Absorption Rate
The absorption rate crept up to 9.74 weeks for Hoboken in October, which is still incredibly low while the rate for downtown Jersey City actually decreased by 21.2% to 13.15 weeks.
When compared to 2011 rates, the absorption rate is down 67% for Hoboken and 71% for downtown Jersey City.
Pending Sales
Pending sales dropped 11.6% in Hoboken and increased again in downtown Jersey City by 9.71%
When compared to 2011 figures, pending sales are up 49.1% for Hoboken and 77.1% for Jersey City.
Transactions
Transactions are down 12.7% in Hoboken over last month and flat last month for Jersey City.
Hoboken transactions are up 37.5% over the same period last year and Jersey City transactions are up 63.7% when compared to September, 2011 figures.
Price Per Square Foot-Hoboken
1 bedroom prices increased 4.87% and are up 1.1% when compared to this same period last year.
2 bedroom prices decreased just .8% and are up 3.82% over last year.
3 bedroom prices are down 2.3% and are up 11.63% when compared to the same period last year.
Compared to 2010 levels:
1 bedroom prices are down 10.45%
2 bedroom prices are up 4.2%
3 bedroom prices are up 23.8%
Price Per Square Foot-Newport
1 bedroom prices decreased -.2% and are up 34.8% when compared to the same period last year.
2 bedroom prices increased 7.37% and are up22.6% when compared to last year.
Compared to 2010 levels:
1 bedroom prices are up 13.76%
2 bedroom prices are up 61.12%
Price Per Square Foot-Downtown
1 bedroom prices decreased 2.1% and are also up 8.9% over the same period last year.
2 bedroom prices decreased 13.8% and are up 10.7% over the same period last year.
Compared to 2010 levels:
1 bedroom prices are up 1.6%
2 bedroom prices are up 5.37%
Conclusion
Downtown Jersey City showed some steady improvements and actually outpaced Hoboken in pending sales, which doesn't happen very often.
Prices saw steady increases over both 2011 and 2010 levels which indicates broad increases in the local housing market.
There may a backlog of new inventory as buildings rebuild after the storm. Many of the area buildings sustained garage and lobby damage which should be fairly easy to repair.
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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