Hoboken condo sales statistics..Sales prices are up how much?

Hoboken condo sales statistics..Sales prices are up how much?

I know most people feel that the Hoboken condo market is down, especially the "buyers" out there.  Surprise...prices went up when compared to last year.

When compiling the final sales figures for October 2011 using the Hudson County Multiple Listing Service, the central theme I noticed was.....

Fewer condos are selling but they are selling for quite a bit more!

In the Hoboken condo market, closed sales prices showed big increases in October when compared to the October 2010 stats. Average prices rose 7.73 % ($473,393 vs $436,776) and median prices were up 7.11%, ($436,000 vs $405,000). Who knew?

Ok, it's not all rosy data...

Total units sold were down by 30% (43 units in 2011 vs 56 units in 2010). Total contracts signed were also down as there were 54 contracts signed in October 2011, a 24% decline from the 67 contracts signed in October 2010.

What does this all mean?  

The market is not as bad as most think, prices are holding steady and may have gone up for some category of homes, buildings and prime locations in Hoboken.

Now all we need to do is sell a few more condos..... which by the way, I'd be more than happy to help :)

Here are the sales statistics.....

October 2011 Sold Condominiums:

1 bedroom: 13 sold.

 Average asking price: $372,861

 Average selling price: $359,973 (-3.45% of asking price)

 Average / Median days on market:   61 / 49

2 bedroom: 27 sold

Average asking price: $523,633

Average selling price: $510,175 (-2.57% of asking price)

Average / Median days on market: 70 / 50

3+ bedroom: 3 sold

Average asking price: $642,666

Average selling price: $633,833 (-1.3% of asking price)

Average / Median days on market:  58 / 40

October 2011 - Contracts signed.  These are the deals that were consummated during the month and represent the current buying activity.

Total Contracts: 54

Here's the breakdown:

Studio: 0

1 bedroom:  15 contracts  

Average asking price: $360,619

Median price: $339,000

Average days on market: 72

Median days on market: 33

2 bedroom: 33 contracts

Average asking price: $599,986

Median price: $505,000

Average days on market: 56

Median days on market: 42

3+  bedroom:  6 contracts

Average asking price: $873,583

Median price: $751,750

Average days on market: 67

Median days on market: 79

I hope you find this info useful.  As always, don't hesitate to contact me with any specific questions.

Eddie

About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886