Wednesday, January 30, 2013

Pending Sales Increase for Hoboken and Downtown Jersey City-Pending Sales Update-January 25, 2013




Pending Sales for Hoboken-January 25, 2013:
141 dabos vs. 134 last week (5.2% decrease)


Pending Sales for Downtown Jersey City-January 25, 2013:
147 dabos vs. 144 last week (2.1% decrease)

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

Inventory Still Extremely Low-Hoboken Downtown Jersey City Absorption Rate Update-January 25, 2013






Inventories in Hoboken increased 4 to 139 units.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City increased 2 units to 113 this week. This number also includes condos/coops and 1 to 4 family properties.  The drop from last week seems strange, but I can't figure out what happened.

The only reason absorption rates increased was because there were so few sales this week due to the storm.

4-16 weeks of inventory = Seller’s market
20-24 weeks of inventory = Neutral market
24 or more weeks of inventory = Buyer’s market


Hoboken Absorption Rate Update-January 25, 2013
12.54 weeks vs. 11.04 weeks last week (13.59% increase)

Downtown Jersey City Absorption Rate Update-January 25, 2013
11.66 weeks vs. 11.19 weeks last week (4.2% increase)

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

Downtown Jersey City Real Estate Update-January 25, 2013




There were 15 sales in the downtown Jersey City area this week.

One property sold at asking price and one sold over asking price.

Please click on the link below if you can't view the chart:

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

Sales Dip This Week-Hoboken Sales Update-January 25, 2013



There were 13 sales this week.

Two properties sold at asking price and one property sold over asking price.

Please click on the link below if you can't see the chart:


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

Sunday, January 20, 2013

Hoboken/Downtown Jersey City Pending Sales Update-January 18, 2013




Pending Sales for Hoboken-January 18, 2013:
134 dabos vs. 136 last week (1.5% decrease)


Pending Sales for Downtown Jersey City-January 18, 2013:
144 dabos vs. 145 last week (.7% decrease)

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

Hoboken/Downtown Jersey City Pending Sales Update-January 18, 2013






Inventories in Hoboken increased 4 to 135 units.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City decreased 3 units to 111 this week. This number also includes condos/coops and 1 to 4 family properties.  The drop from last week seems strange, but I can't figure out what happened.

The only reason absorption rates increased was because there were so few sales this week due to the storm.

4-16 weeks of inventory = Seller’s market
20-24 weeks of inventory = Neutral market
24 or more weeks of inventory = Buyer’s market


Hoboken Absorption Rate Update-January 18, 2013
11.04 weeks vs. 9.62 weeks last week (14.76% increase)

Downtown Jersey City Absorption Rate Update-January 18, 2013
11.19 weeks vs. 12.67 weeks last week (11.7% decrease)

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

4 Properties at or Over Asking Price-Jersey City Sales Update-January 13, 2013




There were 16 sales in the downtown Jersey City area this week.

One property sold at asking price and three sold over asking price.

Please click on the link below if you can't view the chart:

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

Five Properties at or Above Asking Price-Hoboken Sales Update-January 18, 2013



There were 13 sales this week.

Two properties sold at asking price and three properties sold over asking price.

Please click on the link below if you can't see the chart:

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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

Wednesday, January 16, 2013

Exceptional Performance for 2012-Buy Now/Sell Now-Hoboken/Downtown Jersey City Year End Update




People have been asking me for weeks how the numbers are looking for 2012.  In a word...excellent.

Pricing is up across the board with the exception of 1 BR condos in downtown Jersey City which are even with 2011 numbers.

Inventories are low and prices are rising.

What more can you ask for right now?

Absorption Rate

With inventories down 60-70% from normal levels, the absorption rates have plummeted to the lowest levels I have ever seen.  An inventory level in Hoboken of 16.07 weeks and downtown Jersey City of 25.54 weeks shows that both markets are in a very healthy state right now...and that properties don't last very long once they're listed.

The absorption for Hoboken is down 52.6% when compared to 2009 and 58.6% when compared to 2010.  The absorption rate for downtown Jersey City is down 43.2% when compared to 2009 and 55.3% when compared to 2010 numbers. 

Pending Sales

Pending sales for Hoboken are up an impressive 22.25% while downtown Jersey City performed even better with an increase of 36.56%  It's important to note that pending sales increased this year even with diminished inventories.

