Monday, December 22, 2014

Hoboken and Downtown JC Sales Continue to Rise-November Stats Update




$600+/sq. ft. pricing held strong again  in Hoboken for November as low inventories continue to drive prices higher and higher.  Newport 1 and 2 BR condos pushed even higher with both reaching over $700/sq. ft.

Escalating prices and bidding wars are still the norm for properties, even during the holiday season.

Once the December numbers are calculated I'll post the end-of-year stats to see how they stack up against previous years.



Looking for an instant home valuation?

Instant Home Values: http://www.hobokenpropertyvalue.com/ 
(works on values for all New Jersey homes)



Kevin Dowd
Broker Salesperson
Berkshire Hathaway HomeServices
Hudson River Properties
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, November 20, 2014

October 2014 Real Estate Stats Update-Momentum Continues-Pricing Strong



Hoboken 1 and 2 BR condos continue to hover around the $600/sq.ft. mark while 3 BR condos maintain their ground in the mid-$600/sq.ft. range.

Inventories are reaching lower levels as we approach the holiday season, but pending sales for both Hoboken and downtown Jersey City remain strong.

Newport 1 and 2 BR condos continue to push past $700/sq.ft. while downtown 1 and 2 BR condos hover in $560-$590/sq.ft. range.  Strangely, 3 BR condos in this area are trending lower than they are in Hoboken, despite very strong demand.

Looking for an instant home valuation?

Instant Home Values: http://www.hobokenpropertyvalue.com/ 
(works on values for all New Jersey homes)



Kevin Dowd
Broker Salesperson
Berkshire Hathaway HomeServices
Hudson River Properties
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, October 16, 2014

Pricing Reaches New Levels-Hoboken/Downtown Jersey City Monthly Stats Update-September 2014



Hoboken pricing for 1-3 BR condos have all averaged over $600/sq.ft.  This is the first time since I started tracking data in October, 2009 that I've seen this.

Downtown Jersey City have also reached new levels with Newport 1 BR condos reaching an average price of $784.65/sq.ft. and 2 BR condos reaching $676.67/sq.ft.

Inventories lingered a bit longer than last month, which would normally effect pricing, but the exact opposite seems to have occurred.



Kevin Dowd
Broker Salesperson
Berkshire Hathaway HomeServices/Hudson River Properties
626 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

Instant Home Values: http://www.hobokenpropertyvalue.com/
(works on values for all New Jersey homes)

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, September 19, 2014

Hoboken and Downtown JC @ $600/Sq.Ft. - Newport @ $700/sq.ft.-August 2014 Stats Update



1 and 2 bedroom condos in the Hoboken and downtown Jersey City areas continue to hover around $600/sq.ft.

Newport 1 and 2 bedroom properties are now hovering around the $700/sq.ft. range.

Many buyers have an impression that the downtown area is a better value than Hoboken.  Based on recent sales numbers, that doesn't seem to be the case any more.



Kevin Dowd
Broker Salesperson
Berkshire Hathaway HomeServices/Hudson River Properties
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, August 19, 2014

July 2014 Stats Update-The Market Continues to Grow



Pending sales were down for Hoboken and downtown Jersey City, but this is more due to the fact that there isn't a lot of good inventory on the market right now.

2BR condos in Hoboken pushed over the $600/sq.ft. threshold for July as tight inventories have been squeezing prices upward over the last few months.

1BR condos in the downtown area hit $705.13/sq.ft.  Some of this increase is due to some higher priced sales at Crystal Pointe and The A.  This is still a very impressive number and testament to the strength of the market in the area.


Kevin Dowd
Broker Salesperson
Berkshire Hathaway HomeServices/Hudson River Properties
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

Monday, July 14, 2014

June 2014 Real Estate Update-Inventory is Down, Pricing is Up



Inventories dipped again for June with the absorption rate dropping for both Hoboken and downtown Jersey City, while total sales increased for both Hoboken and downtown Jersey City.

Prices for 1 BR condos in Hoboken were up significantly, but this increase included some higher-priced luxury 1 bedroom units at Harborside Lofts.

2 BR condos in the Newport were also up significantly, but this was also inflated by several high-priced luxury condos.




Kevin Dowd
Broker Salesperson
Berkshire Hathaway HomeServices/Hudson River Properties
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, June 19, 2014

May 2014 Real Estate Stats Update-Hoboken/Downtown Jersey City-Prices Up, Inventory Down



There was a big jump in May total sales for Hoboken and downtown Jersey City.  Whatever good inventory is out there is being snatched up very quickly.

This is further supported by the Absorption rates for Hoboken and downtown Jersey City which both dropped significantly for May.

