Sunday, February 28, 2010

Downtown Jersey City Sales Update - February 26, 2010



We had some very solid sales in downtown Jersey City, with both units averaging $469/sq. ft.

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

Friday, February 26, 2010

Hoboken Sales Update - February 26, 2010



There were two really good deals at 635 6th for under $400/sq. ft. Would it matter to you if you lived on 6th and Jackson, but got a great deal on a condo? I have seen these units and they're very well done. Thoughts?

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

Pending Sales Update - February 26, 2010 - A Little Up...and a Little Down



We had a slight decrease (.65%) for Hoboken this week and a 2.1% increase for downtown Jersey City. I was starting to get a little worried about downtown Jersey City, but it pulled through this week with a decent increase in pending sales.


Pending Sales for Hoboken February 26, 2010:

155 dabos vs. 156 last week (.65% increase)


Pending Sales for downtown Jersey City February 26, 2010:

96 dabos vs. 94 last week (2.1% increase)



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

Absorption Rate Update - February 26, 2010 - Decreased for Hoboken AND downtown Jersey City




Hoboken is back again this week with a decrease of 7.8% in its absorption rate. We'll have to see over the next few weeks if we've moved past the holiday slowdown. Remember, part of the component of the absorption rate is sales over the past 30 days.

And let's not forget downtown Jersey City with a .7% decrease! Hey, at least it's not an increase again this week!


Hoboken Absorption Rate Update 2/26/2010:

49.26 weeks vs. 53.39 weeks last week (7.8% decrease)


Downtown Jersey City Absorption Rate Update 2/26/2010:

72 weeks vs. 72.5 weeks last week (.7% decrease)


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

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Friday, February 19, 2010

Slow Week for Downtown Jersey City Sales - February 19, 2010



It was a very slow sales week this week in downtown Jersey City.

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

Another Solid Sales Week in Hoboken - February 19, 2010



We had another great sales week in Hoboken with strong sales at 1425 Garden Street (1425 Garden) at $607/sq. ft. for 2019 sq. ft. and 322 Grand at $608/sq. ft. for 650 sq. ft.


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

Pending Sales Increase for Hoboken and Downtown Jersey City - February 19, 2010



This is now the sixth straight week of increases for Hoboken and downtown Jersey City has increased for a second week.


Pending Sales for Hoboken February 19, 2010:

156 dabos vs. 143 last week (9.1% increase)


Pending Sales for downtown Jersey City February 19, 2010:

94 dabos vs. 88 last week (6.81% increase)



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

Big Increase in Hoboken Absorption Rate This Week - February 19, 2010


The streak has ended and Hoboken has posted its first increase in its absorption rate in 4 weeks. Pending sales are up this week (please see my Feb. 19 Pending Sales Update Post) so if these properties close over the next 45-60 days and pending sales continue to increase without a dramatic increase in new listings, the absorption rate will decrease again.

Hoboken Absorption Rate Update 2/19/2010:

53.39 weeks vs. 48 weeks last week (11.23% increase)


Downtown Jersey City Absorption Rate Update 2/19/2010:

72.5 weeks vs. 61.76 weeks last week (17.39% increase)


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

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Friday, February 12, 2010

Downtown Jersey City Sales Update - February 12, 2010



There was a very solid sale at $561/sq. ft. at The Shore this week.

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


We had another great sales week in Hoboken this past week.
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

Hoboken/Jersey City Pending Sales Update - February 12, 2010



This is now the fifth straight week of increases for Hoboken and downtown Jersey City has also increased by 2.32% this week.


Pending Sales for Hoboken February 12, 2010:

143 dabos vs. 140 last week (2.14% increase)


Pending Sales for downtown Jersey City February 12, 2010:

88 dabos vs. 86 last week (2.32% increase)


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

Hoboken/Downtown Jersey City Absorption Rate Update - February 12, 2009


This week we see continued weakness in the downtown Jersey City area while Hoboken's absorption rate has increased again by .83%.


