We're starting to see some interesting trends develop in the area over the last several months.
In Hoboken, the pace has definitely picked up with the absorption rate dropping 14.7%from November. If inventories continue to decrease, coupled with an increase in demand, we might see prices start to rise in Q1 '10.
Pending sales decreased sharply for December but are expected to return to October-November levels.
1, 2 and 3 bedroom price per sq. ft. averages posted slight decreases with 1 bedroom prices decreasing by only -2.4% as first time home buyers continue to snap up well-priced 1 bedroom units.
The absorption rate for downtown Jersey City increased by a larger than expected 16.5%, but yet pending sales only decreased 7.46%, so right now the pace of sales isn't keeping up with the increasing inventory.
The price per square foot for 1BR in the Newport area increased by 6.96% as first time home buyers jumped into the market, while 2BR units decreased by 7.7% as people start to realize that some of these units were just plain overpriced, even relative to Hoboken.
Per square foot prices for downtown Jersey City increased by 3.5% for 1 BR units and 8.7% for 2BR units as people shifted away from the Newport area to some of the better priced buildings in the downtown area.
Please click on the link below if you can't see the chart:
Information provided by:
Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com
Has the market stabilized?
Get up-to-the-minute market reports:
www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com
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