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
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