The following is a report for Hoboken real estate and condos sold during the month of October. Year to date numbers are included as well. Only condos have been included in this report. Don't forget...If you would like to search for Hoboken condos for sale, visit our MLS/IDX searching tool and call NJ Real Estate Guys at 877-688-7582 to set up a showing appointment or if you would like info on how we can help sell your condo.
Hoboken Real Estate Report - October 2009 Condo Sales
The total number of Hoboken condos sold was 74 in the month of October. This brings the Year to Date condos sold in Hoboken to 516, an average of about 52 condos sold per month. At this point last year in 2008, the Year to Date sales were 734. There has been a drop of 30% in sales activity. This, however is largely the effect of the "fear" mentality that gripped the country following last years Q4 world market collapse. Sales has dramatically increased month over month in 2009 largely due to the homebuyer tax credit, market optimism, etc.
Listing Price versus Sale Price: In October of 2009, the Average listing price of condos sold was $498,963. The Average sales price was $475,696. This means that sellers received over 95% of asking price, a positive sign.
Absorption Rate: An absorption rate indicates the number of months it takes to sell the current inventory at the present rate of sales. As of November 1, 2009, there were 527 Active Listings of Hoboken condos for sale. As mentioned, the total number SOLD during October was 74. The absorption rate for Hoboken based on October's sales figures is 7.12 months.
Studios / 1 Bedrooms: There are a total of 175 Studio and 1 Bedroom condos for sale in Hoboken. A total of 25 Studio and One Bedroom condos sold during the month of October. The average listing price of the condos sold was $387,426 and the Average sales price was $368,375. The highest sale was $625,000 (Maxwell Place) and the lowest sale was $111,385, a condo near 5th & Willow. The absorption rate for 1 Bedroom condos in Hoboken is 7 months. Average Days on Market for Studio and 1B condos sold was 116 Days.
Two Bedroom: There are a total of 286 Two Bedroom condos for sale in Hoboken. A total of 43 Two Bedroom condos sold in October. The average listing price of sold 2 BR condos was $513,537 and the Average sales price was $492,236. The highest sale was $825,000 (another in Maxwell Place) and the lowest was sold for $265,000 located near 7th & Willow. The current absorption rate for 2 bedroom condos in Hoboken is 6.65 months. Average Days on Market for 2B condos sold was 136 Days.
Three Bedroom: There area total of 59 Three Bedroom condos for sale in Hoboken. A total of 5 Three Bedroom condos sold in October. The average listing price of sold 3 BR condos was $881,310 and the Average sales price was $819,200. The highest sale was $1,320,000 (Vesta Hoboken - Observer Hwy) and the lowest sale was for $640,000, located near 1st & Willow. The absorption rate for Three bedroom condos in Hoboken is 11.8 months. Average Days on Market for 3B condos sold was 106 Days.
Four Bedroom & Higher: Very few care about 4's and higher but quickly, only one 4-bedroom condo sold in Hoboken in October. The listing price was $749,000 and the sales price was $730,000. It was on the market for 135 days.
So there you have it for the month of October. Sales have been a little down, but there are great signs of improvement. Remember, Hoboken was approved for their highly needed pump station that will mitigate the water retention in the area during and after rainstorms, a major boost to property value stygma in these areas.
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