Wednesday, August 31, 2011

Monthly Stats Update-August, 2011

Absorption Rate
Absorption rates for Hoboken and downtown Jersey City have remained low again for August with Hoboken dropping to an extremely low 19.13 weeks.

Pending Sales
Pending sales decreased by 9% for Hoboken but only dipped 1% for downtown Jersey City. It's interesting to note that pending sales for downtown Jersey City increased 28.78% from August, 2010 and pending sales are at August 2010 levels for Hoboken

The total number of transactions for Hoboken increased 5.2% to 81 units for Hoboken and decreased 2.2% for downtown Jersey City for August. When compared to 2010, Hoboken transactions are up 15.7% and downtown Jersey City is up 21.62%. Interesting.

Price Per Square Foot-Hoboken
The price per square foot for 1BR condos in Hoboken decreased by 2.3% to $491.86/sq.ft. but remains strong and active.

2 bedroom prices increased by 4.3% to $478.81/sq.ft.

3 bedroom prices decreased by .5%

Price Per Square Foot-Newport
1BR prices in the Newport area increased by 24% this month to $547/sq.ft.

2BR prices increased 7.79% this month to $521/sq.ft.

Price Per Square Foot-Downtown
1BR prices dipped 6.1% to $422.71/sq.ft., but activity was strong this month.

2BR prices dipped 15.9% to $380.36/sq.ft but also remains very active.

3BR prices dropped 13.9% to 365.63/sq.ft.

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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