Many buyers find it hard to believe when I tell them that prices in Hoboken and downtown Jersey City haven't really dropped much over the last year.
I will often show prospective buyers my data which shows how prices haven't changed drastically over the past 12 months. Prices for studios through 3 bedroom condos have all increased in Hoboken when compared to October, 2010. In downtown Jersey City, prices in the Newport area have increased across the board and in the downtown area prices have increased for 2 bedroom and decreased for 1 bedroom units by just 6.7% when compared to last year.
Absorption Rate
The absorption rate for Hoboken increased slightly to 29.51 weeks and increased incrementally to 45.03 weeks for downtown Jersey City. What does this mean? Based on the current sales pace, inventory is in the normal range for Hoboken and slightly elevated for downtown Jersey City. It's interesting to note that absorption rates for Hoboken and downtown Jersey City are 33.3% and 32.7% lower than October 2010 rates.
This is great news because it indicates that properties are moving faster than they were last year at this time.
Pending Sales
Pending sales dropped for Hoboken and downtown Jersey City for October. Not big drops, but drops nonetheless. Hoboken pending sales are down 12.1% from October, 2010 and downtown Jersey City is up 11.68 from the same time last year.
Transactions
The number of actual sales for Hoboken and downtown Jersey City are down 32.3% and 31.25%, respectively, when compared to last month and down 33.3% and 15.4% when compared to October, 2010. There are fewer properties selling, but they are selling well.
Price Per Square Foot-Hoboken
The price per square foot for 1 bedroom condos in Hoboken increased by 6.9% to $496.15/sq.ft. and is also up 9.3% when compared to October, 2010.
2 bedroom prices increased by 1.5% to $461.34/sq.ft. and increased 1.3% from September, 2011.
3 bedroom prices dipped by 6.3% but are up 10.9% when compared to September, 2010.
Price Per Square Foot-Newport
1 bedroom prices in the Newport area dropped by 17.1% this month to 446/sq.ft. but are up 15.6% compared to the same period last year.
2 bedroom prices decreased 4.9% to $443/sq.ft. but actually increased 31.5% over the same period last year.
Price Per Square Foot-Downtown
1 bedroom prices dropped 10.8% to $373.80/sq.ft. and is down 6.7% compared to the same period last year.
2 bedroom prices dipped by just .4% to $435.33/sq.ft. but are up by 17.9% over last year.
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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