Thursday, May 5, 2011

Market Gains Momentum-Stats Update-April, 2011

Absorption Rate
I'm happy to report that inventories are down in both Hoboken and downtown Jersey City. As a result the absorption rate for Hoboken is down 24.2% from last month and downtown Jersey City is down a whopping 33.6%. This can't any more clear of a sign that the market is stabilized and starting to strengthen.

Pending Sales
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.

The number of transactions for Hoboken is up 209% from March and is actually down 13.9% from April, 2010. Last April is when we were in the craziness of the $8000 closing credit. Downtown Jersey City is up 14.9% from last month and is up 4.07% from April 2010.

Price Per Square Foot-Hoboken
Price per square foot prices for 1BR and 2BR condos in Hoboken were basically flat this month. 1BR prices were down 6.6% from March, 2010 and 2BR prices are down 2.5% from March, 2010.

3BR prices are down 2.4% for last month and up 16.2% when compared to March, 2010. The lack of good 3BR on the market has been helping to keep 3BR unit prices stable.

Price Per Square Foot-Newport
1BR prices in the Newport area are down 13.4% compared to last month and down 9.2% compared to April, 2010. There have been a few short sales that have been dragging prices down.

2BR prices are down 16.4% from last month and 19.2% as compared to April, 2010. This is mainly due to several low price per square foot sales at 700 Grove.

Price Per Square Foot-Downtown
1BR prices are down 19.1% this month and down 3.2% from April, 2010 which wipes out most of the strong gains from last month

2BR prices are basically flat from last month and are actually up 2.08% from April, 2010. In general, there are always more 2BR for sale than 1BR units.

We've actually had some 3BR sales were up 19.58% from last month and are down 4.1% from April, 2010. There aren't a lot of 3BR sales but it's still good to see where prices are for these units.

Overall, things are picking up speed.

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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