DABOs and Market Status

If you have worked with a realtor at all in Hoboken, you have probably heard the term "DABO". It means Deposit Accepted By Owner. Once attorney review is over,or the owner has accepted an offer and has decided against further showings, the listing agent will update the listing in the MLS from Active to DABO. DABOd properties have been purchased by a buyer but the closing has not occurred. Once the closing is complete, the listing agent will change the status on the MLS from DABO to Sold.

DABOs are often the best indicator of how the market is going. Currently, the number of DABOs is 84. That is less than half what the number of DABOs was one month ago. Of these pending sales, none were listed above $599,900 and the lowest priced recent pending sale was $249,900. The average price was $446,462. Properties are/were selling in all locations in Hoboken. The further west properties were the best bargains,of course, in terms of square footage and amenties for the money.

Many people are waiting for the Spring market to consider buying. There is no knowing for sure if the market will drop further. But these numbers are very low for Hoboken. The next few months may be the best time to buy given the drop in prices and the winter discouragement of sellers who are already very worried due to the deepening recession.