The markets in Hoboken and downtown Jersey City continue to find their footings this month.
Absorption Rate
The absorption rates for Hoboken and downtown Jersey City dropped for December. Downtown Jersey City had been experiencing very high absorption rates since September, so it's nice to see the rates starting to trend down. Absorption rates as compared to December 2009 are up 19.6% for Hoboken and just 2.75% for downtown Jersey City.
Pending Sales
Pending sales for Hoboken downtown Jersey City are down 1.5% and 4.1% as compared to last month and Hoboken is down just 1.9% as compared to December 2009. Pending sales for downtown Jersey City are up 1.6% as compared to December 2009.
Price Per Square Foot-Hoboken
Price per square foot prices for 1BR condos in Hoboken decreased 3.3% last month and are off 5.2% as compared to last year. 2BR price per square foot prices seem to be the safe bet, as they are up 10.4% from last month and are up 4.5% from last year. 3BR prices are up 1.6% for last month, but down 8.4% as compared to last year.
Price Per Square Foot-Newport
The price per square foot price for 1BR and 2BR condos in the Newport area increased by 9.2% and 15.7% respectively, but are off 7.5% and 4.8% from December 2009.
Price Per Square Foot-Downtown
1BR prices continue their climb for a 3rd month and are up 7.2% as compared to December 2009. 2BR prices also continue to climb for a 3rd straight month, but are down 11.3% as compared to December 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
Email: info@hobokenjerseycity.com
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