Hoboken Condo Market Weekly Stats

Great, some positive news.  The Commerce Department just reported that construction spending increased 0.3 percent in March, the best showing since a similar rise last September. Economists had expected spending to drop 1.5 percent for a sixth straight monthly decline.

Meanwhile, the National Association of Realtors said its index of pending home sales rose 3.2 percent to 84.6 in March, the second monthly increase after it hit a record low in January. The pending sales index also is 1.1 percent above last year’s levels. Typically, there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future home sales.

To top it off, as of todays close, the S&P 500 is now in positive territory for ’09.

 Weekly statistics 4/26/09- 5/03/09

13 condos went into contract last week, an increase from the 10 units from the last report.

14 condos closed last week.  9 closings the previous report.

As of today, there are a total of 132 Hoboken properties pending to close (131 last week).  

Here are the deals of last week…..

Firm accepted offers:

Studio & 1 bedroom

5 units received accepted offers (4 last report)    Click Here to View Listings

These averaged 48 days on market

2 bedrooms

7 condos had accepted offers  (6 last report)       Click Here to View Listings

Average days on market for this group was 107.

3-4 bedrooms:

1 accepted offer (0 last report)   Click Here to View Listings  

This is a new construction unit.

Sold Condos:

Studios & 1 bedroom:

 

3 properties closed.   (5 last report)        Click Here to View Listings  Average listing price was $401,000 and selling price was $380,833  (-5.02% of listing price)  Averaged 69 days on market

2 bedrooms:

9 units sold.   (4 last report)       Click Here to View Listings  Average listing price was $556,530.  Average selling price was $530,722 (-4.63% of listing price).  Averaged 43 days on market.

3 – 4 bedrooms:

2 units closed (0 last report)  Click Here to View Listings   Average listing price was $757,388.  Average selling price was $732,500 (-3.28% of listing price).  Averaged 80 days on market.

Active for sale market:

As of today there are 555 Hoboken condos actively listed for sale in our MLS which is down from last weeks high of 578 units.  Average asking price is $584,248 ($588,726 last week) and median price is $529,000 ($529,000 last week).  Days on market average 98 (103 last week).

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

We welcome your specific questions.  Email us at info@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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