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, July 1, 2011
Hoboken/Downtown Jersey City Stats Update-June 2011
I'm happy to report that inventories are down in Hoboken and downtown Jersey City again this month. We're down 18.6% for Hoboken to the lowest levels we've seen in over 21 month Downtown Jersey City decreased slightly to 44.49 weeks, a decrease of 1.7%.
Pending sales decreased 9% this month and I suspect it's because there's not a lot of good inventory on the market. Downtown Jersey City increased by 19.7% this month and I think it's because buyers are finally snatching up some of the great deals out there.
Total transactions for Hoboken increased 19.7%. Downtown Jersey City increased by 80%.
Price Per Square Foot-Hoboken
Price per square foot prices for 1BR in Hoboken decreased 3.4% to 462.95/sq.ft. There were a lot of cheap short sales out there that brought 1BR prices down.
2BR prices increased by 5.17% this month. 2BR sales are always very popular in Hoboken.
3BR prices are also down 11.1% this month, but there weren't that many units that sold, so evaluate pricing for these units on a case-by-case basis if you're looking to buy.
Price Per Square Foot-Newport
1BR prices in the Newport area dipped 3.2%, lead mostly by cheaper sales at 45 River Drive South.
2BR prices are down 23.2% from last month. This decline was lead by low sales at 700Grove. Price here just keep falling.
Price Per Square Foot-Downtown
1BR prices are down 9.7% from May. With the increased activity in this area, I expect this to increase in the upcoming months.
2BR prices are also down 12.6% from April.
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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