Wednesday, August 31, 2011
Monthly Stats Update-August, 2011
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 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:
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
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