Hoboken/Downtown Jersey City Real Estate Market Blog: February 2013

Sunday, February 24, 2013

Pending Sales Up AGAIN-Hoboken/Downtown Jersey City Pending Sales Update-February 22, 2013

Pending Sales for Hoboken-February 22, 2013:

188 dabos vs. 174 last week (8.06% increase)

This is the fourth consecutive week of increases for Hoboken.

Pending Sales for Downtown Jersey City-February 22, 2013:

178 dabos vs. 163 last week (9.2% increase)

This is the third consecutive week of increases for downtown Jersey City.

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-February 22, 2013

Inventories in Hoboken increased 3 to 167 units. This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City increased 5 units to 132 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.

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-February 22, 2013
16.73 weeks vs. 17.65 weeks last week (5.2% decrease)

Downtown Jersey City Absorption Rate Update-February 22, 2013
16.27 weeks vs. 16.82 weeks last week (3.3% 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

1BR AVERAGE $466/SQ.FT.-Downtown Jersey City Sales Update-February 22, 2013

There were 10 sales in the downtown Jersey City area this week.

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

1BR AVERAGE $595/SQ.FT.--2BR AVERAGE $544/SQ.FT.-Hoboken Sales Update-February 22, 2013

There were 9 sales this week.

Five properties sold above asking price and one sold at asking price. Take a look at how far above asking price buyers have to go these days.

If a properties have multiple bids over asking price after being on the market for a few days...it may be priced too low.

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, February 22, 2013

Pending Sales Increase-Hoboken/Downtown Jersey City Pending Sales Update-February 15, 2013

Pending Sales for Hoboken-February 15, 2013:

174 dabos vs. 152 last week (14.47% increase)

Pending Sales for Downtown Jersey City-February 15, 2013:

163 dabos vs. 158 last week (3.16% increase)

Big Increases This Week-Hoboken/Downtown Jersey City Absorption Rate Update-February 15, 2013

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-February 15, 2013
17.65 weeks vs. 14.22 weeks last week (24.12% increase)

Downtown Jersey City Absorption Rate Update-February 15, 2013
16.82 weeks vs. 12.80 weeks last week (31.4% 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

Thursday, February 21, 2013

Downtown Jersey City Sales Update-February 15, 2013

There were 4 sales in the downtown Jersey City area this week.

Both Hoboken and downtown Jersey City were light this week on sales.

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

6 Sales This Week-Hoboken Sales Update-February 8, 2013

There were 6 sales this week. Kind of a light week.

Two properties sold at 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

Monthly Stats Update-January, 2013

The absorption rate remains low for Hoboken and downtown Jersey City again this week. I don't see this changing much until inventory starts to increase.

It's interesting to see how low the absorption rate is when compared to previous years.

There was a strong increase in sq. ft. pricing for Newport 1 BR and 2 BR condos this month. Activity has been limited in this area as pricing is still below original purchase prices for many owners.

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, February 8, 2013

Hoboken/Downtown Jersey City Pending Sales Update-February 8, 2013

Pending Sales for Hoboken-February 8, 2013:

152 dabos vs. 149 last week (2.01% increase)

Pending Sales for Downtown Jersey City-February 8, 2013:

158 dabos vs. 147 last week (7.48% increase)

Hoboken/Downtown Jersey City Absorption Rate Update-February 8, 2013

Inventories in Hoboken increased 14 to 164 units. This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City increased 9 units to 127 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-February 8, 2013
14.22 weeks vs. 15.38 weeks last week (7.5% decrease)

Downtown Jersey City Absorption Rate Update-February 8, 2013
12.80 weeks vs. 12.80 weeks last week (no change)

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-February 8, 2013

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

One property 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

Hoboken Sales Update-February 8, 2013

There were 14 sales this week.

Three properties sold at 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

Tuesday, February 5, 2013

Pending Sales Increase in Hoboken This Week-Hoboken/Downtown Jersey City Pending Sales Update-February 1, 2013

Pending Sales for Hoboken-February 1, 2013:

149 dabos vs. 141 last week (5.67% increase)

Pending Sales for Downtown Jersey City-February 1, 2013:

147 dabos vs. 147 last week (no change)

Hoboken/Downtown Jersey City Absorption Rate Update-February 1, 2013

Inventories in Hoboken increased 10 to 149 units. This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City increased 5 units to 118 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-February 1, 2013
15.38 weeks vs. 12.54 weeks last week (22.41% increase)

Downtown Jersey City Absorption Rate Update-February 1, 2013
11.62 weeks vs. 11.66 weeks last week (.003% 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-February 1, 2013

There were 11 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

Four Properties Sold Over Asking Price-Hoboken Sales Update-February 1, 2013

There were 13 sales again this week.

Four properties sold at asking price and four 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