Friday, February 25, 2011

Monthly Stats Update-February 2011

Absorption Rate
The absorption rates for Hoboken and downtown Jersey increased a bit for February which was caused by slight increases in inventory and slight reductions in closed sales for the month. Rates are actually down 24.5% for Hoboken as compared to February, 2010 and flat for downtown Jersey City.

Pending Sales
Pending sales are up 6.5% for Hoboken and 7.69% for downtown Jersey City. Further evidence that the market is rebounding.

Total transactions are down 24.4% for Hoboken and 5.3% for downtown Jersey City as compared to last month. When compared to 2010, transactions are down 37% for Hoboken and 35.5% for downtown Jersey City. With pending sales increasing in the area, we should see transactions increasing in the next 30 to 60 days.

Price Per Square Foot-Hoboken
Price per square foot prices for 1BR and 2BR condos in Hoboken were essentially flat as compared to last month and decreased 6.8% for 1BR and 6% for 2BR as compared to 2010.

Price Per Square Foot-Newport
1BR prices have increased 8.4% over last month and 7.3% over the same period last year. 2BR prices have decreased 5.3% over last month and decreased 19.2% over the same period last year.

Price Per Square Foot-Downtown
1BR prices are down 3.7% this month, but decreased 7.21 over the same period last year. 2BR prices are up a strong 19.81% and up 7.15% over the same period last year. 3BR sales are up 19.2%and are up 12.71% over the same period last year.

I'm surprised that the prices have incresed in downtown Jersey City. I do think the downtown area is a bit undervalued right now.

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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