Monday, May 6, 2013

Price Per Square Foot by Bedroom from Q1 2006 to Q1 2013

This is the chart that everyone likes.  It shows the price per square foot by neighborhood for Hoboken overall. Click on the graph for a larger view.

Notice how prices for studios, one, 2 and 3 bedroom condos are all going up since Q1 2013.  The great thing about this graph is it puts the weekly and monthly observations into a broader perspective.  The trend is clear that prices are going up.  All 5 lines moved upward over the whole of 2012.

As I have been reporting, we are finally starting to see the inventory creep up.  As we hit Memorial Day, will buyers be more distracted?  Will the price increase continue but at a slower pace?

The number of studios and 4 bedroom sales in Hoboken is small in absolute terms so even one purchase with a very high or low price per square foot can swing the average.   So, I largely discount this as an indicator.

Provided by Donna Antonucci
Prudential Castle Point Realty