Thursday, May 3, 2012

Prices Surge in Hoboken and Downtown Jersey City-Hoboken/Downtown Jersey City Monthly Stats Update-April, 2012

I lost out on two bidding wars again this month.  Who's saying that the market hasn't picked up?

Absorption Rate
The absorption rate decreased to a very low 19.99 weeks last month and has decreased an impressive 41.6 from April, 2011 levels.

Downtown Jersey City decreased 26.7% over last month and decreased 40% from April, 2011 levels.

Inventories haven't improved at all this month.

Pending Sales
Hoboken pending sales increased 12.73% over last month and increased 2% over April, 2011 levels.   Downtown Jersey City pending sales increased 14.47% and an impressive 44.16% over 2011 levels.

Total transactions in Hoboken were actually down 14.3% over last month and down 13.1% when compared to the same period last year.

Interestingly, transactions were up 17.5% in downtown Jersey City and up 14.63% over last year.

I do think transactions would be higher if there was more inventory.

Price Per Square Foot-Hoboken
1 bedroom prices increased 4.99% and are up 10% when compared to this same period last year.

2 bedroom prices are down 4.99%,  but are still up 10.13% over last year.
3 bedroom prices ticked up another 4.04% and are down 2.9% when compared to the same period last year.

Price Per Square Foot-Newport
We're finally seeing some growth in the Newport area this month.

1 bedroom prices are up 16.43% and are up 13.37% over last year.

2 bedroom prices were down 3.5% but increased 13.84% over last year.

Price Per Square Foot-Downtown

1 bedroom prices increased 5.43% and are up 23.4% over the same period last year.

2 bedroom prices increased 13.67% and are up 29.3% over last year.

3 bedroom prices increased 14.19% and are up 10.76% over last year.

There has been a surge of activity in the downtown area over the last several months.

The lack of inventory wasn't any better for April and probably won't improve for several months.  Due to the extremely strong demand for properties, prices continue their upward momentum.

Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
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