The February 2013 Hoboken Condo Market Update
Good news for Hoboken condo sellers:
- Hoboken condominiums on average are selling faster than they did during the same period last year, just 30 days in February 2013 as opposed to 80 days for all closings in February 2012.
- continues to sit at historic low levels with just 188 total units for sale
- 70 condos went into contract last month (February 2013)
- 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 70 units under contract in February) is just at 2.6 months which indicates that the current pool of buyers are absorbing the condo inventory at a rapid pace.
- Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 3.625%/ 3.703% APR
- Great time to trade up or down to a more appropriate home or investment
Email, text or call me ASAP if you would like to consult on getting your property ready for the market and to initiate all the marketing programs needed to net you top dollar!
Good news for Hoboken buyers:
- Although still very low, inventory has risen 35% compared to the previous month as we are well into our Spring selling season
- Average asking prices are slightly down from the same time last year however homes are selling at full price on average versus 95.6% of asking last year. Prices are still very affordable
- 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 and great rates for
- other loan products
- Rents have risen substantially over the last few years so buy vs rent ratio is much better now, especially if you factor in the possible tax benefits from home ownership
- Economists are expecting prices to rise across the country, including Hoboken, Jersey City, Weehawken and other communities along New Jersey’s Gold Coast bordering Manhattan so buying now and locking in a low interest rate may be a smart move
- New condominium construction is underway. 1100 Maxwell Place, Hoboken’s newest waterfront building, is now selling – We can get you priority status into this community and numerous others.
We are in an active buying market however my experienced group can assist you in gaining an advantage over the competition.
Here are the actual stats I compiled for you using the Hudson County Multiple Listing Service:
Current Active “For Sale” Condo Inventory as of 3/1/2013: 188 (124 units on Feb 1st)
Average asking price: $621,359
Median asking price: $549,000
Average days on market: 42
Average asking price per square foot: $571
February 2013 – New Condo Listings: 106
Average asking price: $587,454
Median asking price: $546,843
Average Asking Dollar Per Square Foot: $545
February 2013 – Under Contract: 70 (-7.1% to the 75 units that went under contract in February 2012)
Avg asking price: $591,687
Median asking price: $553,113
Avg days on market: 30
Avg asking price dollar per square foot: $543
February 2013 – Sold: 35 (43 closed in January) ( -29% to the 60 that sold in February 2012)
Average asking price: $528,688 (-1.5% compared with $536,681 in February 2012)
Average selling price: $526,336 (+2.4% compared to $513,669 avg selling price in February 2012)
** Average List-To-Sales-Price-Ratio (LSPR) : 99.6% of asking price (95.8% LSPR in February 2012)
Median selling price: $516,000 (+15.7% from the median selling price of $434,750 in February 2012)
Average days on market: 34 (Selling 130% faster than the 80 average selling days on market in February 2012)
Average selling dollar per square foot: $553 (+15% from the average selling price per square foot of $470 in February 2012)
Remember, I’m always around should you have any questions or need anything….
From monitoring the market daily and getting you into 1st look, “off market” properties and priority status into new construction opportunities to leveraging our relationships with the brokering community so you can negotiate in good faith with the people we personally know, doesn’t it make sense to go with the team that will add value and clarity to your next real estate deal?
I can also put together statistics and a customized marketing proposal to fit your specific property should you be considering selling. Just let me know!
About Eddie: Eddie Perez is a resident of Hoboken and works as a New Jersey licensed Broker - REALTOR . 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 of buying or selling condominiums and brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 135 homes and is among the top producing agents in Hudson County.You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.