April 2011 Hoboken Condo Market Update - Good News for Buyers & Sellers
By Edward Perez
(Sothbey's International Realty)
The Hoboken Condo market update for April 2011 is in and depending on whether you're buying or selling, the news can be viewed as either good or not so good. Good news for Hoboken condo sellers: Hoboken condominiums on average are selling faster than they did during the same period last year, just 69 days in April 2011 as opposed to 82 days for all closings in April of 2010. Additionally the overall inventory is at a historic moderate amount sitting at 378 units. 75 condos went into contract last month The current absorption rate, the rate at which all condos in market would be "absorbed" by the current pace of sale (in this case we're using the 75 units under contract in April) is now at 5 months. This points to a somewhat "balanced" market. Interest rates remain at historic lows...
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