Providing The Latest and Most Up-to-Date Real Estate News for Hoboken and downtown Jersey City
My name is Kevin Dowd and welcome to my real estate blog. This blog is meant to educate local buyers and sellers in Hoboken, downtown Jersey City and the surrounding areas by providing up-to-date real estate sales statistics. Area-specific commentary is also provided that will provide you with a fresh perspective on the local real estate market.
Friday, February 25, 2011
Monthly Stats Update-February 2011
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 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:
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
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