Big Price Increases for February-Monthly Stats Update-February, 2013

The absorption rate remains low again this month, although we've increased from our all-time lows from last month.

Pending sales have seen big increases in February and this trend is continuing for March.  Total sales for February is still low, but this is mostly due to the lack of inventory.

Pricing still continues to grow this month with 1 BR and 2 BR sales in Hoboken well over $500/sq.ft.  Even the 3 BR market, which has been more active than usual, is pushing the $500/sq.ft. barrier.

The downtown Jersey market also continues to gain strength as well, with 1 and 2 BR downtown condos continuing to sell very well.  The Newport also performed well with 1, 2 and 3 BR condos all selling over $600/sq.ft.

The march upwards continues...


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

Pending Sales Increase for Hoboken and Downtown Jersey City-Hoboken/Downtown Jersey City Pending Sales Update-March 8, 2013

Pending Sales for Hoboken-March 8, 2013:

200 dabos vs. 196 last week (2.04% increase)


This is the sixth consecutive week of increases for Hoboken.

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

176 dabos vs. 174 last week (1.15% increase)

This is the fourth 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-March 8, 2013

Inventories in Hoboken increased 17 to 183 units.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City decreased 3 units to 131 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-March 8, 2013
21.45 weeks vs. 14.68 weeks last week (46.12% increase)

Downtown Jersey City Absorption Rate Update-March 8, 2013
16.71 weeks vs. 12.90 weeks last week (29.53% 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

1BR Downtown Condos Average $588/Sq.Ft.-Jersey City Sales Update-March 8, 2013

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

One property sold at asking price and four properties sold above 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 & 2BR Average Over $500/sq.ft...AGAIN-Hoboken Sales Update-March 8, 2013

There were 14 sales this week.

One property sold at asking price and two sold at asking price.

Another week of over $500/sq.ft. pricing for 1BR and 2BR condos.

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

Fifth Straight Week of Increases for Hoboken-Hoboken/Downtown Jersey City Pending Sales Update-March 1, 2013

Pending Sales for Hoboken-March 1, 2013:

196 dabos vs. 188 last week (4.26% increase)


This is the fifth consecutive week of increases for Hoboken.

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

174 dabos vs. 178 last week (2.2% decrease)

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-March 1, 2013

Inventories in Hoboken decreased 1 to 166 units.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City increased 2 units to 134 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-March 1, 2013
14.68 weeks vs. 16.73 weeks last week (12.4% decrease)

Downtown Jersey City Absorption Rate Update-March 1, 2013
12.90 weeks vs. 16.27 weeks last week (20.7% 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

Downtown 2BR Average $533/SQ.FT.-Downtown Jersey City Sales Update-March 1, 2013

There were 8 sales in the downtown Jersey City area this week.

Five properties sold above asking price.

I see a new trend developing with properties selling above asking price in a short period of time.  It might be time to start raising sale prices.  A property just shouldn't sell in 7 days after receiving multiple bids.

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

$548/SQ.FT.Highest Average Sales Price Since October, 2009-Hoboken Sales Update-March 1, 2013

There were 15 sales this week.

Six properties sold above asking price and two sold at asking price.

The average 2 BR sales price is about the highest I've seen it since I started tracking local data in October, 2009.  Amazing.

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