Archive for the ‘Hoboken Market Statistics’ category

April 2011 Hoboken Condo Market Update – Good News for Buyers & Sellers

May 3, 2011

The Hoboken Condo market update for April 2011 is in and depending whether you’re buying or selling, the news can be viewed as either good or not so good.  

Good news for Hoboken condo sellers:

  1. Hoboken condominiums on average are selling faster than they did during the same period last year, just 69 days in April 2011 as opposed to 82 days for all closings in April of 2010.  Additionally the overall inventory is at a historic moderate amount sitting at 378 units.  
  2. 75 condos went into contract last month
  3. The current absorption rate, the rate at which all condos in market would be “absorbed” by the current pace of sale (in this case we’re using the 75 units under contract in April) is now at 5 months.  This points to a somewhat “balanced” market.
  4. Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 4.750%/ 4.868 APR
  5. We’re not in Nevada…. where in the 1st quarter and March 2011 was the state with the highest foreclosure rate

Good news for Hoboken buyers:

  1. Average selling prices are down 10% from same period last year
  2. Median selling prices are down 11.9%
  3. Average dollar per square foot is down 4.2%
  4. List-to-sales-price-ratio is down to 95.9% which indicates sellers are willing to negotiate from already lower prices
  5. Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 4.750%/ 4.868 APR
  6. We’re not in Nevada – I wanted to make sure you were really reading this 🙂

Here are the actual stats I complied for you using the Hudson County Multiple Listing Service:

Make it a great day!  Your Hoboken REALTOR, Eddie Perez…..

Current Active “For Sale” Condo Inventory  as of 5/1/2011:  378

Average asking price: $527,827

Median asking price: $449,999

Average days on market: 80

Average asking price per square foot: $521

April 2011 – New Condo Listings: 127

Average asking price: $499,825

Median asking price: $445,000

Average Asking Dollar Per Square Foot: $515   ** notice the difference between this and the avg under contract and selling dollar per square foot**

April 2011 – Under Contract:  75  (-45% to the 109 units that went under contract in April 2010)

Avg asking price: $498,909    

Median asking price: $475,000

Avg days on market: 50

Avg dollar per square foot: $459

April 2011 – Sold:  48  ( -54% to the 74 that sold in April 2010)

Average asking price: $479,902  

Average selling price: $460,449  (-10% from the average selling price of $506,587 in April 2010)

**  Average List-To-Sales-Price-Ratio (LSPR) : 95.9% of asking price  **  (96.7% LSPR in 2010)

Median selling price: $428,500   (-11.9% from the median selling price of $479,752 in April 2010)

Average days on market: 69  (82 average selling days on market in April 2010)

Average selling dollar per square foot: $444   (-4.2% from the average selling price per square foot of $463 in April 2010)

About Eddie: Eddie Perez is an experienced New Jersey licensed Broker – REALTOR specializing in buying and selling condominiums and Brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 120 homes and is among the top producing agents in Hudson County. His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process. You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

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30 Day Hoboken Condo Market Snapshot. Not to Shabby!

April 5, 2011

In the last 30 days, 66 Hoboken condos went into contract, a drop from the same period in 2010 however these numbers are going against the buying frenzy caused from the Home Buyer Tax Credit that was in effect during the spring market of last year.

To me, this indicates a robust, balanced market as we have 365 condos currently for sale on the Hudson County Multiple Listing Service. If we divide this by the 66 condos that went into contract in the last 30 days, we have 5.5 month inventory at current sales pace (Absorption Rate).

An absorption rate that’s between 3-6 months is typically defined as a balanced market whereas above 6 months is a buyers market and below 3 months is a sellers market.

Here’s the stats:
Total contracts last 30 days: 66 -15.3% from same period 2010
Avg asking price: $524,803 -2.72% from the $539,521 average asking price in 2010
Median asking price: $489,500 + 2.14% from the $479,000 average median price in 2010

The most expensive condo to go into contract is a 1865 sqft 2 bed, 2 den, 2.5 bath at Maxwell Place. On the opposite side, the lowest priced unit to go into contract was a 453 sqft studio at 1015 Washington St.

I welcome any questions that you have for your particular condo.

eddie@InvestHoboken.com
Have a great day!
Eddie
Edward (Eddie) Perez

Hoboken Real Estate Blog – Stats, new listings, price reductions, news and more!!

Hoboken & Jersey City Distressed Property Numbers and How to Prevent Becoming One

January 14, 2011

Hoboken and Jersey City are not immune to the foreclosure wave that has been sweeping across the U.S. over the past 2 years.

