Posted tagged ‘Hoboken condo market report’

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!!

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