Prices continue to rise in both the Hoboken and downtown Jersey City markets in November.
1, 2 and 3 bedroom condos in Hoboken averaged over $500 sq. ft. this month. which is the first time I have seen this in over three years.
1 and 2 bedroom condos in the Newport area averaged over $550/sq.ft.
1 and 2 bedroom condos in the downtown area averaged over $440/sq.ft.
Prices are on the rise and should continue to strengthen as new properties hit the market for sale in January.
Absorption Rate
As inventory started to ease up this month, we've seen the absorption rates for Hoboken and downtown Jersey City area increase to more normal levels.
When compared to levels for previous years (I've now added 2009 data) you can see that the rates are still significantly lower than over the past 3 years.
Pending Sales
Pending sales were basically flay this month with Hoboken increasing a mere .14% and downtown Jersey City decreasing 4.29%. Still healthy numbers here.
Transactions
Transactions were down 18.18% for Hoboken this month. This may have been cause be storm delays and isn't even really significant drop. When compared to the previous years, transactions are up significantly.
Price Per Square Foot-Hoboken
1 bedroom prices increased 4.64% and are up 13.58% when compared to this same period last year.
2 bedroom prices increased 6.37% and are up 9.82% over last year.
3 bedroom prices are up 15.53% and are up 12.87% when compared to the same period last year.
Compared to 2010 levels:
1 bedroom prices are up 6.33%
2 bedroom prices are up 16.03%
3 bedroom prices are up 34.95%
Price Per Square Foot-Newport
1 bedroom prices decreased 7.29% and are up 5.37% when compared to the same period last year.
2 bedroom prices increased 2.09% and are up 39.63% when compared to last year.
Compared to 2010 levels:
1 bedroom prices are up 20.58%
2 bedroom prices are up 41.86%
Price Per Square Foot-Downtown
1 bedroom prices increased 14.82% and are also up 16.06% over the same period last year.
2 bedroom prices are up 13.75% and are up .61% over the same period last year.
3 bedroom prices are up 14.82% and are up 16.06% over the same period last year.
Compared to 2010 levels:
1 bedroom prices are up 12.27%
2 bedroom prices are up 19.3%
3 bedroom prices are down 25.83%
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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