2016 was another great year in Hoboken and downtown Jersey City. The market continues to perform very well with low inventories and strong demand driving prices to higher levels.
Read below for a full commentary.
Click here for the full 2016 market report and comparisons to previous years
Absorption Rate
Hoboken: 9.18 weeks, +10.74%
Downtown Jersey City: 10.35 weeks, +29.70%
Properties lingered a bit longer on the market than 2015, but the high area demand offset these increases. We're still well below normal market levels and in a seller's market.
Pending Sales
Hoboken: 186.25, -14.95%
Downtown Jersey City, 161.67, -2.85%
Overall pending sales fell for the year, but this is primarily due to an overall lack of inventory. There is just nothing for sale. Inventory is down about 60-70% from peak levels.
Total Transactions
Hoboken: 937, -9.82%
Downtown Jersey City: 773, +5.31
Again, the complete lack of inventory in Hoboken is the main reason for a reduction in total transactions. The growth has been very strong in downtown Jersey City with new condominium projects helping to push transactions to peak levels.
Price Per Square Foot-Hoboken
Studio: $742.54/sq.ft., +.05%
1BR: $697.83/sq.ft., +5.14%
2BR: $671.30/sq.ft., +5.78%
3BR: $710.83/sq.ft., +8.56%
Again, we've seen very strong growth in Hoboken for 2016. 3BR units lead the way with a 8.56% increase as they have every year. Families deciding to stay in Hoboken for the long and medium term are driving 3BR prices to higher levels.
Price Per Square Foot-Newport
1BR: $906.09/sq.ft., +17.01%
2BR: $797.26/sq.ft., +6.20%
3BR: $746.39/sq.ft., +.48%
2BR units led the area in growth with a stunning 17.01% gain which was fueled by amazing increases in popular buildings like The A, Mandalay and Portofino.
It's surprising that 3BR units didn't post larger gains given the high demand of these units in the area.
Price Per Square Foot-Downtown Jersey City
1BR: $716.65/sq.ft., +11.57%
2BR: $687.16/sq. ft., +7.66%
3BR: $768.36/sq.ft., +22.59%
At the opposite end of the 3BR scale, downtown Jersey City 3BR soared by 22.59% with the most growth of any market segment.
Indicators are showing that the market will continue to accelerate in 2017 with no relief from the dwindling inventories and bidding wars that have become commonplace in the area.
If you have a condo or townhouse and are curious about your home's value...call me TODAY for an over-the-phone market analysis!
Give me 90 days and I'll sell your home.
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
