September 2009 Hoboken Condo Sales Statistics
By Eddie Perez, Broker Associate
Here are the final sales figures for September 2009 compiled using the Hudson County Multiple Listing Service.
September’s Hoboken condo market statistics showed a slow down from the strong numbers that appeared during the month of August. Total closed units were down slightly with 69 closings in August followed by 67 closings in September. Final closed sales prices were mixed with average prices falling 2.1 % to $485,497 in September from $495,882 in August. Median closed sales prices were slightly up however at $490,000 in September compared with $475,000 in August. The largest drop off was in contracts signed where we saw a 21.2% decline (80 in August vs.63 in September).
Now when I compared last Septembers sales figures with this years, I found the results reflected the challenging year in the pricing environment with average prices off 13.9% ($564,184 in Sept ‘08 versus $485,497 in Sept ‘09). Median numbers were down less at 3.9% ($510,000 vs $490,000).
The good news is that the closed sales and pending sales activity were both up compared with last years. Closed unit sales were up a just 1.5% (We’ll take it!) however the impressive gain was seen with pending contracts as 63 contacts were signed this year compared with 51 during last September. A big 23.5% increase! (We’ll take that too!).
So what can we take away from this? Reasonable activity is still there with value being the driving force for this activity. It looks like there are savvy buyers out there that want to take advantage of the low interest rates, first-time home buyers tax credits, the great selection of homes while negotiating the best possible deal.
Seems like a pretty good combination.
Here are the comparisons:
| September 2009 | September 2009 | Comparison: | |
| Units Sold: | 66 | 67 | + 1.5% |
| Avg. Price: | $564,184 | $485,497 | - 13.9% |
| Median Price: | $510,000 | $490,000 | - 3.9% |
| Pending: | 51 | 63 | + 23.5% |
September 2009 Sold Condominiums:
|
Studio: none sold
1 bedroom: 25 sold.
Average asking price: $373,969
Average selling price: $360,532 (-3.6% of asking price)
Average days on market: 69
2 bedroom: 33 sold
Average asking price: $540,483
Average selling price: $521,030 (-3.6% of asking price)
Average days on market: 102
3 bedroom: 9 sold
Average asking price: $741,072
Average selling price: $702,333 (-5.2% of asking price)
Average days on market: 145
4 bedroom: none sold
September 2009 – Pending Contracts. These are the deals that were consummated during the month and represents the current buying activity.
Pending Condos: 80
|
Here’s the breakdown:
Studio: 3 contracts
Average asking price: $279,333
Median price: $249,000
Average days on market: 94
Median days on market: 66
1 bedroom: 22 contracts
Average asking price: $386,909
Median price: $357,450
Average days on market: 96
Median days on market: 50
2 bedroom: 34 contracts
Average asking price: $514,356
Median price: $526,000
Average days on market: 104
Median days on market: 86
3 bedroom: 4 contracts
Average asking price: $840,643
Median price: $834,999
Average days on market: 71
Median days on market: 66
4 bedroom: No 4 bedroom contracts
Best,
Eddie
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Tags: condos, eddie perez, Hoboken, Market Statistics, September 2009
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