The August numbers show that the market is steadily improving.
1 BR prices for Hoboken were up slightly, while 2BR and 3BR units saw modest decreases. All prices are up over 2010 and 2011 numbers.
Prices were up across the board in Jersey City, with the exception of 2 BR condos in the Newport area which saw a .6% decrease in prices.
Absorption Rate
The absorption rates dropped to the lowest levels I've ever seen in the area. 11.19 weeks for Hoboken and 18.96 weeks in Jersey City? Crazy.
These numbers are down a whopping 41.5% for Hoboken and 34.2% for downtown Jersey City when compared for 2011 figures and 74.3% and 64% when compared to 2010 figures. Amazing.
Pending Sales
Pending Sales dropped 6.1% for Hoboken and .4% for downtown Jersey City. The problem that we're having again this month is a lack of inventory. Demand is clearly outpacing supply at this point.
When compared to 2011 figures, pending sales are up 31.4% for Hoboken and 26.8% for Jersey City. When compared to 2010 figures, pending sales are up 30.8% for Hoboken and 63.3% for Jersey City.
Transactions
Transactions increased 22.22% in Hoboken over last month and increased 28.6% over last month for Jersey City.
Hoboken transactions are up 22.2% over the same period last year and Jersey City transactions are up 20% when compared to August, 2011 figures.
The increase is even greater when you look at 2010 numbers, where transactions for Hoboken are up 45.6% for Hoboken and a whopping 92.9% for downtown Jersey City.
Price Per Square Foot-Hoboken
1 bedroom prices increased 5.47% and are up 3.5% when compared to this same period last year.
2 bedroom prices decreased .6% and are still up .9% over last year.
3 bedroom prices are down 5.6% and are still up 4.9% when compared to the same period last year.
Compared to 2010 levels:
1 bedroom prices are up 2.8%
2 bedroom prices are up 7.7%
3 bedroom prices are up 6.2%
Price Per Square Foot-Newport
1 bedroom prices increased 25.2% and are up .8% when compared to the same period last year.
2 bedroom prices dropped .6% but are up 1.2% when compared to last year.
Compared to 2010 levels:
1 bedroom prices are up13.4%
2 bedroom prices are down 2%
Price Per Square Foot-Downtown
1 bedroom prices increased 4.2% and are also up 4.9% over the same period last year.
2 bedroom prices increased 10.1% and are also up 16.7% over the same period last year.
Compared to 2010 levels:
1 bedroom prices are up 5.1%
2 bedroom price are up 11.3%
Conclusion
Market prices continue to strengthen and have been held back by an approximately 50% reduction in normal inventories in Hoboken and downtown Jersey City. Properties are moving very briskly right now as buyers continue to feel optimistic that the economy continues to show slow and steady signs of improvement. Everyone has been talking about a "double dip" in pricing...but I havent' seen it.
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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