Wednesday, January 4, 2012

2011 Year Review for Monthly Home Sales

Volume was much lower in 2011 as compared to 2010.  We closed 678 condos in Hoboken last year vs 742 the year before.  This is a significant difference. 

We ended the  year with less than 300 active listings. Which is highly unusual. The year before we had over 500 active listings on the Hoboken market.  Again, I believe it's because those who bought in 2006, 2007 and 2008 are underwater and are holding out.  Many cannot get a mortgage for their next purchase so they are staying put.

However, this constriction in supply could mean increase in prices for those that go on the market at an appropriate price.  Will those who refuse to let go of 2008 pricing find themselves in a deeper hole?  Or, will the constriction in supply bid up prices enough for them to move forward with their sale?

Take a look at the volume graph above.  You can see the Two bed rooms have the highest sales in average for 2011 which is typical for Hobken.  The two bedroom is the most versitile for Hoboken's audience. A two bed is good for roommates, that young professional that wants a home office, a newly married couple and for the couple with their first child.

From the beginning of the year 2 bedroom sales were too high. Q2 and Q3 was highest sales month for 2 bedroom units. Q4 was lowest 2 bedroom sales for 2011.

In 2011, Sales of 1 bedroom units were almost half of 2 bedroom units on average. There was a quick start of the year. Q2 and Q3 were highest sales period. Q4 was lowest 2 bedroom sales for 2011.

Home sales for 3 bedrooms were lowest for 2011. There was a normal start of year for 3 bedroom home sales. Q1 to Q3 there was almost same trend of sales. In Q4 There was a decline in sales.

Here is a chart for home sales from Jan 2011 to December 2011

Information Provided by Donna Antonucci
Prudential Castle Point Realty

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