Monday, January 5, 2015

2014 - Year Review for Monthly Unit Home Sales for Hoboken, NJ

Welcome back, here is the third article of our "2014 - Year in review" series. If you missed first two articles in this series, you can check them by clicking for Hoboken- where the market is going? and Downtown, Jersey City- Where the market is going?

Volume was good in last year.  We closed 1081 condos in Hoboken last Year. 181 in Q1, 325 in Q2, 327 in Q3 and 248 in last quarter. Summer was the most favorable time of last year at 327 units were sold during that period. This is a significant difference.

We ended 2014 with 112 active listings. Although as prices go up, hopefully more will be willing to sell.  This is assuming interest rates continue to be at these record low levels. 

Unit Sold was higher in summer, average in the fall and spring and very low in Winter. 2 Bedroom units were most preferred by seller and buyer last year followed by 1 bedroom units. 

Take a look at the volume graph above.  You can see that two bedrooms have the highest sales during spring and summer which is typical for Hoboken.  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 Year 2014, the total sales were lower with 59 properties sold in the month of January and 57 in February. July recorded the highest sales month for overall units sold with 125 closings. Springs and summers continues to be a favorable period to shift for Hoboken residents. 

July was highest in terms of total sales volume followed by June and May. Feb recorded the lowest sales volume. Average prices were on peak in the month of June with more people willing to relocate during this period. The above graph does not show any significant change in Prices but sales was effected by other market factors.

Here is a chart of home sales from January to December 2014.

Stay Tuned for more articles in this series....