Sales on a price per square foot basis have increased in every 1 and 2 bedroom market segment, except for 2BR condos in Downtown Jersey City. Inventories have also decreased in both Hoboken and Downtown Jersey City.
So, what does this mean? If inventories keep shrinking with demand staying at a constant or increased level, prices are surely to continue to rise.
These has been a lot of talk that the tax credit was bolstering sales nationwide. That may be true in other parts of the country, but the credit isn't large enough relative to the purchase prices to really make that much of a difference in our area.
Please click on the link below if you can't see the chart:
Information provided by:
Kevin Dowd
Broker/Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
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