Tuesday, April 3, 2012

Q1 2012 Hoboken Real Estate Review - Where is the Market Going?

From the beginning of the year, the total inventory has been down - basically half of what we had same time last  year.  As predicted, this constriction in supply has pushed prices up slightly.

The price per square foot for a 2 bedroom condo went from $416 to $464 to $498, Jan, Feb and March, respectively.  The average 2 bedroom over the period was 1180 square feet.  January the average 2 bedroom went for $490,880.  In February the average 2 bedroom went for $547,520 and $587,640 in March.

Inventory is up slightly since January.  We started the year at about 200 condos for sale in Hoboken and is now at about 250.  It's a sharp increase in relation to January but still quite low in terms of year over year comparisons.

The Highest sales volume was recorded in the month of February and the least sales in the month of January.

133 total condo units sold in 1st quarter, 68 were 2 bedrooms comprising 51% of the total volume.  The 2 bedroom continues to be the most sought after unit size.

Here is the price per square foot chart that shows how prices have ticked up ever so slightly.


In first month of the year, closings were a little slower however closings picked up in February with an increase of 30% and March closings decreased by 23%.  Again this shows the best time to be on the market is January.  The bulk of Feb closings were for the those who listed in January. 

Here is last year's Q1 chart:

179 units closed in Q1 2011 vs 68 this Quarter.  The average PPSQFT for a 2 bedroom was $441, 454 and 469 vs 416, 464 and $498 month over month, 2011 compared to 2012.

The number of days from contract to close is down as well - 73, 83, 73 for 2011 2 bedrooms Jan through March vs 56, 70, 98.

All and all the market needs listings.  If you are ready to move and you have waiting for a good time to list, this is it.

More to come on this so stay tuned for the Hoboken Real Estate Monitor.com Quarterly Review.

Information Provided by Donna Antonucc
Prudential Castle Point Realty