Friday, May 27, 2011

Increases AGAIN For Hoboken and Downtown Jersey City-Stats Update-May, 2011

Absorption Rate
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
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:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957

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