July saw mostly price decreases for Hoboken and downtown Jersey City, with partial increases in pricing when compared to July, 2011.
The big news is that increases when compared to 2010 levels are significant, which is clear evidence that the market is improving.
Absorption Rate
The absorption rate for Hoboken dropped 14.9% to a very low 13.06 weeks and downtown Jersey City decreased 13.1% to 24.1 weeks which is very good for that area. These rates are also lower than July, 2011 figures.
When compared to 2010 figures, the absorption rate is down 54.1% in Hoboken and 49.2% in downtown Jersey City.
Pending Sales
Pending sales are basically flat for Hoboken and downtown Jersey City with a 1.5% decrease for Hoboken and .5% increase for downtown Jersey City. When compared to 2011, pending sales are up 38.57% for Hoboken and 15.86% for downtown Jersey City. Pending sales are a good indication of market strength and with the increased we've had over last year, you can see that the market activity has increased significantly.
When compared to 2010 figures, pending sales are up 34.39% for Hoboken and 51.89% in downtown Jersey City.
Transactions
Hoboken saw a minor 1.3% decrease in transactions when compared to last month, but still have a 5.19% increase when compared to July, 2011. Downtown Jersey City was again flat this month and is down 8.7% when compared to the same period last year.
Closed transactions are up 5.19% for Hoboken and are actually down 31.2% for downtown Jersey City when compared to 2010 levels.
Price Per Square Foot-Hoboken
1 bedroom prices decreased 7.8% and are down 4.1% when compared to this same period last year.
2 bedroom prices decreased 1.5% and are still up 5.97% over last year.
3 bedroom prices are also down 2.5% and are still up 10.7% when compared to the same period last year.
Compared to 2010 levels we see a different story.
1 bedroom prices are up 2.79%
2 bedroom prices are up 13.92%
3 bedroom prices are up 23.75%
Price Per Square Foot-Newport
1 bedroom prices dropped 17.1% and are down .1% when compared to the same period last year.
2 bedroom prices dropped 2% but are up 9.96% when compared to last year.
Compared to 2010 levels:
1 bedroom prices are down 6.3%
2 bedroom price are up 18.5%
Price Per Square Foot-Downtown
1 bedroom prices dropped 5.7% and are also down 5.4% over the same period last year.
2 bedroom prices decreased 5.2% and are also down 10.8% over the same period last year.
Compared to 2010 levels:
1 bedroom prices are down 1.58%
2 bedroom price are up .6%
Conclusion
Now that I've added 2010 figures into the analysis, it's easier to see that the market has had some significant increases. Pending sales have continued to strengthen which is a good indicator of future sustained strength the market.
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
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