Low Inventories Putting Downward Pressure on Pending Sales-Pending Sales Update-December 23, 2011

Pending sales would significantly higher if there was more inventory on the market.  There is nothing for sale in Hoboken or downtown Jersey City.

Pending Sales for Hoboken December 23, 2011:
127 dabos vs. 134 last week (5.2% decrease)


Pending Sales for Downtown Jersey City December 23, 2011:
102 dabos vs. 103 last week (1% decrease)

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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: http://www.twitter.com/KevinDowdHBJC

Hoboken Properties Selling Faster Than Ever! Hoboken/Downtown Jersey City Absorption Rate Update-December 23, 2011

Inventories for Hoboken dropped to 227 units (condos, single and multi-family homes up to 4 units) this week.  This week is now the lowest inventory I've ever seen....and yes, I keep repeating myself!
Downtown Jersey City dropped to 293 units again this week (condos, single and multi-family homes up to 4 units) which also among the lowest inventory rates I've ever seen.

Hoboken Absorption Rate Update December 23, 2011:

17.88 weeks vs. 22.80 weeks last week (21.6% decrease)


Downtown Jersey City Absorption Rate Update December 23, 2011

57.68 weeks vs. 50.18 weeks last week (14.9% increase)

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 listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

Downtown Jersey City Sales Update-December 23, 2011

There were just three sales in the downtown area this week.

Two bedrooms in the downtown area averaged a strong $446/sq.ft. while a 3 bedroom short sale at 65 2nd Street averaged just $436/sq.ft.

Please click on the link below if you can't view the chart:


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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

Flurrry of Sales for The End of 2011-Hoboken Sales Update-December 23, 2011

Happy Holidays to all of my readers!

I hope that you have a happy and joyous holiday season!

We had a total of 19 sales in Hoboken this week as buyers rush to close for the 2011 tax year.

On the 1 bedroom front, there were a total of five sales with a strong sale at 1100 Adams at $521/sq.ft.
Average sales price was $481/sq.ft. for all 1 bedrooms this week.

There were nine sales in the 2 bedroom market this week with two very strong sales at $836 and $1116/sq.ft. at Maxwell Place.  I spoke with one of the sales agents there and he said that sales are up strongly over the last few months.  Overall, average sales price for 2 bedroom units this week was a strong $570/sq.ft.

There was a beautiful 3BR unit that sold at 56 Jefferson for $514/sq.ft.  This unit, although sold at a strong price, is much less than the $649/sq.ft. that the seller paid in 2005.  Very nice unit.
Please click on the link below if you can't see the spreadsheet:


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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow Me on Twitter: www.twitter.com/KevinDowdHBJC

Hoboken/Downtown Jersey City Pending Sales Update-December 16, 2011

Pending Sales for Hoboken December 16, 2011:
134 dabos vs. 135 last week (.7% decrease)


Pending Sales for Downtown Jersey City December 16, 2011:
103 dabos vs. 112 last week (8.1% decrease)

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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: http://www.twitter.com/KevinDowdHBJC

Hoboken/Downtown Jersey City Absorption Rate Update-December 16, 2011

Inventories for Hoboken dropped to 242 units (condos, single and multi-family homes up to 4 units) this week.  This week is now the lowest inventory I've ever seen....I hope I don't keep repeating myself!

Downtown Jersey City dropped to 301 units again this week (condos, single and multi-family homes up to 4 units) which also among the lowest I've ever seen.

Hoboken Absorption Rate Update December 16, 2011:

22.80 weeks vs. 26.72 weeks last week (14.7% decrease)


Downtown Jersey City Absorption Rate Update December 16, 2011

50.18 weeks vs. 66.59 weeks last week (14.6% decrease)

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 listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

Downtown Jersey City Sales Update December 16, 2011

There were eleven sales in downtown Jersey City this week.

There was a nice sale at The Shore for $542/sq.ft.

Two bedrooms in the downtown area averaged a healthy $403/sq.ft.


