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.
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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