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.
Absorption Rate
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
Pending sales for Hoboken dropped 17.3% to 129 units and 11.3% to 117 units. Again, further evidence of a slowdown for September.
Transactions
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:
Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search Hoboken listings:
www.viewhobokenhomes.com
Search downtown Jersey City listings:
www.alldowntownjerseycityhomes.com
Follow me on Twitter: www.twitter.com/KevinDowdHBJC
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