June was another great month for sale in Hoboken and downtown Jersey City. With inventories at low levels and demand increasing prices rose again this month.
Absorption Rate
The absorption rate for Hoboken dropped 25.4% to a very low 15.35 weeks and downtown Jersey City increased 16.28% to 27.72 weeks which is very good for that area.
Pending Sales
Pending sales remained strong in Hoboken at an average rate of 222.4 units. Downtown Jersey dipped by just .9%. These figures are up 23.42% and 8.16% for Hoboken and downtown Jersey City, respectively.
Transactions
Transactions are up 20.59% in Hoboken, which provides further evidence of the strengthening market in this area. Downtown Jersey City had no changes this month.
Price Per Square Foot-Hoboken
1 bedroom prices increased 6.16% and are up 13.12% when compared to this same period last year.
2 bedroom prices decreased .5%, but are up 7.01% over last year.
3 bedroom prices surged 30.16% and are up 36.83% when compared to the same period last year.
Price Per Square Foot-Newport
1 bedroom prices rose 11.26% and are up 5.9% when compared to the same period last year.
2 bedroom prices dropped a modest 1.5% but are up 19.46% when compared to last year.
Price Per Square Foot-Downtown
1 bedroom prices increased 13.18% and are up 2.2% over the same period last year.
2 bedroom prices increased 14.29% and are up 23.33% over the same period last year.
Conclusion
The market has continued to strengthen again this month as more and more buyers realize that prices is starting to increase. As of right now, I do not see the market slowing down as long as the pent up demand continues.
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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