Friday, October 29, 2010

Hoboken and Downtown Jersey City Stats Update-October, 2010

The absorption rate increased this month in Hoboken by 17.51% to 44.23 weeks which has pushed it above what I consider a normal inventory range. Surprisingly, the rate for downtown Jersey City decreased by 2.94% to 66.92 weeks which is still very high.

Pending sales dipped slightly for Hoboken and increased by 7.21% for downtown Jersey City this month which is good because things are very slow in downtown Jersey City right now.

Hoboken's price per square foot price for studios increased by 8.08% this month and one bedroom sale prices decreased by 7.74% which was brought down by some extremely low sales in the sub-$300/sq.ft. range.

Two bedroom sales were up 5.58% this week.

In the Newport area of downtown Jersey City price per square foot prices for 1 bedroom sales were up by 8.63% and while 2 bedroom sales dropped by 19.43%

Downtown Jersey City price per square foot prices decreased for 1 and 2 bedroom condos by 4.21% and 8.79%, respectively.

Please click on the link below if you can't see the chart:

Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957

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