Monday, November 29, 2010

Major Decreases as Compared to November 2009-Monthly State Update-November 2010

The absorption rates for Hoboken and downtown Jersey City both dropped this month. As compared to November 2009, Hoboken has increased by 6.6% and downtown Jersey City has increased by a staggering 60.7%. I think buyers are a bit weary of buying in Hoboken and are starting to challenge the prices of the some of the properties on the market right now in the area.

Pending sales for November decreased by 4.4% for Hoboken and increased by 4.8%. Compared to November 2009, pending sales are off by 18.8% for Hoboken and 1.9% for downtown Jersey City.

In Hoboken, price per square foot was up for 1BR and 3BR condos for November. Overall, 1BR, 2BR and 3BR condos were all down from November 2009.

In the Newport area of downtown Jersey City, 1BR price per sq. ft. sales fell 12.5%, while 2BR sales increased by 15.95%. Compared to November, 2009 price per square foot sales increased 9.4% for 1BR and decreased by 24% for 2BR price per square foot sales.

Downtown Jersey City saw a 3.9% and .46% for 1 and 2BR condos, respectively and price per square foot sales decreased by 2.8% for 1BR condos and actually increased by 12.5% for 2BR units.

Overall, the market has underperformed as compared to November, 2009.

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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