December 2009 Hoboken Condo Sales Statistics

Here are the final sales figures for December 2009 compiled using the Hudson County Multiple Listing Service.

Sales volume for Hoboken condominiums were way up but average and median prices were both down, according to year over year data for the month of December.

The number of closed sales exploded 127%. There were 66 closed units in December ’09 vs. 29 units same month in ’08. While an impressive gain, these numbers are going up against extremely weak sales figures from last years financial market meltdown.

The average sale price was $495,089 in December 2009, down 7.3% from $534,183 in December 2008. Median December year of year sales prices were essentially flat, $479,000 in ’09 versus $480,000 in ’08.

Another bright spot was a 34.4% increase in contracts signed, 42 condominiums went into contract in December 2009 compared with 31 in December 2008.

There seems to be pent up demand from the large numbers of potential buyers that were on the sidelines earlier in the year. The buyers I’ve been directly dealing with seem to have more confidence with their employment and a more positive outlook for the local economy. As prices have fallen 13-17% at many buildings from their respective highs, a consensus seems to be forming that these prices may be stabilizing in the near future.

Who knows for sure…..right? This quote seems to to sum this up:

“Let’s say it clearly: No one knows where the market is going-experts or novices, soothsayers or astrologers. That’s the simple truth.” — Fortune

Here are the comparisons:

  September 2008 September 2009 Comparison:
Units Sold:
29
66
+ 127.6%
Avg. Price:
$534,183
$495,089
– 7.3%
Median Price:
$480,000
$479,000
flat
Pending contracts:
31
42
+ 34.4%

December 2009 Sold Condominiums:

  High Low Average Median Total Price Listing Count
LIST PRICE:
$1,305,000
$273,000
$514,897
$486,950
$33,983,202
66
SOLD PRICE:
$1,200,000
$250,000
$495,089
$479,000
$32,675,900
 
DOM:
578
16
89
56
   

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: 1 sold

Asking price: $899,000

Selling price: $849,000 (-5.56% of asking price)

Days on market: 123

December 2009 – Pending Contracts. These are the deals that were consummated during the month and represents the current buying activity.

Pending Condos: 42

  High Low Average Median Total Price Listing Count
LIST PRICE: $1,272,995
$259,000
$592,685
$532,499
$24,892,791
42
SOLD PRICE:
pending
pending
pending
pending
pending
 
DOM:
492
20
108
91
   

Studio: No contracts

1 bedroom: 22 contracts

Average asking price: $370,664

Average days on market: 86

2 bedroom: 23 contracts

Average asking price: $561,561

Average days on market: 119

3 bedroom: 4 contracts

Average asking price: $1,075,556

Average days on market: 113

4 bedroom: No 4 bedroom contracts

 

Edward (Eddie) Perez

 

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