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