If you thought that Hoboken had a young average age population, believe me that average will drop even further soon.
Another FYI is that in the first 6 months of 2007 (53) 3 bedrooms condos were sold in Hoboken average selling price $717,271 and it took 78 days on the market to sell them on average, compared that to the first 6 months in which (29) 3 bedrooms condos were sold in Hoboken, average selling price $710,999 and it took 77 days on the market to sell them on average.
Now I'm thinking more families are staying in Hoboken, as opposed to traditionally moving out to the suburbs, so since the sales of 3 bedrooms condos in Hoboken went down compared to last year in the same period, maybe there were more 1 family homes for sales? Surprisingly enough in the first half year of 2007 it was exactly the same amount for 2008 in terms of 1-Family Homes that have sold and this number was 12. The average price, however, did go down by 13% from $1,247,500 (2007) to $1,083,000 (2008). This price drop however did encourage buyers to buy faster with 60 Days average days on the market for 1-family homes in the first half of 2008 compared to 70 Days Average days on the market in the first half of 2007.
Now. Nobody can deny that it seems that there are so many more babies, toddlers and children strolling or being strolled in and around the beautiful parks and streets that Hoboken has to offer. So for me the only explanation would be that more would be 3 BR or 1 Family home buyers are waiting and anticipating the 3 Bedroom Condo market in Hoboken and are weathering the market in their 2 BR Hoboken Condos.
I would love to hear from you either as a buyer of a 3 Bedrooms Hoboken Condo or as a seller of a 2 Bedrooms Hoboken Condo, what your motivation is for buying/ selling now or waiting and anticipating?
If you need any additional data pertaining your personal property and where it stands in the current market, please don't hesitate to contact me, it would be my pleasure to help you.
Best regards,
Anoir
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