Monday, July 30, 2012

Price Per Square Foot by Bedroom from Q1 2006 to Q2 2012

Click to enlarge


This is the chart that everyone likes.  It shows the price per square foot by neighborhood for Hoboken overall. Click on the graph for a larger view.


Notice how prices for studios, one, 2 and 3 bedroom condos are all going up since Q4 2011.  The great thing about this graph is it puts the weekly and monthly observations into a broader view.  We now have 2 quarters of increasing prices.  


I review July and August separately as a quarter because I believe the Summer months behave differently ie they are slower on both sides because people want to get away on the weekends.  Right after Labor Day I will have the next cut of analysis.  


Will the trend continue??
Notice that the price per square foot for 3 bedrooms is trending down when you look at it from the peak in Q4 2007.   There was a noticeable uptick between Q4 2008 and Q1 2009 but that is likely attributable to low volume.  


Keep in mind, the market crashed in October 2008 so volume after that was minimal.  The vast majority of what closed directly after the crash was sales that were under binding contract before the crash.  Anyone who had an out right after the crash bailed - well overall anyway.  There was another noticeable tick up from Q1 to Q2 2010.  Many attribute this to the halo effect of the first time home buyer tax credit.  Most 3 bedrooms were beyond the price limit allowed under the program but since the program injected hope into the market with a lift in activity, it seemed to have had an impact on 3 bedrooms as well. In Q4 2010, there is a decline in price per square feet. In Q1 & Q2 2011 Prices were up. In Q3 2011 Prices were up and almost equal to Q3 2010. In Q2 2012 high growth in price per square foot is noticed which is similar to 1 Bedrooms and 2 Bedrooms. 

Notice that the one and 2 bedrooms largely follow the same downward slope as the 3 bedrooms with lesser variation over time.   There is much more volume in Hoboken in one and 2 bedrooms with 2 bedrooms roughly 2/3 larger than one bedroom sales in terms of units. Q3 2010 was lowest price sale period for 2 bedrooms. In Q1 2011 there was a little increase in prices. Q3 2011 was highest price for 2 bedroom sales. In Q2 again prices per square foot was appreciated similar to the trends of other categories.

Q3 2007 was highest price sale period for 1 bedroom sales.  After that there was a downfall in every quarter. Q2 2009 was lowest price sale quarter for 1 bedroom sales. After Q2 2009 there is a consistency in sale price. In Q1 2011 again there is a downfall in sale prices. Q1, Q2 and Q3 2011 were lowest price sale periods for 1 bedroom sales. In Q1 2012 prices per square foot went down but again appreciated in Q2 2012.
 
The number of studios and 4 bedroom sales in Hoboken is small in absolute terms so even one purchase with a very high or low price per square foot can swing the average.   So, I largely discount this as an indicator.
Provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832



donnaantonucci@gmail.com

http://www.hobokenrealestatemonitor.com/
http://www.donnaantonucci.com/

 

Friday, July 27, 2012

JC, Downtown Weekly Stats, Ending July 25, 2012




















14 Properties came on the Market This Week vs 15 Last week
208 7TH ST, JERSEY CITY, NJ
354 3RD ST, JERSEY CITY, NJ
440 JERSEY AVE, JERSEY CITY, NJ
341 MONMOUTH ST, JERSEY CITY, NJ
217 NEWARK AVE, JERSEY CITY, NJ
311 WASHINGTON ST, JERSEY CITY, NJ
1 SHORE LANE, JERSEY CITY, NJ
174 WASHINGTON ST, JERSEY CITY, NJ
336 YORK ST, JERSEY CITY, NJ
336 YORK ST, JERSEY CITY, NJ
15 WARREN ST, JERSEY CITY, NJ
331 NEWARK AVE, JERSEY CITY, NJ
331 NEWARK AVE, JERSEY CITY, NJ
101 WAYNE ST, JERSEY CITY, NJ

7Properties Sold This Week  vs 10 Last week

Hoboken Real Estate Monitor.com now offers Pending and Sold Listings.  









The Absorption rate this week is 30.57 weeks. See the attached picture of the absorption rate over time.  The absorption rate is a number that describes how many weeks it will take to see off the current inventory at the current rate of sales.  We had 7 closings this week and we have 214 active listings.  So at the current rate of 7 closings per week, it would take 30.57 weeks (214/7) to sell off the current inventory.  See the chart attached as a photo to see how absorption rate has fluctuated over time.

