Hoboken Condo Market Weekly Stats

Weekly statistics 3/22/09- 3/29/09

6 condos received firm offers that cleared attorney review down from 12 condos the previous week.  This breaks a three week trend of increased accepted offers.

4 condominiums closed last week.  6 closings the previous week.

Additional news:

Long term rates set another record
For the week ending March 26th the 30-year fixed averaged 4.85% with an average 0.7% fee, down from last week when it averaged 4.98%. This time last year it averaged 5.85%. The current rate is the lowest since Fannie Mae started tracking rates in 1971.

As of today, there are a total of 113 Hoboken condos pending to close (117 last week).  These are the buyers making a commitment in todays market!

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

FIRM ACCEPTED OFFERS

1 BEDROOM

1 unit received an accepted offer   Click Here to View Listings

74 days on market.

2 BEDROOMS

4 condos had accepted offers     Click Here to View Listings

Average days on market for this group was 53.

3-4 BEDROOMS

1 condo at 304 Hudson St received an accepted offer.  Originally listed on 9/15/08 at $685,000.

11/13/08 price was reduced to $638,500.  Listing expired on 3/16/09.  Same listing agent re listed

on 3/16/09 at $638,500.  Reduced to $599,999 four days later, 3/20,09.  Accepted offer on 3/23/09.

Click Here to View Listings 

SOLD CONDOS

STUDIOS

No closings

ONE BEDROOM

2 properties closed.    Click Here to View Listings   Average listing price was $409,450 and average selling price was $402,500  (-1.69% of listing price)  Days on the market average was 315.

2 BEDROOMS

2 units sold.    Click Here to View Listings  Average listing price was $549,900.  Average selling price was $540,700 (-1.0% of listing price).  Average days on market was 50.

3 – 4 BEDROOMS

No units closed

ACTIVE FOR SALE MARKET

As of today there are 537 Hoboken condos actively listed for sale in our MLS.  This is up from the 536 units on market  last week.  Average asking price is $609,910 and a median price of $529,000.  Average days on market sits at 106.

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.

Edward (Eddie) Perez

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