Providing The Latest and Most Up-to-Date Real Estate News for Hoboken and downtown Jersey City
My name is Kevin Dowd and welcome to my real estate blog. This blog is meant to educate local buyers and sellers in Hoboken, downtown Jersey City and the surrounding areas by providing up-to-date real estate sales statistics. Area-specific commentary is also provided that will provide you with a fresh perspective on the local real estate market.
Friday, May 28, 2010
Happy Memorial Day! Stats Update - May, 2010
A bit of a mixed bag with this month's stats. Absorption rates tumbled by 20.7% and 7.6% for Hoboken and downtown Jersey City, respectively. Pending sales increased 13.5% and 11% for Hoboken and downtown Jersey City.
Price per square foot for 1BR in Hoboken increased by 2.4% to $484.5/sq. ft. while the price of 2 BR condos dropped 2.4% to $442.5/sq.ft.
Prices for 1BR and 2BR condos in the Newport area tumbled by an average of 20% to $413/sq.ft. and $429/sq.ft., respectively.
The continued decrease in the absorption rate and the continued increase in the pending sales (DABOS) is the surest sign yet that our recovery is well underway.
Please click on the link below if you can't see the chart:
Information provided by:
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Search MLS listings for free at: www.hobokenjerseycity.com
Has the market stabilized?
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