Thursday, August 18, 2011
Monthly Stats Update-July, 2011
Absorption rates have dropped again this month to the lowest levels we've seen in well over a year in both Hoboken and downtown Jersey City. Rates were down 9.8% in Hoboken and 40.8% in downtown Jersey City. This rates have been primarily reduced as a result of abnormally low inventories which is helping to offset the reduced demand we've seen in the area.
Pending sales decreased by 12.6% and 6.1% for Hoboken and downtown Jersey City this month.
The total number of transactions actually held fairly steady for both areas this month.
Price Per Square Foot-Hoboken
The price per square foot for 1BR condos in Hoboken actually increased 8.67% to $503.07/sq. ft. This is the first time we've averaged over $500/sq.ft. since June, 2010.
2 bedroom prices were down a neglible .5%.
3 bedroom prices soared rose 20.56%, but that was only from 7 properties.
Price Per Square Foot-Newport
1BR prices in the Newport area dipped another 12.1% this month, which was agin lead by cheaper sales at 45 River Drive South which is an older, but nice, building.
2BR prices increased 11.1% this month to $483.36/sq.ft. and this even included a few lower priced sales at 700 Grove.
Price Per Square Foot-Downtown
1Br and 2BR prices increased 1.93% and 17.2% this month which is nice to see. There was quite a bit of 2BR activity this month which we haven't seen in a long time.
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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