The absorption rate is often thought of as the factor that indicates if we are in a sellers' or buyers' market.

Generally if there is more than 4 months of inventory it's a buyers' market.  Less than 4 months it's a sellers' market.  Prices are down but so is the inventory.  

Another key factor is listing date to contract.  See the quarterly review and consult an agent.  Outlyers can skew these numbers.

 See the embedded document below for Price Per Square Foot by bedroom and neighborhood so you can understand how location effects price.

Information Provided by:

Donna Antonucci
Prudential Castle Point Realty
201-240-6832



Thursday, July 26, 2012

Hoboken Weekly Stats, Ending July 25, 2012















17 Properties Came on the Market This Week vs 25 last week 
328 MADISON ST, HOBOKEN, NJ 
228 BLOOMFIELD ST, HOBOKEN, NJ 
64 2ND ST, HOBOKEN, NJ 
228 BLOOMFIELD ST, HOBOKEN, NJ 
1016-1018 WILLOW AVE, HOBOKEN, NJ 
122 JACKSON ST, HOBOKEN, NJ 
700 1ST ST, HOBOKEN, NJ 
700 1ST ST, HOBOKEN, NJ 
1200 GRAND ST, HOBOKEN, NJ 
222 GRAND ST, HOBOKEN, NJ 
809 BLOOMFIELD ST, HOBOKEN, NJ 
66A JEFFERSON ST, HOBOKEN, NJ 
1242 GARDEN ST, HOBOKEN, NJ 
1242 GARDEN ST, HOBOKEN, NJ 
225 RIVER ST, HOBOKEN, NJ

 79 MADISON AVE, HOBOKEN, NJ. This listing is so new, listing details are only available to subscribed users. Please log on to see listing details 

102-104 WASHINGTON ST, HOBOKEN, NJ. This listing is so new, listing details are only available to subscribed users. Please log on to see listing details 

13 Properties Went Into Contract This Week  vs 10 last week
 7 Properties Sold This Week vs 12 Last Week
221 total active listings are on the market as of the date of this post. 230 are under contract.


Hoboken Real Estate Monitor.com now offers Pending and Sold Listings.  






The Absorption rate this week is 31.57 weeks. See the attached picture of the absorption rate over time.  The absorption rate is a number that describes how many weeks it will take to see off the current inventory at the current rate of sales.  We had 7 closings this week and we have 221 active listings.  So at the current rate of 7 closings per week, it would take 31.57 weeks (221/7) to sell off the current inventory.  See the chart attached as a photo to see how absorption rate has fluctuated over time.

The absorption rate is often thought of as the factor that indicates if we are in a sellers' or buyers' market. 

Generally if there is more than 4 months of inventory it's a buyers' market.  Less than 4 months it's a sellers' market.  Prices are down but so is the inventory. 

Another key factor is listing date to contract.  See the quarterly review and consult an agent.  Outlyers can skew these numbers. 

See the embedded document below for Price Per Square Foot by bedroom and neighborhood so you can understand how location effects price.
    

Hoboken Stats Public PDF  
Information Provided by:

Donna Antonucci
Prudential Castle Point Realty
201-240-6832 begin_of_the_skype_highlighting            201-240-6832      end_of_the_skype_highlighting

donna@donnaantonucci.com

www.search.hobokenrealestatemonitor.com/map/

Wednesday, July 25, 2012

Open House and New Listings Map from Hoboken Real Estate Monitor.com, July 25, 2012



The Open House and New Listings Map from Hoboken Real Estate Monitor.com is compiled from a variety of sources:  the Multiple Listing Service (MLS), Mid-Week, Hoboken & Jersey City Reporter, Realtor websites, Realtor to Realtor email blasts, Craig's List and more.  It's a complete inventory.

We post the MLS and Midweek Reporter open houses on Wednesday.  Through the rest of the week , we will be checking Craig's list, realtor sites, email blast, the MLS again later in the week so check back.

We have listings for For Sale by Owner and Non-Internet listings in the private view of the map.  Sign up today and get the most complete, easy to use open house and new listings map covering both Hoboken and downtown Jersey City. If you get a listing on the private view that lacks a link, look on the right for the For Sale By Owner and Non-Internet Listings icon.  It's so new, it's only available on the real time MLS database.

Click this link for the map.  Select which open house day you would like (Sat, Sunday, etc), number of bedrooms and enter the city name (Hoboken, Jersey City) and hit enter.  

