July 2009 – Hoboken Condo Market Statistics

Here are the final sales figures for July 2009 compiled using the Hudson County Multiple Listing Service.

Overall, Hoboken condominiums showed a decline when compared with the same period last year.  There were declines in total units sold, total contracts signed, average selling price, median selling price and total sales dollar volume.

I’m certainly not surprised by these figures as we’re still facing challenges from the local supply / demand dynamics, a more challenging lending environment, national / world economic uncertainties as well as local uncertainties just to name a few!

The good news is that the overwhelming number of sales are traditional and new construction, not distressed properties.  We haven’t seen a significant short sale or foreclosure market in Hoboken.  In fact as of this writing, I could find only 5 short sales out of 529 active condominiums being marketed in the MLS.

We’re not immune to the possibility of our market being affected more from distressed property sales, however at this point we seem to be only marginally impacted.  We’ll keep a close eye on this because if they become more prevalent, it will have a negative impact to our community.  Additionally, buying and selling strategies will have to be adjusted.

But for now, check out the stats:

July 2009 Sold Condominiums: 

Studio: none sold

1 bedroom: 17 sold.

Average asking price: $384,982

Average selling price: $365,734 (-5.0% of asking price)

Average days on Market: 75

2 bedroom: 38 sold

Average asking price: $526,602

Average selling price: $502,600 (-4.5% of asking price)

Average days on Market: 86

3 bedroom: 5 sold

Average asking price: $731,779

Average selling price: $677,920 (-7.4% of asking price)

Average days on Market: 128

4 bedroom:  None sold

July 2009 – Pending Contracts.  These are the deals that were consummated during the month and represents the current buying activity.

Pending Condos: 46

1 bedroom: 17 contracts  

Average asking price: $389,452

Average days on Market: 72

2 bedroom: 20 contracts

Average asking price: $504,785

Average days on Market: 151

3 bedroom:  8 contracts

Average asking price: $673,337

Average days on Market: 119

4 bedroom:  1 contract pending  

Asking price was $949,000.  Days on market was 25

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Edward (Eddie) Perez