Please click on the link below if you can't view the chart:

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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

Hoboken Sales Update-December 16, 2011

We had a total of 13 sales in Hoboken this week.

1 bedroom units averaged $455/sq.ft. with a great deal at 224 Monroe for $405/sq.ft. with parking.  These are great units with nice tall ceilings.  I love the layout of this unit.

There was also a sale at 1100 Adams at $436/sq.ft. for a great 958 sq. ft. 1BR...also love these layouts.

Two bedrooms sank a little this week to $388/sq.ft.and was dragged down by a $341/sq.ft. sale at 551 Observer Highway

Please click on the link below if you can't see the spreadsheet:


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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow Me on Twitter: www.twitter.com/KevinDowdHBJC

No Inventory-Hoboken/Downtown Jersey City Pending Sales Update-December 9, 2011

Slight dips in pending sales this week, partly due to the incredibly low inventories!

Pending Sales for Hoboken December 9, 2011:
135 dabos vs. 142 last week (4% decrease)


Pending Sales for Downtown Jersey City December 9, 2011:
112 dabos vs. 114 last week (1.8% decrease)

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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: http://www.twitter.com/KevinDowdHBJC

Inventories for Hoboken dropped to 259 units (condos, single and multi-family homes up to 4 units) this week.  This week is now the lowest inventory I've ever seen.

Downtown Jersey City had 307 units again this week (condos, single and multi-family homes up to 4 units) which also among the lowest I've ever seen.

Hoboken Absorption Rate Update December 9, 2011:

26.72 weeks vs. 36.92 weeks last week (27.6% decrease)


Downtown Jersey City Absorption Rate Update December 9, 2011

66.59 weeks vs. 78.31 weeks last week (15% decrease)

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 listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

Downtown Jersey City Sales Update-December 9, 2011

There were ten sales in downtown Jersey City this week.

There was a low sale of $381/sq.ft. at 159 2nd Street this week.  I would think these would sell a little higher.

On the two bedroom side, there was a $476/sq.ft. sale that sold at 140 Bay Street.  That's a great per sq. ft. price for a 1700 sq. ft. unit.

There was also a strong sale of $460/sq. ft. at 154 Steuben.  It was under contract in 4 days.  I knew this was going to go fast when I went to the first open house and there were 4 buyers waiting to get into the property.

Please click on the link below if you can't view 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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

Hoboken Sales Update-December 9, 2011

There were a total of 15 sales this week in Hoboken.

One bedroom sales surged to $551/sq.ft. led by a strong $818/sq.ft. sale at Maxwell Place.

Two bedroom condos showed a slight uptick for $456/sq.ft. this week, led by a $627/sq.ft. sale at Maxwell Place.

Just one three bedroom sale at 507 Madison for a low $400/sq.ft.


Please click on the link below if you can't see the spreadsheet:

>
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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow Me on Twitter: www.twitter.com/KevinDowdHBJC

Hoboken Pending Sales Finally Decrease This Week-Hoboken/Downtown Jersey City Pending Sales Update-December 2, 2011

The streak has ended for Hoboken and pending sales dipped by 1.4% this week.
As I mentioned last week, inventories are low and taking a little longer to sell right now, but they are selling.

Pending Sales for Hoboken December 2, 2011:
142 dabos vs. 144 last week (1.4% decrease)


Pending Sales for Downtown Jersey City December 2, 2011:
114 dabos vs. 114 last week (no change)

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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: http://www.twitter.com/KevinDowdHBJC

Things are Still Selling in Hoboken This Week-Downtown Jersey City-Not So Much-Absorption Rate Update-December 2, 2011

Inventories for Hoboken dropped to 264 units (condos, single and multi-family homes up to 4 units) this week.  This is the lowest inventory I've ever seen.

Downtown Jersey City had 307 units (condos, single and multi-family homes up to 4 units) which also among the lowest I've ever seen.

