Friday, June 29, 2012

Hoboken/Downtown Jersey City Absorption Rate Update-June 29, 2012



Inventories in Hoboken decreased 1 unit to 261 this week.  This includes condos/coops and 1 to 4 family properties.
The inventory for downtown Jersey City dropped 5 units to 226 units this week. This number also includes condos/coops and 1 to 4 family properties.

4-16 weeks of inventory = Seller’s market
20-24 weeks of inventory = Neutral market
24 or more weeks of inventory = Buyer’s market


Hoboken Absorption Rate Update-June 29, 2012
12.29 weeks vs. 13.85 weeks last week (11.3% decrease)

Downtown Jersey City Absorption Rate Update-June 29, 2012
23.89 weeks vs. 44.25 weeks last week (46.1% decrease)

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

Downtown 1BR Post Strong Sales This Week-Downtown Jersey City Sales Update-June 29, 2012



There were 11 sales this week in the downtown area.

Downtown 1 bedrooms sold well this week with 3 sales in new construction buildings averaging a strong $489/sq.ft.
Two bedroom units in the downtown and Newport areas sold well this week as well. A 750 sq. ft. 2BR/2BA unit at 331 8th sold for a strong $507/sq.ft. which was $11,500 over asking price.

Please click on the link below if you can't view the chart:


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

32 Sales This Week-8 OVER ASKING PRICE-Hoboken Sales Update-June 29, 2012



There was a total of 32 sales in Hoboken this week.

1 BR units continued their upward trend with an average sales price of $515/sq.ft.

2 BR sales averaged a so-so $466/sq.ft. on a total of 18 sales.

The two 3BR sales this week also averaged over $500/sq.ft. this week at $519/sq.ft.

It's interesting to note that there were 8 sales over asking price this week which shows how competitve the Hoboken market is right now.


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

Friday, June 22, 2012

Holding Steady and Strong-Hoboken/Downtown Jersey City Pending Sales Udpate-June 22, 2012


There was another slight dip in pending sales this week and some of the better properties in Hoboken and downtown Jersey City are now under contract.

Pending Sales for Hoboken-June 22, 2012:
226 dabos vs. 224 last week (.89% increase)
Pending Sales for Downtown Jersey City-June 22, 2012:
163 dabos vs. 161 last week (1.24% increase)
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

Absorption Rate Jumps 205.8% in Downtown Jersey City, Drops to 13.85 weeks in Hoboken-Absorption Rate Update-June 22, 2012



Inventories in Hoboken decreased to 17 units to 262 this week.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City dropped 12 units to 231 units this week. This number also includes condos/coops and 1 to 4 family properties.

4-16 weeks of inventory = Seller’s market
20-24 weeks of inventory = Neutral market
24 or more weeks of inventory = Buyer’s market


Hoboken Absorption Rate Update-June 22, 2012
13.85 weeks vs. 16.12 weeks last week (14.1% decrease)
Downtown Jersey City Absorption Rate Update-June 22, 2012
44.25 weeks vs. 21.50 weeks last week (205.8% increase)

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

1 BR in Newport Sell for $566/Sq. Ft.-Downtown Jersey City Sales Update-June 22, 2012



There were 8 sales in the downtown area this week.

Downtown 1 BR condos sold well again this week with an average price of $434/sq.ft.

One the 2 BR Newport front, a unit at The Shore sold very well at $566/sq.ft. while a unit at 311 Wahsington only sold for $398/sq.ft.

Please click on the link below if you can't view the chart:

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

1 BR Condos Soar at $534/Sq.Ft.-Hoboken Sales Update-June 22, 2012



Ther were a total of 22 sales this week.

The big news is in the 1 BR and 3 BR market this week.

1 BR units averaged a stellar $531/sq.ft. this week which is the highest we've seen in a long time.  It's also interesting to note that the average days on the market for this segment is only 30 days.  Amazing.

The 3BR market averaged a very strong $489/sq.ft. with two similar units at 219 Grand selling for $556/sq.ft. and $545/sq.ft.



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

Friday, June 15, 2012

Hoboken/Downtown Jersey City Pending Sales Update-June 15, 2012


There was another slight dip in pending sales this week and some of the better properties in Hoboken and downtown Jersey City are now under contract.

Pending Sales for Hoboken-June 15, 2012:
224 dabos vs. 223 last week (.44% increase)

Pending Sales for Downtown Jersey City-June 15, 2012:
161 dabos vs. 172 last week (6.4% decrease)
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

Absorption Rates are LOW Again-Hoboken/Downtown Jersey City Absorption Rate Update-June 15, 2012



Inventories in Hoboken increased 9 units units to 279 this week.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City increased 3 units to 243 units this week. This number also includes condos/coops and 1 to 4 family properties.