Hoboken Real Estate Monitor's Open House Map

If you would like all of the open houses, just select "open house" without entering anything else and hit enter.

If you would like a PDF of the results to take with you as your schedule for your house hunting trip, click on the the PDF icon after your results come up and then select print.

You can review the results in the map or list view.  By clicking on the map icon or address in list view, you will get full listing details for that listing.

Open houses are a great way to learn about the neighborhood without having to engage a realtor.  

Walk around Hoboken on a Saturday or Sunday afternoon, looking at real estate. Get an idea of what your dollar can buy, in what part of town, with what amenity level. The map is refreshed through Thursday afternoon so be sure to stop by again before your weekend search. Sort by price, number of bedrooms or day of week! By subscribing, you will be able to not only get the basics - price, number of bedrooms, and street location but will get the unit number, and the full Multiple Listing Service listing with photos, square footage and more. . . .

Provided by Donna Antonucci
Prudential Castle Point Realty
201-240-6832




Tuesday, July 24, 2012

Q2 Review for Monthly Home Sales for JC, Downtown, NJ

 
Volume was good in Q2 as compared to Q1.  We closed 142 condos in JC, Downtown last Quarter vs 97 in Q1.  This is a significant difference.  


We ended Q2 with 202 active listings. Which seems to be good for the market. People bought more properties in this Quarter Vs last Quarter.




Take a look at the volume graph above.  You can see the Two bedrooms have the highest sales in average for Q2 which is typical for Jersey City.  The two bedroom is the most versatile for Jersey city’s  audience. A two bed is good for roommates, that young professional that wants a home office, a newly married couple and for the couple with their first child.

From the beginning of the quarter 2 bedroom sales were too high. April was the highest sales month for 2 bedroom units. June was lowest 2 bedroom sales for Q2.

In Q2, Sales of 1 bedroom units were almost 2/3 of 2 bedroom units on average. April was the highest sales month for 1 bedroom units. May was lowest 1 bedroom sales for Q2.

Home sales for 3 bedrooms were lowest for Q2. There was a normal start of Q2 for 3 bedroom home sales. April  was highest in sales.

Here is a chart of home sales from April to June 2012.





Information Provided by Donna Antonucc
Prudential Castle Point Realty
201-240-6832

Monday, July 23, 2012

Q2 Review for Monthly Unit Home Sales for Hoboken

 

Volume was good in Q2 as compared to Q1.  We closed 229 condos in Hoboken last Quarter vs 147 in Q1.  This is a significant difference.  

We ended Q2 with 236 active listings off a peak of about 284 which indicates sellers are still reluctant to list. Although as prices go up, hopefully more will be willing to sell.  This is assuming interest rates continue to be at these record low levels. 



People bought more properties in this Quarter Vs last Quarter. 




Take a look at the volume graph above.  You can see the Two bedrooms have the highest sales in average for Q2 which is typical for Hobken.  The two bedroom is the most versatile for Hoboken's audience. A two bed is good for roommates, that young professional that wants a home office, a newly married couple and for the couple with their first child.

From the beginning of the quarter 2 bedroom sales were too high. May was the highest sales month for 2 bedroom units. April was lowest 2 bedroom sales for Q2.

In Q2, Sales of 1 bedroom units were almost half of 2 bedroom units on average. All months in Q2 shows the average sales of 21 units for 1 Bedrooms.

Home sales for 3 bedrooms were lowest for Q2. There was a normal start of Q2 for 3 bedroom home sales. There was almost same trend of sales. April  was highest in sales.

Here is a chart for home sales from April to June 2012.





Information Provided by Donna Antonucc
Prudential Castle Point Realty
201-240-6832


Friday, July 20, 2012

JC, Downtown Weekly Stats, Ending July 18, 2012




















15 Properties came on the Market This Week vs 19 Last week
201 LUIS M MARIN BLVD, JERSEY CITY, NJ
204 6TH ST, JERSEY CITY, NJ
227 CHRISTOPHER COLUMBUS DR, JERSEY CITY, NJ
689 LUIS M MARIN BLVD, JERSEY CITY, NJ
389 WASHINGTON BLVD, JERSEY CITY, NJ
149 ESSEX ST, JERSEY CITY, NJ
88 MORGAN ST, JERSEY CITY, NJ
700 GROVE ST, JERSEY CITY, NJ
700 GROVE ST, JERSEY CITY, NJ
352 7TH ST, JERSEY CITY, NJ
2 2ND ST, JERSEY CITY, NJ
88 MORGAN ST, JERSEY CITY, NJ
389 WASHINGTON ST, JERSEY CITY, NJ
88 MORGAN ST, JERSEY CITY, NJ

318.5 7TH ST, JERSEY CITY, NJ. This listing is so new, listing details are only available to subscribed users. Please log on to see listing details


10Properties Sold This Week  vs 5 Last week

Hoboken Real Estate Monitor.com now offers Pending and Sold Listings.  









