Condo End of Year Market Sales Report - 2010
Let's start with December.
Sales: For the month of December there were a total of 51 closed sales compared with November's 47 sales.
The median list price was $459,000, median sale price was $450,000. Median days on market was 63 days.
Studios - 3 Sold at The Hudson Tea
One bedrooms - 18 One bedrooms Sold
Two bedrooms - 25 Two bedrooms Sold
Three bedrooms - 4 Three bedrooms Sold
Under Contract: Pending for the month of December are a total of 41 total units. Median list price is $499,000, median days on market is 66 days.
So, how did we do in 2010?
Isn't my baby cute? A face only a mother could love :)
2010 Started with a bang with the home buyer tax credit increasing market activity towards the end of February with new sales exploding in April, May and June. Summer simmered down to a pace averaging around 50 sales per month. Per square foot prices dropped to 2004-2005 levels.
Mortgage rates dipped to record lows under 4.5% making buyers take notice. Overall 2010 saw an increase in sales of about 13% compared to 2009. Median sale price dipped 2.97% compared with 2009.
Month Sales Median List Price Median Sale Price Median Days On Market %Discount
January 43 $494,000 $480,000 72 2.83
February 45 $474,900 $460,000 82 3.13
March 53 $519,000 $498,500 68 3.94
April 75 $479,000 $467,505 45 2.39
May 82 $449,000 $435,000 55 3.78
June 124 $469,000 $455,000 79 2.98
July 54 $511,999 $503,500 77 1.71
August 59 $457,500 $436,200 89 4.65
September 52 $466,500 $443,000 79 5.03
October 54 $418,944 $405,000 85 4.04
November 47 $475,000 $459,990 80 3.16
December 52 $454,000 $445,000 86 1.98
You can see the effect of the Home Buyer Tax Credit. Sales spiked for three months, April, May and June.
By Bedrooms for the year, the majority of sales were two bedroom units. This is the bulk of the market overall in Hoboken with one bedrooms close behind; studios and three bedrooms after.
Fourth Quarter Sales - Most Recent Look at Data - By One and Two Bedrooms Per Square Foot
One Bedrooms - 52 Total Sales - $469.39 Per Square Foot
Two Bedrooms - 72 Sales - $464.40 Per Square Foot
There were 18 three bedroom unit sales in the 4th QR and 10 Studio Sales
Consider that there are currently 349 active condo units. 2010 saw 740 Total Sales. At this number if we divide that into the year and the current amount of inventory, we are sitting on 17 month's worth of inventory. It would take almost a year and a half to sell all of the units that are for sale.
If we look at the sales pace for the last six months we adjust to an inventory stock of 15 months.
However, there is a large amount of 'shadow inventory' waiting in the wings. These are seller's that are timing the market for the best time to sell to yield the highest sale price, most likely to list between March and June.
Curious on your feedback - where do you think the market is going?
Karinaa@remax.net (201) 795-5200 xt 332
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