Thursday, November 4, 2010
Taking a look at the above chart, it might appear that condo real estate prices in Hoboken have remained relatively flat over the past year. The lower 75% tracks similarly while the upper 25% has big swings based on the potential of a few very high priced sales unduly influencing the numbers.
Upon a closer look, the truth is frightening to sellers and a real opportunity for buyers. Digging down on the upper second quartile (50%-75%) median prices have dropped from near $550k to $510k. Some of the price drop may be from lower priced homes selling. Some is definitelt from a lowering of prices.
These charts and more Hoboken market statistics are available on a weekly basis in my free Hoboken Real Estate Trend Report.