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