4-16 weeks of inventory = Seller’s market
20-24 weeks of inventory = Neutral market
24 or more weeks of inventory = Buyer’s market

Hoboken Absorption Rate Update-June 15, 2012
16.12 weeks vs. 16.02 weeks last week (.62% increase)

Downtown Jersey City Absorption Rate Update-June 15, 2012
21.50 weeks vs. 24.77 weeks last week (13.2% decrease)

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

1 BR Newport Condos Average $593/sq.ft.-Downtown Jersey City Sales Update-June 15, 2012



There were 14 sales this week in downtown Jersey City.
1 BR condos in the Newport area sold at a strong $593/sq.ft. led by a $662/sq.ft. sale at Crystal Point

2 BR condos continue to sell well in the Newport and downtown areas.  There was only one sale in the Newport area, but it sold for a strong $593/sq.ft.  There were four sales in the downtown area that averaged $421/sq.ft.
Please click on the link below if you can't view the chart:

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

1 BR Selling at $516/Sq. Ft./2 BR selling at $495/Sq.Ft.-Hoboken Sales Update-June 15, 2012



There were 14 sales in Hoboken this week with 1 BR continuing to average over $500/sq.ft at a very strong $516/sq.ft.

2 BR condos are still selling strong this week at $495/sq.ft.  725 Jefferson sold for an impressive $522/sq.ft. this week.  This unit had a great layout and a very large private terrace.  Another similar unit just came on the market this week in the building and is already under contract.




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

Monday, June 11, 2012

Hoboken/ Downtown Jersey City Pending Sales Update-June 8, 2012


There was another slight dip in pending sales this week and some of the better properties in Hoboken and downtown Jersey City are now under contract.

Pending Sales for Hoboken-June 8, 2012:
223 dabos vs. 223 last week (no change)

Pending Sales for Downtown Jersey City-June 8, 2012:
172 dabos vs. 171 last week (.5% increase)

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

Hoboken/Jersey City Absorption Rate Update-June 8, 2012




Inventories in Hoboken decreased 7 units units to 270 this week.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City remained flat at 240 units this week. This number also includes condos/coops and 1 to 4 family properties.

Hoboken Absorption Rate Update-June 8, 2012
16.02 weeks vs. 18.47 weeks last week (13.3% decrease)

Downtown Jersey City Absorption Rate Update-June 8, 2012
24.77 weeks vs. 24.77 weeks last week (no change)

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

9 Sales in Downtown Jersey City-Jersey City Sales Update-June 8, 2012



There were a total of 9 sales in the downtown area this week.

There was a strong 1 BR sale at $502/sq. ft. sale in the downtown area.

2 BR condos continue to sell well in the downtown area.

Please click on the link below if you can't view the chart:


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

Hoboken 1, 2 & 3 BR Condos ALL Average OVER $500/sq. ft.-Hoboken Sales Update-Jun 8, 2012



There were 25 sales in Hoboken this week.

1 BR sales averaged a strong $507/sq.ft this week with three sales topping $500/sq.ft. and one sale topping $600/sq.ft.

The 2 BR market did just as well averaging a very strong $534/sq.ft. this week.  A unit at Maxwell Place sold for a strong $634/sq.ft.

3BR condos sold equally as well this week with an average sales price of $511/sq.ft.  A unit at 603-607 Monroe sold for $25,000 over asking price. Impressive.

This is the first time that 1, 2, and  BR condos have all averaged over $500/sq.ft. since I started tracking data in October, 2009.



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

Monday, June 4, 2012

Another Great Month-May, 2012 Stats Update



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?


Absorption Rate
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
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
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.

Conclusion
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:

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

Friday, June 1, 2012

Pending Sales Slip Again This Week-Pending Sales Update-June 1, 2012


There was another slight dip in pending sales this week and some of the better properties in Hoboken and downtown Jersey City are now under contract.

Pending Sales for Hoboken-June 1, 2012:
223 dabos vs. 227 last week (1.2% decrease)

Pending Sales for Downtown Jersey City-June 1, 2012:
171 dabos vs. 163 last week (4.7% decrease)
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

Inventories Staying Low-Hoboken/Downtown Jersey City Absorption Rate Update-June 1, 2012




Inventories in Hoboken increased 7 units units to 277 this week.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City decreased by 4 units to 240 this week. This number also includes condos/coops and 1 to 4 family properties.

Hoboken Absorption Rate Update-June 1, 2012
18.47 weeks vs. 19.18 weeks last week (3.7% decrease)

Downtown Jersey City Absorption Rate Update-June 1, 2012
24.77 weeks vs. 22.51 weeks last week (10% increase)

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

Two Bedrooms in Downtown Average $486/Sq. Ft. This Week-Jersey City Sales Update- June 1, 2012



We had a total of 12 sales in the downtown area this week.

Two bedrooms in the downtown area continue to perform with an average sales price of $486/sq. ft. which actually outpaced Hoboken 2BR condos sales.

Please click on the link below if you can't view the chart:



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

1 Bedroom Sales Top $500/Sq. Ft.-19 Total Sale-Hoboken Sales Update-June 1, 2012



There were 19 sales in Hoboken this week with 2BR condos leading the way with 14 sales for an average sales price of $452/sq.ft.

415 Adams sold for a strong $529/sq.ft. which was surprising considering that the layout of the unit is doesn't leave for much living area.  It does have a very nice private yard which helped raise the sales price.

There were only two 1BR sales this week, but the average sales price was $504/sq.ft. which is great.




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