October 2010 Hoboken Condo Sales Statistics

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

How’s the real estate market in Hoboken?  I’m often asked this question.  My answer.. “that depends if you’re a buyer, seller, renter or investor!”

In the October 2010 condo statistics, signed contracts for Hoboken condos were down 45.8% compared with same month in 2009.   46 contracts were signed last month compared with 85 during the same period last year.  Not welcoming news if you’re a seller!

Now on the flip side, a buyer might embrace this news with open arms!  Buyers face an improved affordability environment with average closed sales prices off 9% to $441,408 in October 2010 from $485,190 just a year ago.  Interest rates also remain at historic lows with 30 year fixed rates showing at 4.25% at BankRate.com.

We have reasonable activity with value being the name of the game.  I’ve been working on finding great opportunities for first-time home buyers who feel that now is a good time to get off of the sidelines.  I’ve also been working with investors looking to get a better return on their equity by investing in Hoboken area condos, short sales and 2-4 family homes instead of letting their money sit in the bank or even investing in real estate in their home countries.

On the selling side, I’ve been marketing properties for sellers that are trading up to larger homes that better fit their lifestyle and family needs.  While they may not be getting as much equity as they might have 4 years ago, they are more than making up for it on their buying side.

I’ve also begun to see more and more short sales and foreclosures in Hoboken and throughout Hudson County.  If you or someone you know is facing foreclosure, I’ve put together a comprehensive resource with options available.

ForeclosuresHudsonCounty.com

Pass this along to anyone you know who may be in this situation:

So how’s the market?  Here are the comparisons:

October 2009 October 2010 Comparison:
Units Sold: 80 49 38.7%
Avg. Price: $485,190 $441,408 – 9%
Median Price: $472,500 $405,000 – 14.2%
Pending: 85 46 -45.8

October 2010 Sold Condominiums:

High Low Average Median Total Price Listing Count
List Price: $939,,000 $209,600 $459,823 $419,000 $22,531,344 49
Sold Price: $875,000 $185,000 $441,408 $405,000 $21,628,995
DOM: 537 8 84 63

Studio: 4 sold

Average asking price: $329,648

Selling Price: $318,873 (-3.3% of asking price)

Average days on market: 226

Median days on market: 164

1 bedroom: 14 sold

Average asking price: $352,544

Average selling price: $334,750 (-5.0% of asking price)

Average days on market: 97

Median days on market: 78

2 bedroom: 24 sold.

Average asking price: $479,168

Average selling price: $462,166  (-3.5% of asking price)

Average days on market: 59

Median days on market: 50

3 bedroom: 7 sold.

Average asking price: $682,438

Average selling price: $653,571  (-4.2% of asking price)

Average days on market: 60

Median days on market: 43

4 bedroom: no sales

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

Pending Condos: 80

High Low Average Median Total Price   Amount Listing Count
List Price: $1,679,995 $219,000 $526,889 $464,000 $24,236,927 46
Sold Price: pending pending pending pending pending
DOM: 588 22 92 59


Here’s the breakdown:

Studio: 0 contracts.

1 bedroom: 16 contracts.
Average asking price: $380,118

Median price: $389,000

Average days on market: 94

Median days on market: 81

2 bedroom: 26 contracts

Average asking price: $580,308

Median price: $497,000

Average days on market: 74

Median days on market: 80

3 bedroom: 3 contracts.

Average asking price: $732,666

Median price: $699,000

Average days on market: 114

Median days on market: 101

4 bedroom: 1 contract 62 Jefferson St Unit B; Listed at $869,000  18 Days of market


Edward (Eddie) Perez


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