The Absorption rate this week is 22.30 weeks. See the attached picture of the absorption rate over time.  The absorption rate is a number that describes how many weeks it will take to see off the current inventory at the current rate of sales.  We had 10 closings this week and we have 223 active listings.  So at the current rate of 10 closings per week, it would take 22.30 weeks (223/10) to sell off the current inventory.  See the chart attached as a photo to see how absorption rate has fluctuated over time.

The absorption rate is often thought of as the factor that indicates if we are in a sellers' or buyers' market.

Generally if there is more than 4 months of inventory it's a buyers' market.  Less than 4 months it's a sellers' market.  Prices are down but so is the inventory.  

Another key factor is listing date to contract.  See the quarterly review and consult an agent.  Outlyers can skew these numbers.

 See the embedded document below for Price Per Square Foot by bedroom and neighborhood so you can understand how location effects price.
JC Stats Public PDF

Information Provided by:

Donna Antonucci
Prudential Castle Point Realty
201-240-6832 begin_of_the_skype_highlighting            201-240-6832      end_of_the_skype_highlighting



Thursday, July 19, 2012

Hoboken Weekly Stats, Ending July 18, 2012















25 Properties Came on the Market This Week vs 17 last week 
300 PARK AVE, Hoboken, NJ 
358 3RD ST, Hoboken, NJ 
80 PARK AVE, Hoboken, NJ 
301 MONROE ST, Hoboken, NJ 
741 PARK AVE, Hoboken, NJ 
232 MONROE ST, Hoboken, NJ
1122 WASHINGTON ST, Hoboken, NJ 
1302 PARK AVE, Hoboken, NJ 
41 1ST ST, Hoboken, NJ 
222 GRAND ST, Hoboken, NJ 
56 JEFFERSON ST, Hoboken, NJ 
805 WILLOW AVE, Hoboken, NJ 
703 PARK AVE, Hoboken, NJ 
606-608 CLINTON ST, Hoboken, NJ 
536 GRAND ST, Hoboken, NJ
40 WILLOW TERRACE, Hoboken, NJ
800-830 JACKSON ST, Hoboken, NJ 
81-87 JACKSON ST, Hoboken, NJ 
517 ADAMS ST, Hoboken, NJ 
66A JEFFERSON ST, Hoboken, NJ 
113 BLOOMFIELD ST, Hoboken, NJ 
1125 MAXWELL LANE, Hoboken, NJ 
101 PARK AVE, Hoboken, NJ 
1025 MAXWELL LANE, Hoboken, NJ 
200 11TH ST, Hoboken, NJ 

10 Properties Went Into Contract This Week  vs 19 last week 
12 Properties Sold This Week vs 7 Last Week  
243 total active listings are on the market as of the date of this post. 216 are under contract.



The Absorption rate this week is 20.25 weeks. See the attached picture of the absorption rate over time.  The absorption rate is a number that describes how many weeks it will take to see off the current inventory at the current rate of sales.  We had 12 closings this week and we have 243 active listings.  So at the current rate of 12 closings per week, it would take 20.25 weeks (243/12) to sell off the current inventory.  See the chart attached as a photo to see how absorption rate has fluctuated over time.

The absorption rate is often thought of as the factor that indicates if we are in a sellers' or buyers' market.

Generally if there is more than 4 months of inventory it's a buyers' market.  Less than 4 months it's a sellers' market.  Prices are down but so is the inventory. 

Another key factor is listing date to contract.  See the quarterly review and consult an agent.  Outlyers can skew these numbers. 

See the embedded document below for Price Per Square Foot by bedroom and neighborhood so you can understand how location effects price.
    

Hoboken Stats Public PDF  
Information Provided by:

Donna Antonucci
Prudential Castle Point Realty
201-240-6832 begin_of_the_skype_highlighting            201-240-6832      end_of_the_skype_highlighting

donna@donnaantonucci.com

www.search.hobokenrealestatemonitor.com/map/