The markets in Hoboken and downtown Jersey City continue to find their footings this month.
Absorption Rate
As activity has increased in Hoboken with a lower inventory, the absorption rate has actually decreased 3.8% over December and 11.7% as compared to January, 2010. Downtown Jersey has been a bit sluggish and the rate actually increased 29.96 from December 2010 and 15.6% from last year. Things haven't really started to pick up yet in Jersey City yet.
Pending Sales
Pending sales are down 8.1% for both Hoboken and downtown Jersey City last month. Hoboken is down 5.7% as compared to last year and actually Jersey City increased 1.56% over December 2010 which is good news.
Transactions
Total transactions are down 29.3% for Hoboken and 64.8% for downtown Jersey City compared to last month and down 8.9% and 24% respectively as compared to December 2010.
Price Per Square Foot-Hoboken
Price per square foot prices for 1BR condos in Hoboken decreased 5.2% last month and decreased 22.4% over the same period last year. 2BR prices increased 4.5% last month and is up 5% over the same period last year.
Price Per Square Foot-Newport
1BR prices have decreased 11.6% over last month and 17.8% over the same period last year. 2BR prices have increased 11.1% over last month and decreased 2.2% over the same period last year.
Price Per Square Foot-Downtown
1BR prices are down 20.2%, but increased 7.2% over the same period last year. 2BR prices are down 11.3%, but up 2.8% over the same period last year. 3BR sales are down 1.1% but are up a whopping 47.4% over the same period last year.
So what does this all say? Transactions are down, prices are stable/slightly off and inventory is low. Activity has definitely increased so we'll see where the numbers go in the next few months.
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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