The following is a report for Hoboken real estate , condos sold, and condos for sale during the month of NOVEMBER. 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- NOVEMBER 2009 Condos Sold & Inventory For Sale
The total number of Hoboken condos sold was 55 during the month of November, 2009... 19 fewer than condos sold in October 2009, but 18 more than the month of November in 2008. This brings the Year to Date condos sold in Hoboken to 571, an average of about 52 condos sold per month. At this point last year in 2008, the Year to Date sales were 771. There has been a drop of 26% in sales activity. This, however is largely the effect of the "fear" mentality that gripped the country following last years Q3 Financial collapse that carried over to this year. Sales have dramatically increased month over month in 2009 largely due to the homebuyer tax credit, low rates, market optimism, etc.
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 December 1, 2009, there were 481 Hoboken condos for sale, which is 46 active listings FEWER than just 1 month ago. As mentioned, the total number SOLD during October was 55. The absorption rate for Hoboken based on October's sales figures is 8.75 months, slightly higher than a month ago.
Studios / 1 Bedrooms: There are a total of 159 Studio and 1 Bedroom condos for sale in Hoboken. A total of 20 Studio and One Bedroom condos sold during the month of November, 5 fewer than what sold in October. The average listing price of the condos sold was $361,871 and the Average sales price was $340,375. The highest sale was $407,500 (Prospect Hill) and the lowest sale was $232,500, a brownstone condo near 2nd & Grand. The absorption rate for 1 Bedroom condos in Hoboken is 7.95 months. Average Days on Market for Studio and 1B condos sold was 106 Days.
Two Bedroom: There are a total of 262 Two Bedroom condos for sale in Hoboken. A total of 28 Two Bedroom condos sold in November. The average listing price of sold 2 BR condos was $536,798 and the Average sales price was $518,275. The highest sale was $867,500 (Harborside Lofts) and the lowest was sold for $321,000 located on 4th Street. The current absorption rate for 2 bedroom condos in Hoboken is 9.35 months. Average Days on Market for 2B condos sold was 118 Days.
Three Bedroom: There area total of 53 Three Bedroom condos for sale in Hoboken. A total of 7 Three Bedroom condos sold in November. The average listing price of sold 3 BR condos was $749,577 and the Average sales price was $716,436. The highest sale was $1,045,000 (New Construction near 2nd & Bloomfield) and the lowest sale was for $467,552, located near 5th & Monroe. The absorption rate for Three bedroom condos in Hoboken is 7.57 months. Average Days on Market for 3B condos sold was 78 Days.
Four Bedroom & Higher: Very few care about 4's and higher but quickly, there are 7 Active Listings as of December 1, 2009. Not a single condo consisting of 4 bedrooms or more sold during the month of November.
And there you have it! The November Hoboken Real Estate Report. New Jersey Real Estate Guys always has their fingers on the pulse of the market for your due diligence. Please contact us if you would like to discuss any future Hoboken real estate purchases or sales. We would love an opportunity for an interview! If you are interested in previous months' sales and inventory activity, continue reading below.