Absorption Rate
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
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
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%
Conclusion
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:
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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