Hoboken Real Estate Stats

A reader shares his observations regarding the latest Otteau Report. Do you agree with his thoughts?

Here’s the link to the PDF file for Hudson County: http://www.otteau.com/The_Otteau_Report/2006.Q3.HudsonCounty.pdf

The third quarter report from NJ real estate research group Otteau is out and the news isn’t horrible for sellers, but itsn’t fabulous.

The good news: Hoboken sales are up for the third quarter! Real estate stats from show that sales for the quarter are up 11% from 62.7 monthly to 69.3 monthly. )

Semi-bad news: supply is up even further, up from an average of 116.7 units monthly to 136.7 units monthly.

Really bad news: unsold inventory is way, way up from 289 units a year ago to 523 today.

Still, we’re talking going from five months of supply to eight months. Not the direction you want to see, but not horrifying. Frankly, these stats don’t look all that terrible to me. And I’m a short seller at heart.

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22 Comments on "Hoboken Real Estate Stats"

TBizzle
Member

Hudson Place. I have worked with them in the past, and have absolutely NO COMPLAINTS. Been on the market 5 months and really not seeing any good flow of buyers looking at it. I’m still within my expected time frame, so no panic…but thinking maybe it’s time to change just for my own mental health. I am not saying they are at fault for my lack of buyers. I’d just hate to look back in 6 months time and wonder if I should have switched to change my luck.

chrisjur
Member

[quote comment=”6875″]Is there a way to see which Realtors are moving the most properties? I know it is a terrible market to sell, but my current realtor does not seem to be getting enough (any) people in to look at my place….any suggestions?[/quote]
It’s a scary situation right now for sellers. I just purchased a place (well, under contract now) and saw 17 or 18 places in two weeks that met my requirements. There were initially a ton of things on the market. In addition, my agent and I did analysis on how long most of these were on the market and so many of them have been for sale 4,5+ months. I eventually got the place I wanted for $30K below asking price (it had been on the market since early July).

What was more interesting is that at the end of my search, many of the properties I had initially looked at were taken off the market totally or had been “converted” to rental units.

TBizzle, who’s your realtor?

TBizzle
Member

Couldn’t agree more about the wage/housing price differential…..but unfortunaltely I’m just a guy looking to sell a 2BR/2BA…not an economist trying to change the world.
Frustrated on this end b/c we don’t feel enough people have come into to see the property outside of Open Houses…and about 2% of Open Housers are serious buyers!
So we think it may be time to move to a different realtor just to change our luck.

late 30s dad
Member

Biggest play was the lending market where rates went from 7+% to 5% for a 30-year and even lower for ARMs, and lenders started requiring less money-down, even doing interest only. Big problems begin when rates on ARMs start to climb and the interest-only period ends.

On another topic, I’m a big fan of Maureen Singleton. She sold us our place and has been a good friend a resource ever since. Good luck.

Furey
Member
[quote comment=”6887″]Please, please, tell me more![/quote] [Pink Ladies] Tell me more, tell me more [Frenchy] Was it love at first sight? [Thunderbirds] Tell me more, tell me more [Kenickie] Did she put up a fight? [Everyone] Uh-huh-uh-huh-uh-huh-uh-huh Sorry, had to break into Grease there. I was just somewhat sarcastic, sorry. I’m looking to buy, but the news today of “U.S. Sales of New Homes Declined 3.2% in October” dashes yesterdays news of .5% increase from existing home sales. My only arguement is that the reason we are in this pickle is that it is WAGES versus HOUSING. Housing costs increased 20% per year over the last 5 years (whereas for the last, oh, 80 years before it has increases that went lock-step with wages at about 5-8% increases). Wages never increased as dramatically and the average household saw increases of 5% over the last 5 years. So lets play math. If a house 5 years ago costs 250K in Hoboken and now is worth 500K…and people making, say $70,000 a year 5 years ago are making (year1 ($73,500), year2 ($77,175), year3 ($81,033), year4 (85,084), year5 (89,338)) around 90k a year now, you have a whole demographic of people who simply can’t afford that inflated increase (if you compare someone who could afford 250K condo at 70k a year versus someone trying to buy a 500k condo at 90k a year based on averages). So, one of two things need to happen. 1. Housing prices need to drop to be more… Read more »
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