April 2010 Hoboken condo sales statistics

By Eddie Perez, Broker – REALTOR 

Here are the final Hoboken condominium sales figures for April 2010 compiled using the Hudson County Multiple Listing Service.

No fooling around this April as Hoboken’s overall condo market showed positive results in all sales categories compared with those of April of 2009. Total property sales, contracts signed, total dollar volume and both median and average sales prices increased on a year-over-year basis.  

The largest gain was in total contracts signed with a 105% increase. Sparking these gains were buyers seeking to take advantage of the pending expiration of the federal home buyers tax credit, continued low mortgage interest rates, temperate weather and overall confidence in the local real estate market.  

Another impressive gain was seen in the total closed condos with an 80% improvement (72 units in April ’10  vs 40 units in April ’09). Sprinkling even more good news onto the Hoboken condo market were increases in both the average and median selling price points.  

Average condo prices rose 12.3% to $504,138 from $448,752 a year earlier while median prices showed strength rising 10.2% to $465,752 vs $422,500 in April of ’09.

So far in the early stages in the month of May, I’m seeing a bit of a slowdown from the brisk pace we had heading into the end of April however still good activity in contracts signed.  I’ll recap at the end of May to see how this trend holds up.

Here are April 2010 vs 2009 comparisons:

  April
2009
April
2010
Comparison:
Units Sold:
40
72
+ 80%
Avg. Price:
$448,752
$504,138
+12.3%
Median Price:
$422,500
$465,752
+10.2
Pending contracts:
55
113
+ 105%

April 2010 Sold Condominiums:

  High Low Average Median Total Price Listing Count
LIST PRICE:
$1,188,888
$234,90
$524,74
$478,000
$37,781,280
72
SOLD PRICE:
$1,130,0000
$222,000
$504,138
$465,752
$36,297,955
 
DOM:
731
16
83
46
   

Overall Hoboken condo market list to sales price differential

Average list price: $524,740

Average sold price: $504,138

Differential: – 3.9% of asking price

Studio: none sold

1 bedroom: 21 sold.

Average asking price: $375,097

Average selling price: $360,226 (-3.6% of asking price)

Average days on market: 60

2 bedroom: 45 sold

Average asking price: $550,692

Average selling price: $529,571 (-3.6% of asking price)

Average days on market: 94

3 bedroom: 3 sold

Average asking price: $732,056

Average selling price: $690,000 (-5.2% of asking price)

Average days on market: 92

4 bedroom:  3 sold

Avg asking price: $975,629

Selling price: $944,166 (-5.56% of asking price)

Days on market: 82

April 2010 – Pending Contracts.  These are the deals that were consummated during the month and represents the current buying activity.

Pending Condos: 113

  High Low Average Median Total Price Listing Count
LIST PRICE: $2,300,000
$220,000
$488,744
$444,000
$55,228,121
113
SOLD PRICE:
pending
pending
pending
pending
pending
 
DOM:
311
12
75
50
   

Studio:  3 contracts

Average asking price: $284,633

Average days on market: 115

1 bedroom:  44 contracts

Average asking price: $364,233

Average days on market: 71

2 bedroom:   57 contracts

Average asking price: $526,792

Average days on market: 73

3 bedroom:  8 contracts

Average asking price: $927,725

Average days on market: 91

4 bedroom:   1 contract

233 Madison St #2, a 1950 square foot 4 bedroom, 3 bathroom condo with tandem parking that could fit 3 cars, a deck and a yard.  This was on the market for 49 days until it had a firm accepted offer.

Edward (Eddie) Perez

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