Pending sales are up 22.91% when compared to 2009 and 11.11% when compared to 2010.  Downtown Jersey CIty performed even better with pending sales up 59.52% from 2009 and 56% from 2010.

Total Transactions

Here again we see significant improvements with Hoboken seeing an increase to 796 transactions for an increase of 18.63% and downtown Jersey City performing even better with 498 transactions for an impressive 35.69% increase.

Transactions are down 4% from 2010 and up 16.54% from 2009 for Hoboken and up 7.8% for 2010 and 48.66% for 2009 for downtown Jersey City.

Price Per Square Foot-Hoboken

There were solid gains in all segments of the Hoboken condo market with 1BR units increasing by 3.46%, 2 BR units increasing 5.4% and 3 BR units increasing by 5.81%.

This is the most important data to show the market is recovering because it shows that buyers are willing to pay more for units than they were last year.

1 BR prices are down 1.4% when compared to 2010 levels and up 4.6% when compared to 2009 levels.

2 BR prices are up 6.43% when compared to 2010 levels and 1.07% when compared to 2009 levels.

3 BR prices are up 7.9% when compared to 2010 levels and down 2.2% when compared to 2009 levels.



Price Per Square Foot-Newport

Newport 1BR condos saw an increase of 5.54% while the 2BR market saw an impressive 11.43% increase over last year.

1 BR prices are up 5.44% when compared to 2010 levels and  down 4.8% when compared to 2009 levels.

2 BR prices are up 15.28% when compared to 2010 levels and 6.7% when compared to 2009 levels.


Price Per Square Foot-Downtown

Downtown 1BR condos were actually flat when compared to 2011 figures, but 2 BR units increased 6.3% and 3BR units increased an impressive 20.69%.

1 BR prices are up 11.86% when compared to 2010 levels and down 3.1% when compared to 2009 levels.

2 BR prices are up 15.03% when compared to 2010 levels and 9.08% when compared to 2009 levels.

3 BR prices are up 15.03% when compared to 2010 levels and 9.08% when compared to 2009 levels.




Conclusion

It's interesting to note that the biggest increases for both Hoboken and downtown Jersey City were in the 3 BR markets.  Many families are deciding to stay in the area longer than they have in the past years and the demand for good 3 BR condos is very strong at the moment.

Overall, the market has performed very well and has gained a tremendous amount of momentum in 2012.

If you're looking to buy, now is the time because prices are only going to continue to rise.

If you've tried to sell over the last few years, now might be the right time to list your property again.  

You might be surprised with what you can get for your home right now.






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

Sunday, January 13, 2013

Hoboken/Downtown Jersey City Pending Sales Update-January 13, 2013




Pending Sales for Hoboken-January 11, 2013:
136 dabos vs. 136 last week (no change)


Pending Sales for Downtown Jersey City-January 11, 2013:
145 dabos vs. 138 last week (5.1% increase)

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

Hoboken/Downtown Jersey City Absorption Rate Update-January 11, 2013






Inventories in Hoboken increased 7 to 131 units.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City increased 2 units to 114 this week. This number also includes condos/coops and 1 to 4 family properties.  The drop from last week seems strange, but I can't figure out what happened.

The only reason absorption rates increased was because there were so few sales this week due to the storm.

4-16 weeks of inventory = Seller’s market
20-24 weeks of inventory = Neutral market
24 or more weeks of inventory = Buyer’s market


Hoboken Absorption Rate Update-January 11, 2013
9.62 weeks vs. 8.14 weeks last week (18.18% increase)

Downtown Jersey City Absorption Rate Update-January 11. 2013
12.67 weeks vs. 10.33 weeks last week (22.65% increase)

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

Downtown Jersey City Real Estate Update-January 11, 2013




There were 6 sales in the downtown Jersey City area this week.

Please click on the link below if you can't view the chart:

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

Hoboken Sales Update-January 11, 2013



There were 13 sales this week.

Three properties sold at asking price and two properties sold over asking price.

Please click on the link below if you can't see the chart:



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

Friday, January 11, 2013

Amazing Results-Monthly Stats Update-December, 2012



The lack of inventory is helping to create an active market in Hoboken and downtown Jersey City.  This will be a continuing trend until sellers are confident that they can break even or hopefully make money by selling their homes.

