This is the question that everyone is asking. According to the National Association of Realtors, the residential real estate home sales were up 11% in July, more than had been anticipated.
I have been in touch with realtors from other markets and I think the recovery is starting in markets where the bottom fell out long ago. We have felt the recession later than most real estate markets. However, I think it is reasonable to assume, give the recent activity, that prices are finally stabilizing after a very sudden free fall since last September.
I believe that the next six months may be the best time to buy in Hoboken for quite awhile, though I don't anticipate a sudden rise in prices either.
Saturday, August 22
Friday, August 21
What do the figures mean?
I have scrutinized the numbers and here is the breakdown: the sales in one bedrooms average a price of %389,910 and a length of 90 days on the market.
The vast majority of two bedrooms sold between $400,000-$600,000. Overall, we have seen a drop of about 20% in prices from the height of the market. Hardest hit have been fourth and fifth floor walk-ups and properties that have not been renovated.
In the recent sales not closed (DABOs), the average sale price of a two bedroom, eliminating extremely large units or units in Maxwell Land or Garden Street Lofts (the two most expensive buildings in town) is about $540,000.
In the 3 bedroom DABOs, which range from 1324 to 1701 square footage, the average was $697,314 with a lengthy 118 days on the market.
In the house market, sales have finally picked up a bit. However, prices are also 20% or more off from the height of the market.
The vast majority of two bedrooms sold between $400,000-$600,000. Overall, we have seen a drop of about 20% in prices from the height of the market. Hardest hit have been fourth and fifth floor walk-ups and properties that have not been renovated.
In the recent sales not closed (DABOs), the average sale price of a two bedroom, eliminating extremely large units or units in Maxwell Land or Garden Street Lofts (the two most expensive buildings in town) is about $540,000.
In the 3 bedroom DABOs, which range from 1324 to 1701 square footage, the average was $697,314 with a lengthy 118 days on the market.
In the house market, sales have finally picked up a bit. However, prices are also 20% or more off from the height of the market.
Houses
ONE FAMILY HOUSES as of 8/21/09
Active 21
DABOs 3 (all with my office Singleton Galmann Realty LLC)
Sold 6 (3 with Singleton Galmann Realty LLC)
Active 21
DABOs 3 (all with my office Singleton Galmann Realty LLC)
Sold 6 (3 with Singleton Galmann Realty LLC)
Thursday, August 20
Weekly Roundup 8/20
Current Hoboken Condo Sales in the last three months:
1 Bedrooms: 8
2 Bedrooms: 8
3 Bedrooms: 0
Current Hoboken Condo Under Contracts or DABOs:
1 Bedrooms: 55
2 Bedrooms: 83
3 Bedrooms: 18
Current Hoboken Active Listings:
1 Bedrooms: 163
2 Bedrooms: 272
3 Bedrooms: 62
1 Bedrooms: 8
2 Bedrooms: 8
3 Bedrooms: 0
Current Hoboken Condo Under Contracts or DABOs:
1 Bedrooms: 55
2 Bedrooms: 83
3 Bedrooms: 18
Current Hoboken Active Listings:
1 Bedrooms: 163
2 Bedrooms: 272
3 Bedrooms: 62
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