Hoboken Absorption Rate Update 2/12/2010:

48.32 weeks vs. 48.72 weeks last week (.83% decrease)


Downtown Jersey City Absorption Rate Update 2/12/2010:

61.76 weeks vs. 60.69 weeks last week (1.76% increase)


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

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Thursday, February 11, 2010

Existing Home Sales Surge in The Northeast

I just read an interesting report from the National Association of Realtors that states that Q4 '09 existing home sales are up 13.9% overall nationwide. The Northeast is up 11.1%.

The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less. This is the smallest price decline in two years.

Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit was the dominant factor. “The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates,” he said. “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

The trend of lower prices in Hoboken and downtown Jersey City will be coming to and end if this trend continues.

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

Tuesday, February 9, 2010

What's Going on With The Constitution in Hoboken?


A 1163 sq. ft. 2BR/2BA in The Constitution just closed for $545,000. This unit didn't have a city view, units like these without a view were selling in the $750K range about 2 1/2 years ago. Ouch.

Maxwell Place and Hudson Tea, which offers newer amenities, has taken over where the The Constitution once stood as one of the preferred luxury buildings in Hoboken.

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

Friday, February 5, 2010

Downtown Jersey City Sales Update - February 5, 2010



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

Over $500 Sq. Ft. For Hoboken 1,2,3 BR Condos! Hoboken Sales Update - February 5, 2010



Great sales in Hoboken this week. 1,2 and 3 Bedroom condos have all averaged over $500/sq. ft. I haven't seen this happen in a long time. Hopefully, it's a sign of things to come in Hoboken.

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

Great Time to Buy in Downtown Jersey City!-Hoboken/Downtown Jersey City Pending Sales Update - February 5, 2010



This is the fourth straight week of increases for Hoboken and downtown Jersey City is down again this week, but only by 1.2%. These numbers further solidfy my position that it's a GREAT time to buy in downtown Jersey City.


Pending Sales for Hoboken February 5, 2010:

140 dabos vs. 136 last week (2.9% increase)


Pending Sales for downtown Jersey City February 5, 2010:

86 dabos vs. 87 last week (1.2% decrease)


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

Time to Buy in Downtown Jersey City! Hoboken/Downtown Jersey City Absorption Rate Udpate - February 5, 2010



A major part of the absorption rate is a 30 day sampling of sales in the area. Rolling back 30 days brings us to January 5, when the market was still recovering from the holiday slowdown.

The market has continued to soften again in downtown Jersey City while Hoboken rebounded this week with a 6.4% decrease in the absorption rate.

The absorption rate is an indicator of inventory on the market in a specific area. With the absorption rate so high in downtown Jersey City I have one recommendation-BUY! BUY! BUY! An increasing inventory can do nothing but give you more leverage in negotiations. Sellers must be receiving fewer offers and would be foolish to not at least make an attempt to negotiate every offer that comes their way.

Hoboken Absorption Rate Update 2/5/2010:

48.72 weeks vs. 52.02 weeks last week (6.4% decrease)


Downtown Jersey City Absorption Rate Update 2/5/2010:

60.69 weeks vs. 53.06 weeks last week (14.37% increase)


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

Get up-to-the-minute market reports:

www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com

Tuesday, February 2, 2010

Another Widely Regarded Housing Index Posts Largest Gain in Two Year


I just wanted to share this post regarding another key housing index that has shown signs of improvement.

All of the realtors that work in Hoboken and downtown Jersey City that I've talked to have commented that things are heating up again and all of the widely regarded reports are showing the same trend.


Pending home sales have leveled from a market swing driven by response to the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in December, increased 1.0 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1. In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.

Lawrence Yun, NAR chief economist, said it’s important to recognize how the tax credit is skewing market data. “There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he said. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels. December activity was the fifth highest monthly tally in two years.”


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