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?
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 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.
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.
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:
Prudential Castle Point Realty
626 Washington Street
Hoboken, NJ 07030
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