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, February 8, 2012
January, 2012 Statistics Update
The absorption rate for January dropped 17.2% to an impressive 19.53 weeks. I don't mean to sound like a broken record, but inventories are very low for Hoboken right now.
Downtown Jersey City dropped 31.5% this month as well to 40.98 weeks where inventories are very low.
Pending sales were down 7.1% for Hoboken and actually increased 6.53% for downtown Jersey City this month. Pending sales are up 4.78% for Hoboken and 23.62% for the downtown area when compared to January, 2011 levels.
Transactions were down 46% and 25% for Hoboken and downtown Jersey City, respectively and
were down 17.1% and increased 10.52% when compared to January, 2011 transactions.
These lower transaction rates are primarily due to the lack of inventory on the market right now. I personally have several buyers ready to buy that cannot find the right property.
Price Per Square Foot-Hoboken
1 bedroom prices dipped 8.5% this month and are still down 3.4% when compared to 2011 levels.
Two bedroom prices are down 6% and are still off 4% from January, 2011 levels.
There weren't as many luxury sales to boost prices and there were several lower than average sales that brought down pricing.
Price Per Square Foot-Newport
1 bedroom sales in the Newport area eked out a .94% increase this month and bumped up sales 5.5% when compared to January, 2011 levels.
2 bedroom sales were up 18.1% over last month and have increased 6.57% when compared to January, 2011 levels.
Price Per Square Foot-Downtown
Weeks of slow and steady gains were eroded in the downtown area this week.
1 bedroom sales dropped 19.1% and 2 bedroom sales dropped by 13.6% this week.
When compared to 2011 levels, 1 bedroom sales are off 3.3% and 2 bedroom sales have increased 1.02%
At this point, we have a market that is being strangled by a complete lack of market inventory. When there is a great property that does enter the market, we're seeing a swarming effect by buyers resulting in quick and strong bidding.
The days of waiting a few weeks to see how a property performs are coming to an end.
Information provided by:
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
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