Hoboken Absorption Rate Update December 2, 2011:

36.92 weeks vs. 37.07 weeks last week (.04% decrease)


Downtown Jersey City Absorption Rate Update December 2, 2011

78.31 weeks vs. 51.67 weeks last week (51.6% decrease)

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 listings:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

4 Sales at 77 Hudson This Week-Downtown Jersey City Sales Update-December 2, 2011

There were seven sales in downtown Jersey City this week.

There were three 1BR sales at 77 Hudson this week for a very strong $651/sq.ft. It's a great building, but the prices seem a little high for this market.

On the 2BR front, there was a $453/sq.ft sale at 65 2nd Street (The Portofino).

There were two single family sales right on Jersey Avenue that were in contract in an average time of 57 days. Sale prices were strong, but still lower that what you'd pay in Hoboken.

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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow me on Twitter: www.twitter.com/KevinDowdHBJC

Sale Price Dip This Week in Hoboken-Hoboken Sales Update-December 2, 2011

There were a total of 11 sales this week in Hoboken.

There were only two 2BR sales this week for an average sale price of just $373/sq.ft

Two bedroom condos also sold lower than usual at $447/sq.ft.  There were a couple of good deals that were snatched up this week like 620 Jefferson that sold for a lowish $413/sq. ft.

On the three bedroom front prices fared a little better with an average sales price of $473/sq.ft.  That was bolstered by a $607/sq.ft. sale at Maxwell Place.


Please click on the link below if you can't see the spreadsheet:



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:
http://www.viewhobokenhomes.com/

Search downtown Jersey City listings:
http://www.alldowntownjerseycitylistings.com/

Follow Me on Twitter: www.twitter.com/KevinDowdHBJC

November, 2011 Stats Update

The problem we're having this month is that inventories have reduced so dramatically that decent properties that are priced well are being snapped up in aggressive bidding wars.  I've been involved in three bidding wars on properties in the last 3 weeks.


In all three situations bidding was aggressive, but never pushed over the asking price, because buyers know in the back of their minds that we're still in a buyer's market. 


I'm curious to see what happens when bids start to go over asking price. 


Many owners have decided to either rent out their properties for a year or three to see if home values increase or not.  


Absorption Rate
The absorption rates for Hoboken and downtown Jersey City both increased over October numbers, but are still down when compared to November, 2010.  


Again, the data shows that properties are staying on the market for less time in both Hoboken and downtown Jersey City as compared to last year.


A light at the end of the tunnel, perhaps?


Pending Sales
Pending sales for Hoboken were up 13% compared to last month and up 3.86% compared to last year. In downtown Jersey City, pending sales were flat as compared to last month, but have increased 6.53% versus the same time last year.


Another sign that things might be starting to improve?


Transactions
Transactions are down 27.5% for Hoboken and 9.1% for downtown Jersey City because there's no good inventory out there.


I have three buyers that cannot find a property to buy.


Price Per Square Foot-Hoboken
The price per square foot for 1 bedroom condos in Hoboken decreased by 6.9% to $461.92/sq.ft. and is also down 6.4% when compared to November, 2010.


2 bedroom prices increased by just .57% to $461.97/sq.ft. and increased 5.65% from November, 2010.


3 bedroom prices increased 14.25% to $479/sq.ft. and are up 19.5% when compared to November, 2010.  There is a lack of affordable 3 bedroom condos in Hoboken.


Price Per Square Foot-Newport
1 bedroom prices in the Newport area increased by 18.61% this month to $529/sq.ft. but are up 14.44% compared to the same period last year.


2 bedroom prices decreased 10.4% to $397/sq.ft. but actually increased 1.6% over the same period last year.


Newport prices have dropped quite a bit from their highs and as a result people are holding onto their properties or are renting them out waiting for prices to rebound.


Price Per Square Foot-Downtown
1 bedroom prices increased 7.7% to $402.75/sq.ft. but are down 3.3% compared to the same period last year.


2 bedroom prices increased by just .01% to $439.90/sq.ft. but are up by 18.57% 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