Several higher priced sales for 3 BR condos in Hoboken pushed the average sales price to $600/sq.ft.

Except for 2 BR Newport sales, we are trending way up from 2013.

I'm still trying to figure out why inventory is so low at the moment.



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, May 23, 2014

April Stats Update-Hoboken 2 BR Condos Close to $600/Sq. Ft. Average Sales Price



The MLS recent added an additional classification for properties under contract which is why there was a big jump in pending sales for April.

The big news for April is that 2 bedroom sales in Hoboken are close to breaking an average sales price of $600/sq. ft.

Take a moment to scroll the chart to the right to see how much pricing has increased over the last few years.

With all of this activity, it's very surprising that there isn't more inventory on the market.


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, April 25, 2014

March 2014 Real Estate Stats Update




33.3% of all downtown Jersey City condos and 40.7% of all Hoboken condos sold at or above asking price for March. These are simply staggering numbers and show the strength of the market in this area.

Pricing remains stable with 2 BR Newport condos and 3 BR downtown condos being the exception. This was primarily due to the fact that there were just a handful of sales in these market categories.


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, March 21, 2014

Price Increases Across the Board for Hoboken and Newport-February 2014 Stats Report




The strength of the Hoboken and downtown Jersey City markets continues this month with bidding wars becoming commonplace these days.

Hoboken and the Newport area had across the board increases.  I'm curious to see if 1 bedroom of 2 bedroom condos in Hoboken will be the first to cross the $600/sq.ft. barrier.

There was a strong increase in pending sales for both Hoboken and downtown Jersey City areas this month which means that the activity and pricing that we're seeing is now the norm.

Many buildings have been selling above their peak pricing.


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 25, 2014

January 2014 Stats Update-Hoboken/Downtown Jersey City




The absorption rate for Hoboken and downtown Jersey increased slightly for January, but believe me, it seems that properties are selling just as fast as ever.

Pending sales saw increases in both Hoboken and downtown Jersey City as buyers jump back into the market after the holiday season.

Pricing overall has remained consistent. There were a few jumps in pricing, especially in 3BR sales in the downtown area.  This was caused by a few large sales that skewed the numbers a bit this month.



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, January 23, 2014

2013 Year End Summary-Big Price Increases-Hoboken/Downtown Jersey City




2013 in a word...was great.

Prices were driven dramatically higher by a combination of low inventory and increasing demand.

Read below for a full commentary on this year's performance. 






Absorption Rate

The absorption rate for Hoboken dropped another 29.56% to 11.32 weeks for 2013.  Downtown Jersey City dropped 57.60%. Properties are moving even faster than they were in 2012.

Remember, the absorption rate in an average market is 20-24 weeks.


Pending Sales

Pending sales for Hoboken are up an impressive 20.27% while downtown Jersey City increased by 8.71%.  This ties in with my comments below on total transactions.


Total Transactions

The total transactions really tells the overall activity for the area...and it's a great story.

Total transactions for Hoboken were up 36.56% to 1087 deals and downtown Jersey City increased a whopping 53.41% to 764 deals.

We're selling more properties than we have over the last 4 years.


Price Per Square Foot-Hoboken

We had double digit gains for 1, 2 and 3 bedroom units in Hoboken with 1 bedroom units leading the way with a 15.91% gain.  2 bedroom units increased 10.45% and 3 bedroom units increased 14.87%. Studio units increased 14.10%.



Price Per Square Foot-Newport

Newport sales saw the biggest gains in the area with 1 bedroom units increasing 20.50% and 2 bedroom units increasing 18.82%.

Most buyers think that Hoboken in the most expensive market overall, but that's not correct.


Price Per Square Foot-Downtown

The 3 bedroom market, with a 1.04% decrease, is the only market that decreased for 2013 in the area. Otherwise, 1 bedroom units increased by 17.18% and 2 bedroom units increased by 9.75%.


Conclusion

2013 was another year of improvement.  Prices are up, transactions are up and inventory is down.
For those of you who are on the fence about buying, prices are only going to continue to rise even more this year.  It might also be time to think about selling if you've been waiting for prices to increase.  

As the economy continues to stabilize even more this year, you can expect prices to continue to rise.


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, January 16, 2014

December, 2013 Real Estate Update-Slight Price Drops-BIG Increases Overall for 2013



There was a slight dip in pricing for December, but I've just compiled the stats for all of 2013 and you will be VERY happy with the results.

Pending sales dropped for Hoboken and downtown Jersey City, but I usually expect this during the holiday season.

Inventory dropped even more as well and whatever inventory was left was snapped up by eager buyers.



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