Friday, March 25, 2011
Getting Stronger-Stats Update-March, 2011
The absorption rate for Hoboken actually increased 20.01% for March, but is down 10.7% from March 2010. The downtown Jersey City rate is down by 3.2%, but up 5.6% from March 2010
Pending sales for March soared 22.6% for Hoboken and 15.82% for downtown Jersey City last month. This is great news and shows that the market is getting stronger.
Total transactions increased 6.45% for Hoboken and 22% for downtown Jersey City. Can anyone say market recovery?
Price Per Square Foot-Hoboken
Price per square foot prices for 1BR and 2BR condos in Hoboken were only down 1.8% and 1.1% for March. 1BR prices were down 8.1 from March, 2010 and 2BR prices are actually up 3.5% from March, 2010.
3BR prices are up 17.2% for last month and up up 9.29% when compared to March, 2010. There are many more families that are staying in town which has been increasing the demand for good 3BR properties.
Price Per Square Foot-Newport
1BR prices have increased 12.3% over last month and 1.7% over the same period last year. 2BR prices have decreased 7.08% over last month and decreased by just .03% over the same period last year. Nice rebound for the Newport area.
Price Per Square Foot-Downtown
1BR prices increased 18.99% this month and increased 27.68% over the same period last year. There are a ton of first time buyers out there which would explain this increase. 2BR prices are down 13.6% and also down 10.3% over the same period last year. 3BR sales are down 27.9%and are down 25% over the same period last year. There's still some softness in the 2BR and 3BR markets, but will see how this plays out with all the new contracts that have entered the market this month.
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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