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.
Wednesday, October 5, 2011
Things are Slow-Prices are Low-Monthly Stats Update-September, 2011
So what does all of this data mean? Prices for properties continue to stay low for the most part and all indicators continue to point to a buyer's market. There is a real lack of good properties out there right now because many buyers don't want to sell at a big loss.
The absorption rate for Hoboken jumped from 19.13 weeks for 27.75 weeks. Still decent, but concerning that it increased 45.06% in one month. The downtown Jersey City absorption rate jumped from 28.81 weeks to 45.32 weeks (57.3% increase). What does this mean? Properties are staying longer on the market.
Pending sales for Hoboken dropped 17.3% to 129 units and 11.3% to 117 units. Again, further evidence of a slowdown for September.
The biggest telltale sign that things slowed for September is that total transactions for Hoboken dropped 27% to 59 units and dropped 29% to 32 units for downtown Jersey City. Interesting fact-total transactions for September 2011 in Hoboken is up 9.3% when compared to September 2010.
Price Per Square Foot-Hoboken
The price per square foot for 1BR condos in Hoboken decreased by 5.7% to $464.11/sq.ft. and is also down 5.7% when compared to September 2010.
2 bedroom prices increased by 5% to $454.72/sq.ft. but is actually up 5.4% from September 2010.
3 bedroom prices decreased by 2% but is up 1.3% when compared to September 2010.
Price Per Square Foot-Newport
1BR prices in the Newport area dropped by 1.6% this month to $538/sq.ft. but are up 10.6% compared to the same period last year.
2 bedroom prices decreased 11.6% to $466/sq.ft. but actually increased 11.4% over the same period last year.
Price Per Square Foot-Downtown
Downtown Jersey City fared better than the other areas this month.
1 bedroom prices dipped just .7% to $419.14/sq.ft. and is up .21% compared to the same period last year.
2 bedroom prices increased by 14.9% to $437.09/sq.ft and are up an additional 7.9% over last year.
3 bedroom prices dropped 20% compared to last month. There is no data for 3 bedroom sales from September 2010.
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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