The Hoboken Condo market update for April 2011 is in and depending on whether you're buying or selling, the news can be viewed as either good or not so good.
Good news for Hoboken condo sellers:
- Hoboken condominiums on average are selling faster than they did during the same period last year, just 69 days in April 2011 as opposed to 82 days for all closings in April of 2010. Additionally the overall inventory is at a historic moderate amount sitting at 378 units.
- 75 condos went into contract last month
- The current absorption rate, the rate at which all condos in market would be "absorbed" by the current pace of sale (in this case we're using the 75 units under contract in April) is now at 5 months. This points to a somewhat "balanced" market.
- Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 4.750%/ 4.868 APR
- We're not in Nevada.... where in the 1st quarter and March 2011 was the state with the highest foreclosure rate
Good news for Hoboken buyers:
- Average selling prices are down 10% from same period last year
- Median selling prices are down 11.9%
- Average dollar per square foot is down 4.2%
- List-to-sales-price-ratio is down to 95.9% which indicates sellers are willing to negotiate from already lower prices
- Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 4.750%/ 4.868 APR
- We're not in Nevada - I wanted to make sure you were really reading this :)
Here are the actual stats I complied for you using the Hudson County Multiple Listing Service:
Make it a great day! Your Hoboken REALTOR, Eddie Perez.....
Current Active "For Sale" Condo Inventory as of 5/1/2011: 378
Average asking price: $527,827
Median asking price: $449,999
Average days on market: 80
Average asking price per square foot: $521
April 2011 - New Condo Listings: 127
Average asking price: $499,825
Median asking price: $445,000
Average Asking Dollar Per Square Foot: $515 ** notice the difference between this and the avg under contract and selling dollar per square foot**
April 2011 - Under Contract: 75 (-45% to the 109 units that went under contract in April 2010)
Avg asking price: $498,909
Median asking price: $475,000
Avg days on market: 50
Avg dollar per square foot: $459
April 2011 - Sold: 48 ( -54% to the 74 that sold in April 2010)
Average asking price: $479,902
Average selling price: $460,449 (-10% from the average selling price of $506,587 in April 2010)
** Average List-To-Sales-Price-Ratio (LSPR) : 95.9% of asking price ** (96.7% LSPR in 2010)
Median selling price: $428,500 (-11.9% from the median selling price of $479,752 in April 2010)
Average days on market: 69 (82 average selling days on market in April 2010)
Average selling dollar per square foot: $444 (-4.2% from the average selling price per square foot of $463 in April 2010)
About Eddie: Eddie Perez is an experienced New Jersey licensed Broker - REALTOR specializing in buying and selling condominiums and Brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 120 homes and is among the top producing agents in Hudson County. 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. You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886
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