Monday, October 3, 2011

Summer Market Analysis Report for Hoboken $ Volume by Contract Date Unit Close in 2011

As a realtor in town, I feel compelled to know my market and take an analytic focus on the local market conditions.  Real estate is extremely localized and each market behaves differently.  Hoboken continues to do better relative to other areas.  In fact, it has had the least amount of decline in the state but it is not insulated from our sluggish economy.  

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According to Summer Market Analysis i.e. May, June and July were peak months for home sale closings. In June and July 2011, sales were on peak for all types of homes.

Take a look at the volume graph above.  Condo sale closings were more than one family and 2-4 family homes. Trend is same throughout January to August 2011. This is not a surprise year. In Hoboken, Condo sale is usually more than one family 2-4 family home. 

Now look at the condo sale closings for 2011. Year started with slow sale closings. February was lowest sale closing month. But after that condo sales closing increased every month. May, June and July were peak sale closing months (as expected). After that, there were slight declines in sale closing.

Single family home sales closing were on second place but there were no consistency in sale closing. There were no sale closing in February and April but May and June were top sale closing months (as expected)
2-4 family home sale closing, Year started with slow sales closings. There was a huge surprise in May. There were no sales closing in May 2011 but after that there were a huge change in 2-4 family home sale closing.
Here is a chart for month to month sale closings from Jan 2011 to August 2011

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This is part third of my 4 part series on market conditions.  Tune in next week for the next installment of the market analysis through October 11th.

Information Provided by Donna Antonucci
Prudential Castle Point Realty

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