There was a slight dip in pending sales for September, but inventories remain at historic lows.
Transaction are down as a result of lower inventories, but they would be much high if there was more available inventory.
Absorption Rate
The absorption rate dropped again to the lowest rates I've ever seen. 8.4 weeks for Hoboken? That means that the average Hoboken property is on the market for about 60 days before it goes under contract.
Downtown Jersey City averaged 16.61 weeks which is amazing. The absorption rate for downtown Jersey City has been over 70 weeks at times.
These numbers are down a whopping 56.1% for Hoboken and 42.2% for downtown Jersey City when compared for 2011 figures and 77.7% and 65.7% when compared to 2010 figures. Amazing.
Pending Sales
Pending Sales dropped 12% for Hoboken and increased 6.03% for downtown Jersey City. Demand is still outpacing supply for September.
When compared to 2011 figures, pending sales are up 15.7% for Hoboken and 34.5% for Jersey City. When compared to 2010 figures, pending sales are up 28.37% for Hoboken and 94.2% for Jersey City.
Transactions
Transactions are down 36.4% in Hoboken over last month and 33.4% over last month for Jersey City.
Hoboken transactions are down 22.3% over the same period last year and Jersey City transactions are down 20% when compared to September, 2011 figures.
When compared to September, 2010 figures transactions are up 16.67% for Hoboken and down 12.2% for downtown Jersey City.
Price Per Square Foot-Hoboken
1 bedroom prices decreased 6.1% and are down 2.8% when compared to this same period last year.
2 bedroom prices decreased just .003% and are still up .9% over last year.
3 bedroom prices are down just .006% and are still up 4.89% when compared to the same period last year.
Compared to 2010 levels:
1 bedroom prices are down 12.9%
2 bedroom prices are up 11.98%
3 bedroom prices are up 8.49%
Price Per Square Foot-Newport
1 bedroom prices increased 9.27% and are up 10.15% when compared to the same period last year.
2 bedroom prices dropped 4.1% and are down 3% when compared to last year.
Compared to 2010 levels:
1 bedroom prices are up 23.84%
2 bedroom prices are up 20.92%
Price Per Square Foot-Downtown
1 bedroom prices decreased 5.3% and are also down .7% over the same period last year.
2 bedroom prices increased 1.6% and are also up 18.6% over the same period last year.
Compared to 2010 levels:
1 bedroom prices are up .23%
2 bedroom price are up 11.43%
Conclusion
When compared to 2010 levels, pricing has shown steady increases across the board which is to say were are in a recovery/growth mode. With good inventory being so scarce, bidding wars for good properties are becoming commonplace.
With national reports also indicating broad improvements in the home markets, the increases are sure to continue.
Information provided by:
Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
626 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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