Less than two weeks into the second quarter and I've finally gotten the first quarter report done. I blame the delay on that other report due to my uncle, which I had to make sure that I got out by April 15th.
So, How Is The Market?
Simple: Follow the condos under contract to see the real picture of Hoboken real estate. It spiked in October as the home buyer tax credit was set to expire and it is spiking again as the extended and expanded tax credit may expire for real this time.
So is it a fake market propelled by a front load of buyers taking advantage of the tax credit or is it a truly robust market buoyed by the rebound on Wall Street and subsequent bonuses?
Th Hoboken real estate market is a little different. Given the home values, there are still a lot of potential buyers who don't qualify for the tax credit or who won't let $8,000 influence the timing of their condo purchase.
The upper end of the Hoboken condo market is taking a beating. Only 25 of the 137 sales were over $600k. Prices are sliding back into the $500s, $400s, $300s and even $200s. In essence, Hoboken has become more affordable. With the help of the tax credit, more buyers are able to afford something on the lower end and also with the increased inventories on the upper end, buyers are able to trade up.
What happens after April 30th??? It's the eight thousand dollar question. Right now both buyers and sellers can review my Hoboken Real Estate report for a look back on Q1,2010. Additionally, I recommend that you review the latest Hoboken real estate trends.
Hoboken Market Report Q1,2010