)
60 days – 2.80 months (197 units divided by 66 units under contract per month last 60 days)
90 days – 2.64 months (197 units divided by 70 units under contract per month last 90 days)
It’s a lot of math, but would you like to know how can these figures fit into your real estate goals? Let’s talk…
Make it a great rest of the summer!
Eddie
Eddie Perez, Broker – REALTOR
201.344.2886 mobile / text
eddie@InvestHoboken.com
RE/MAX Gold Coast Realty
56 Newark St, Hoboken NJ 07030
Representing the finest properties……Yours!