One bedroom markets in Hoboken dropped 5%, but still remains strong at $498.17/sq.ft.

The two bedroom market continues to thrive in Hoboken in December with prices raising another 1.55% to $517.44/sq. ft.

Bidding wars still continued this month and I was personally involved with two properties that were only on the market for days that had several offers.


Absorption Rate
As inventory continued to decrease, the absorption rate has dropped again this month with Hoboken dropping 35% and downtown Jersey City dropping 31.3%

Pending Sales
Pending sales dropped this week, mostly due to the lack of inventory.  Hoboken dropped 13.3% and downtown Jersey City dropped by 18.7%

Transactions
Transactions were up 53.3% for Hoboken this month and down 17.2% for downtown Jersey City.

When compared to previous years:

Hoboken
2011: up 9.52%
2010: up 21.05%
2009: up 18.66%

Downtown Jersey City

2011: up 43.5%
2010: up 53.03%
2009: up 55.84%


Price Per Square Foot-Hoboken
1 bedroom prices decreased 5% and are up 4.4% when compared to this same period last year.

2 bedroom prices increased 1.55% and are up 10.97% over last year.

3 bedroom prices are down 14% and are up 8.87% when compared to the same period last year.

When compared to previous years:

Hoboken
1 bedroom
2011: up 4.4%
2010: up 4.4%
2009: down 1%

2 bedroom
2011: up 10.97%
2010: up 7.6%
2009: up 11.49%

3 bedroom

2011: up 8.87% 
2010: up 14.25%
2009: up 4.02%



Price Per Square Foot-Newport
1 bedroom prices increased .5% and are up 19.84% when compared to the same period last year.

2 bedroom prices decreased 12.1% and are up 6.57% when compared to last year.

Newport

1 bedroom
2011: up 19.84%
2010: up 10.97%
2009: up 2.73%

2 bedroom
2011: up 6.57% 
2010: up 6.8%
2009: up 1.75%

3 bedroom 
2011: up 8.87% 
2010: up 14.25%
2009: up 4.02%




Price Per Square Foot-Downtown
1 bedroom prices decreased 1.9% and are also up 2.4% over the same period last year.

2 bedroom prices are up 6.8% and are up 13.07% over the same period last year.

3 bedroom prices are up 18.17% and are down 1.1% over the same period last year.


1 bedroom
2011: up 2.4%
2010: down 3.4%
2009: up 3.6%

2 bedroom
2011: up 13.07% 
2010: up 17.3%
2009: up 4.1%

3 bedroom 
2011: down 1.1% 
2010: up 1.3%
2009: down 4.8%



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

Friday, January 4, 2013

Hoboken/Downtown Jersey City Pending Sales Update-January 4, 2013




Pending Sales for Hoboken-January 4, 2013:
136 dabos vs. 145 last week (6.2% decrease)


Pending Sales for Downtown Jersey City-January 4, 2013:
138 dabos vs. 148 last week (6.8% decrease)

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

Hoboken/Downtown Jersey City Absorption Rate Update-January 4, 2013






Inventories in Hoboken decreased this week by another 8 to 124 units.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City decreased 7 units to 112 this week. This number also includes condos/coops and 1 to 4 family properties.  The drop from last week seems strange, but I can't figure out what happened.

The only reason absorption rates increased was because there were so few sales this week due to the storm.

4-16 weeks of inventory = Seller’s market
20-24 weeks of inventory = Neutral market
24 or more weeks of inventory = Buyer’s market


Hoboken Absorption Rate Update-January 4, 2013
8.14 weeks vs. 15.92 weeks last week (49.9% decrease)

Downtown Jersey City Absorption Rate Update-January 4. 2013
10.33 weeks vs. 12.69 weeks last week (18.6% decrease)

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

Downtown Jersey City Sales Update-January 4, 2013




There were 16 sales in the downtown Jersey City area this week.

There were two sales this week that sold above asking price and one property sold at asking price.

Please click on the link below if you can't view the chart:

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

Hoboken Sales Update-January 4, 2013



There were 19 sales this week.

Two properties sold at asking price and two properties sold over asking price.

Please click on the link below if you can't see the chart:



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