Tuesday, August 31, 2010
Interesting Changes.........August 2010 Stats Update
We had a very interesting month of changes in the August 2010 Stats Update. The absorption rate, the rate at which properties sell, increased for both Hoboken and downtown Jersey City, with Hoboken posting a staggering 50.6% increase. While inventories increased, per square foot prices posted solid gains in almost every segment for both Hoboken and downtown Jersey City.
Normal theory would dictate that if properties are lingering on the market longer that prices should go down, but that doesn't seem to be the case.
Pending sales decreased slightly for Hoboken and downtown Jersey City when compared with July, but are way off from the May 2010 high which was fueled by the $8000 tax credit.
I still say that it's a great time to buy right now...mortgage rates are low and inventories are plentiful.
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
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