The market has continued to gain strength this month with increases in the key target areas of 2BR condos in both Hoboken and downtown Jersey City.
Did I mention that I lost out on another bidding war this month?
The absorption rate increased a nominal 2.9% to 20.57 weeks for Hoboken and decreased 18.1% for downtown Jersey City. The extremely low inventories have caused properties to sell very quickly.
Absorption rates have dropped 35.9% for Hoboken and 47.3% for downtown Jersey City when compared to May, 2011 figures.
Pending sales increased 15.86% to 221 units for Hoboken and dropped just 4.7% in downtown Jersey City to 168.5 units Relative to 2011 figures, pending sales are up 11.61% for Hoboken and 30.62% for downtown Jersey City.
Transactions for Hoboken increased 13.3% over last month and are up 3.03% when compared to May, 2011.
Downtown Jersey City transactions are down 10.6% from last month but actually increased 68% over May, 2011 figures.
Price Per Square Foot-Hoboken
1 bedroom prices increased 1.31% and are up 2.91% when compared to this same period last year.
2 bedroom prices increased 10.7%, and are still up 13.11% over last year.
3 bedroom prices dropped 10.4% and are down 6.5% when compared to the same period last year. There haven't been many 3 bedroom sales over the last several months, so pricing for an individual property may vary.
Price Per Square Foot-Newport
1 bedroom prices dipped 10.8% and are down 8.5% when compared to the same period last year.
2 bedroom prices increased 8.92% but are down 6.8% when compared to last year.
There haven't been a lot of sales in the Newport area, so pricing should be judged more on a case-by-case basis for now.
Price Per Square Foot-Downtown
1 bedroom prices decreased 14.8% and are down 18.4% over the same period last year.
2 bedroom prices decreased 13.5% and are down 5.7% over last year.
The downtown area has been very active this month, especially in the 2 bedroom market.
Inventories haven't changed much for May and this lack of inventory is helping to move the market along. As prices continue to rise, sellers will become more comfortable listing their properties.
Information provided by:
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
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