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, May 27, 2011
Increases AGAIN For Hoboken and Downtown Jersey City-Stats Update-May, 2011
I'm happy to report that inventories are down in both Hoboken and downtown Jersey City again this month. We're down 18.9% for Hoboken to the lowest levels we've seen in almost a year. Downtown Jersey City increased slightly to 45.25 weeks, an increase of 3.83%. I thought the absorption rate would decrease in downtown Jersey City this week with all the activity I've seen over there.
Pending sales increased another 5.8% this month in Hoboken. Downtown Jersey City increased 5.22% as well. The return of multiple bids on properties is here.
Total transactions for Hoboken dipped 4.3% to 66 units for May. Downtown Jersey City dropped 39% and I'm not sure why.
Price Per Square Foot-Hoboken
Price per square foot prices for 1BR in Hoboken increased 8.4% to 479.33/sq.ft. due to increased demand of these units by first time home buyers.
2BR prices were basically flat at -.07%.
3BR prices are also down 6.8% this month as well.
Price Per Square Foot-Newport
1BR prices in the Newport area are up 10.53% compared to last month. There weren't a lot of short sales to drag down the pricing.
2BR prices are up 33.8% from last month and 32.1% as compared to April, 2010.
Price Per Square Foot-Downtown
1BR prices are up 28.89% from April with several sales this month in some of the newer, higher-priced properties.
2BR prices are up 18.6% from April and actually up 4.9% from May, 2010.
We've actually had some 3BR sales were up 9.9% from last month and are down 19.31% from May, 2010.
Newport definitely kicked things up a notch for May.
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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