MONDAY MORNING HOBOKEN CONDO MARKET STATS

Weekly statistics 1/18/09- 1/25/09

The Hoboken condo market continued with a sluggish sales pace last week with only 7 firm accepted offers, none with an asking price above $549,900.  Average asking price was $424,082.

 News came out today that existing home sales unexpectedly rose 6.5 percent in December to an annual rate of 4.74 million units, as the median home sales price plunged 15.3 percent to $175,400 from $207,000 a year ago. The decline is the largest year-over-year drop in records going back to 1968.

According to the National Association of REALTORS, in home sales, buyers took advantage of dramatically lower prices, especially in distressed markets like California, Florida and Nevada, where foreclosures have swamped the market.

“Buyers will continue to have an edge over sellers for the foreseeable future,” said Lawrence Yun, the organization’s economist.

As of today, there are 106 Hoboken condos pending to close.  These are the people that have made the commitment in this market!

Here are the folks that took advantage of the opportunities last week…..

Firm accepted offers:

The Hoboken condo market had a total of 7 firm accepted offers last week.

1 BEDROOM

3 condos received an accepted offer Click Here to View Listings

These homes averaged 35 days on market.

2 BEDROOMS

4 condos had accepted offers Click Here to View Listings

Average days on market is 123 days.  

3-4 BEDROOMS:

No accepted offers in this category

SOLD CONDOS:  

Total of 5 condos closed last week.

STUDIOS:

No closings in this category

1 BEDROOM:

1 condo sold.  Click Here to View Listings  New construction unit at Garden St Lofts that went into contract 9/4/08.  Listing price was $675,000 and selling price was $630,000 (-6.6% of listing price)  This home was on the market for 177 days.

2 BEDROOMS:

3 unit sold.   The average asking price was $515,666 and average selling price was $498,500 (-3.3% of listing price)

Average days on market was 66 days. Click Here to View Listings

3 – 4 BEDROOMS:

1 condo sold that had 3 bedrooms and 3 full baths.   Listed at $1,100,000.  Final selling price was $950,000 (-13.6% of asking price). Click Here to View Listings  This was marketed for 184 days.

Active for sale market:

As of today there are 508 Hoboken condos actively listed for sale in our MLS.  They have an average asking price of $652,010 and a median price of $564,950.  Average days on market sits at 126.

Search entire Hoboken condo market at http://InvestHoboken.com   then click on Browse Hoboken Listings

I welcome your specific questions.  Email me at eddie@InvestHoboken.com

All of these statistics are compiled from the Hudson County Multiple Listing Service (HCMLS) and do not include properties that are not listed on this MLS such as some new construction and for-sale-by-owners.

Firm accepted offers are offers that have cleared the mandatory attorney review process and are now considered a binding contract of sale.

Eddie

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