Another solid month of increases for Hoboken and downtown Jersey City this month.
We've seen many instances of bidding wars as buyers swarm around whatever half way decent properties are out there right now.
Absorption Rate
The absorption rate for Hoboken increased 7.4% over last month, but actually decreased 46% from March, 2011 levels.
Downtown Jersey City decreased 15.1% over last month and decreased 40% from March, 2011 levels.
If you are currently looking for a home or know someone who is, you know that inventories are extremely low right now.
Pending Sales
Pending sales increased 19.15% and 23.02% for Hoboken and downtown Jersey City, respectively. Even compared to 2011 levels, pending sales are up 11.5% and 36% for Hoboken and downtown Jersey City, respectively.
Even though inventory is quite low, roughly down by 50%, people are actively looking to buy.
Transactions
Sales were actually flat for Hoboken for March, but are up a whopping 212% from 2011 levels.
Downtown Jersey City was up 25% for the month and increased a staggering 181% over 2011 levels.
Buyers are snatching up whatever properties are available right now.
Price Per Square Foot-Hoboken
1 bedroom prices increased 8.48% and are up 3.9% when compared to this same period last year.
2 bedroom prices are flat for this month, but are still up 5.15% over last year.
3 bedroom prices are down 4% and down 8.9% when compared to the same period last year.
The market is continuing to grow as buyers are out looking for whatever deals are left out there.
Price Per Square Foot-Newport
Newport prices slid a bit this month which is surprising. With such little inventory you would think that properties would be selling a bit higher.
1 bedroom prices dropped by 4.5% this month and are down 15.7% when compared to the same period last year.
2 bedroom prices eked out a 1.76% increased and are down just 1.4% when compared to last year.
Price Per Square Foot-Downtown
1 bedroom prices increased an impressive 39.43% this month, but are still down 5.3% when compared to last year. This mainly due to some higher prices sales which helped increase sales for the area.
2 bedroom sales dropped 9.7% this month, but are up by 14.29% over the same period last year.
There has been a lot of activity in the downtown area over the last several months. Many buyers like the Brooklyn-like vibe that the downtown area offers. Many of the condos in this area are older brownstone conversions that offers old world charm mixed in with modern amenities.
Conclusion
The swarming effect has continued again this month with one recent Hoboken listings attracting TEN offers.
This type of activity will continue and will help drive prices up over the next several months. It will take quite awhile to properties to increase to previous levels, but it will reach a point soon where sellers will be willing to lose some of their equity to sell their homes.
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/
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