Hoboken Real Estate Market Weekly Update Hoboken Condos and Brownstones - September Report
Where is the market trending? We will take a look back to see. Let's start first with a look at September.
September was the final month of the home buyer tax credit. Eligible buyers had to close by September 30th to recieve a tax credit. If you follow my real estate reports, you might remember that June was the biggest month in sales. 124 sales were reported for that month showing that the tax incentive was working and brought some buyers to the table skewing the sales for summer.
Now, let's look back at past months.
June: 124 Sales
Median Sale Price $473,000
July: 53 Sales
Median List Price $509,000
Median Sale Price $502,000
August: 58 Sales
Median List Price $458,700
Median Sale Price $438,100 -
September: 47 Sales
Median List Price $461,500
Median Sale Price $438,000
Sales seem to be trending downward..
Current total active condominiums in Hoboken ritht now, is 486 condominiums. We are currently selling about 10% a month of our standing inventory. If no new homes came on the market, our absorption rate is 9.72 OR 10 months. A healthy market has an absorption rate of around 6-8 months.
Let's look back a little further to one year ago. 2009
June: 46 Sales
Median Sale Price $493,500 Compared To June 2010 $473,000