Thursday, March 14, 2013

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
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