Realty Trac, the leading online marketplace for foreclosure properties released its Year-End 2010 U.S. Foreclosure Market Report™ which showed 3,825,637 foreclosure filings-default notices, scheduled auctions and bank repossessions which was an increase of 2% from 2009 and an increase of 23% from 2008.

Following are the current statistics from Realty Trac’s site for Hoboken and Jersey City. The statistics include condos, single and multiple family homes.

Hoboken:

Pre-foreclosure: 114

Auction: 2

Bank owned: 21

Jersey City:

Pre-foreclosure: 2124   (yes two thousand and twenty four!)

Auction: 62

Bank owned: 296

If you or someone you know is at risk of foreclosure in Hudson County, log onto ForeclosuresHudsonCounty.com where you can find tips on foreclosure solutions.

Do NOT go into foreclosure!  There are much better alternatives such as selling your property as a short sale or applying for a mortgage modification.

Call or email me with any questions.

Edward (Eddie) Perez

 

 

Hoboken Condo Appraised for Less Than You Thought?

January 12, 2011

When counseling buyers and sellers on their Hoboken metro area real estate, I prepare them for what is becoming a somewhat common occurrence…..the low appraisal.  That’s a situation where an appraisers estimation of value for a particular property is lower than the accepted offering price.  For instance an offer is accepted for $550,000 but the appraisal estimation of value is only $515,000.  If the appraisal is too low, buyers may not be able to borrow enough to purchase the property.

First of all, I’m a real estate agent, not an appraiser however we deal with appraisals as part of the normal course of our business.  Some points to consider that I’ve encountered from over 10 years of buying and selling real estate personally, and professionally:

The appraisal is an opinion of value.  In general, the appraiser compares the features, location and condition of a home to similar properties to arrive at a dollar figure.

Real estate markets are hyper-local, meaning that small nuances of a market can affect value.  Appraisers that are not intimately familiar with the local market may not be aware of these.

Check the appraisal for mistakes.  Some mistakes I’ve found in dealing with low appraisals included:

  1. Appraiser failed to look at other comparable properties that sold higher.  I typically bring comparable property listings to the appraisals that I attend for my clients.  The appraiser may or may not   use these
  2. Incorrect addresses (big mistake!)
  3. Features added to comparable properties that did not exist such as  properties having a balcony when in fact they did not.
  4. Subject property having features omitted.  I was selling a condo that had two parking spaces but the appraisal gave value for only one
  5. Inaccurate gross living space
  6. Incorrect age of the buildings

Talk to your lender if you feel that you may have a legitimate case.  They may consider having another appraisal preformed or may take into account mistakes that may have been made.

Edward (Eddie) Perez

October 2010 Hoboken Condo Sales Statistics

November 3, 2010

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


Hoboken House Tour is this Weekend

October 20, 2010

Hoboken, New Jersey – The annual Hoboken House Tour is this Sunday, October 24th, 10am to 4pm.

A truly fun and unique event where kind Hoboken homeowners open their doors to benefit the Hoboken Historical Museum.  Now regarded as one of the five “Grand Tours” in the Northeast by This Old House magazine, tour goers will again take to the streets to experience a wonderful and varied selection of Hoboken’s homes.

A few years ago, I had the privilege of opening the doors to my Victorian brownstone for this fantastic event and will definitely be in attendance for this one.

This years Hoboken tour will showcase an array of brownstones, and some of our hottest contemporary condos.  Make a day out of it and enjoy the self-guided tour.

Tickets are $25 in advance; $30 the day of and for Museum members.

They are redeemed at the Hoboken Historical Museum, 1301 Hudson Street (13th St. & Hudson St.), where you’ll pick up your House Tour Guidebook with descriptions of the homes and an easy-to-follow walking tour map to each address. Free 3-hour validated parking through the Museum at a nearby parking facility, as well as street parking and other commercial parking lots. Some restaurants also offer validated parking when eating at their establishment.

Tickets can be purchased at:

Hoboken Historical Museum

1301 Hudson St.

Sparrow’s Wines & Liquors

Shipyard Retail Complex

Amanda’s

908 Washington St.

Fleet Feet Sports

604 Washington St.

Sparrow’s Wines & Liquors

126 Washington St.

For more information on living in a progressive city like Hoboken, where they’re always coming up with new ways of making the city a better place to live, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market  includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

April 2010 Hoboken condo sales statistics

May 15, 2010

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