Tuesday, September 18, 2012

July August Market Review - Hoboken - Volume by Bedroom

In July, 66 Units sold in Hoboken and 89 units were closed in August.  In Q2 we saw 62, 72, 71 units sold per month in April, May and June respectively.  

The average volume per month in Q2 was 68 units per month.  You can say that July was flat as compared to the average but August at 89 was 30% higher than that.  Why is that?  

Most people want to close before the end of the Summer.  For those leaving Hoboken for the suburbs, they want to close, move and have the house set up before school starts.  I also think it's the 'whipsaw' from the Spring market.  I think people hustle to complete their search before Summer starts.  

We'll see in the year-end analysis if the volume continues.  Anecdotally, I believe the volume is not abating.  The only thing that will hold it back, is the inventory level.  I have quite a number of really active clients who are just waiting for what they want to hit the market. 

Take a look at the volume graph above. Two Bedroom represent 56% of total market of sales in July and august. it looks like almost 2:1. 

The two bedroom is the most versatile 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 July 2 bedroom sales were high. August was the highest sales month for 2 bedroom units with 49 closings in the month vs July recorded 39 sales for this Period. 

In July - August, Sales of 1 bedroom units were almost half of 2 bedroom units on average. July-August shows the average sales of 22 units for 1 Bedrooms.

Home sales for 4 bedrooms were lowest for July-August. There was a normal start of July for 3 bedroom home sales. There was almost same trend of sales. August recorded highest in sales.

Here is a chart for home sales from July and August 2012.

Information Provided by Donna Antonucci
Prudential Castle Point Realty