Friday, July 1, 2011

Hoboken/Downtown Jersey City Stats Update-June 2011

Absorption Rate
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
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:

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

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