Overall, December ended up being a good month. Pending sales were up and prices were stable in Hoboken, and a little up and down for downtown Jersey City.
The big news is that total transactions for Hoboken is up a whopping 197% this month and a very strong 16.7% for downtown Jersey City.
What this is telling me is that people are out there buying.
Absorption Rate
The absorption rate for Hoboken dropped to 23.58 weeks, a decrease of 35.6%. Downtown Jersey City increased 11.94% to 59.8 weeks, but the absorption rate is always all over the place for the downtown area.
The absorption rate for Hoboken is down 35.8% compared to last year, but the absorption rate is up 29.3% in the downtown area.
The data shows that people are still looking to Hoboken as a safer place to park their money for now. Good properties are just not staying on the market. If this continues long enough, demand will continue to outstrip supply and prices will rise.
Pending Sales
Pending sales were down 2.8% for Hoboken and up just.04% for downtown Jersey City this month. More importantly, pending sales are up 2.5% for Hoboken and 6.7% for the downtown area when compared to December, 2010.
Do you see a trend here?
Transactions
Big news here. Transactions are up 197% for Hoboken and 16.7% for downtown Jersey City. When compared to December, 2010 total transactions are up 10.52% for Hoboken and down 33% for downtown Jersey City.
Price Per Square Foot-Hoboken
The price per square foot for 1 bedroom condos in Hoboken crept up 3.25% this month and is flat compared to the same period last year.
2 bedroom prices increased by just .049% to $466.28/sq.ft. and decreased 3.9% from December, 2010.
3 bedroom prices decreased by 10.8% to $427.13/sq.ft. but actually increased 4.95% when compared to December, 2010.
Price Per Square Foot-Newport
1 bedroom prices in the Newport area decreased by 11.6% this month to $467.60/sq.ft. and are down 7.4% when compared to December, 2010.
2 bedroom prices are actually up 14.1% to $453/sq.ft.for this month and up just .22% when compared to December, 2010.
Price Per Square Foot-Downtown
1 bedroom prices increased 11.16% to $447.73/sq.ft. but are down 5.7% when compared to the same period last year.
2 bedroom prices decreased 5% to $418.08/sq.ft., but are up 3.74% when compared to the same period 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:
http://www.viewhobokenhomes.com/
Search downtown Jersey City listings:
http://www.alldowntownjerseycityhomes.com/
Follow me on Twitter: www.twitter.com/KevinDowdHBJC
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