METRO NJ REAL ESTATE MARKET REPORT

Transcription

1 2H 2011 HOBOKEN AND DOWNTOWN JERSEY CITY 95 Bloomfield Street, Hoboken, NJ: $1,00,000

2 MARKET RECAP The Hoboken and downtown Jersey City real estate market continued the pace of sales seen during the first half of the year with a slight increase in total dollar volume closed of 0.5% and also 6.1% better than the 2nd half of With average condo prices of $0k in downtown Jersey City and $516k in Hoboken, condo buyers looking for an alternative to the sky-high cost of living in Manhattan (average condo price of $1.78M) continue to see tremendous value compared to parts of Brooklyn where average condo pricing is $958k. In Hoboken over the 2nd half of 2011, average condo prices actually increased 6.6%, the largest upward movement in average prices since Inventory of condos for sale is also down a significant.%, with only 200 condos for sale in Hoboken at the start of Since we started tracking the active inventory of Hoboken condo listings in 2006, there have consistently been between 50 and 550 properties on the market. The townhome markets in Hoboken and downtown Jersey City moved in opposite directions as we saw a decrease in sales volume but an increase in average prices in downtown Jersey City and an increase in sales volume but a decrease in average prices in Hoboken. In both neighborhoods, single family townhomes outsold 2 family homes; in Hoboken, the sales volume went up 26.8% from 1H2011 and 62.1% from 2H2010 and also increased in Downtown Jersey City, up 10.8% from 1H2011 and 6.0% from 2H2010. We attribute the increase in townhome sales to an increase in buyers looking for larger spaces and more bedrooms as these areas continue to attract growing families. Notable Negative Indicators: Notable Positive Indicators: Average Hoboken Condo Price: Up 6.6% from 1H2011 Average Hoboken Condo Price/SF: Up 5.1% from 1H2011 Hoboken Condo Inventory: Down 2.% from 2H2010 Total $ of Hoboken Condos Closed: Up 10.% from 2H2010 Jersey City Condo Closings: Up 15.% from 2H2010 Total $ of Jersey City Condos Closed: Up 6.6% from 2H2010 Jersey City Condo Inventory: Down 17.5% from 2H2010 Hoboken Townhome Sales Volume: Up 6.0% from 1H2011 Jersey City Townhome Avg Sales Price: Up 1.% from 2H2010 Average Jersey City Condo Price: Down 6.6% from 1H2011 Jersey City Condos Under Contract: Down 12.% from 2H2010 Hoboken Townhome Sales Volume: Down 12.1% from 2H2010 Hoboken Townhome Avg Sales Price: Down 6.8% from 1H2011 Jersey City Townhome Sales Volume: Down 11.9% from 1H2011 2

3 TOTAL SALES VOLUME BY PROPERTY TYPE Property Type Hoboken Condos 2H 2011 $168,781,61 1H 2011 $167,508,17 0.8% 2H 2010 $152,92,77 10.% Hoboken Townhomes $26,29,500 $2,765, % $29,87, % Downtown JC Condos $81,097,750 $80,190, % $76,05, % Downtown JC Townhomes $15,9,250 $17,579, % $15,910, % Total Sales Volume $291,612,11 $290,0, % $27,76,05 6.1% Downtown JC Condos, $80,190,787 Downtown JC Townhomes, $15,9,250 Hoboken Condos, $168,781,61 Hoboken Townhomes, $26,29,500

4 CONDO MARKET REGIONAL COMPARISON 2nd Half 2011 Average Sales Price Downtown JC $0,79 Hoboken $516,152 Brooklyn* $958,175 Manhattan $1,780,06 Average Price / SqFt * Brooklyn Heights - Carroll Gardens - Cobble Hill - Columbia Street Waterfront - Dumbo - Red Hook $2,000,000 $1,780,06 AVERAGE SALES PRICE $1,500,000 $958,175 $1,000,000 $500,000 $0,79 $516,152 Downtown JC Hoboken $0 $1,600 Brooklyn* AVERAGE SALE PRICE PER SQFT Manhattan 12 $1, $ Downtown JC Hoboken $00 $0 Brooklyn* Manhattan

5 HOBOKEN CONDO MARKET SUMMARY Average Sales Price 2H 2011 $516,152 1H 2011 $8, % 2H2010 $88, % Average Price / SqFt % 56.% Total Value of Condos Sold $168,781,61 $167,508,17 0.8% $152,92,77 10.% On Market at Period End % 7-2.% Listed within Period % 7.0% Under Contract within Period % % Closed within Period % 1.8% DOWNTOWN JERSEY CITY CONDO MARKET SUMMARY Average Sales Price 1H 2011 $0,79 1H 2011 $71, % 2H2010 $66,59-5.5% Average Price / SqFt % % Total Value of Condos Sold $81,097,750 $80,190, % $76,05, % On Market at Period End % % Listed within Period % 2 8.8% Under Contract within Period % % Closed within Period % % 5

6 Mi llions $25 TOTAL CONDO SALES VOLUME $00 (MILLIONS) $275 HOBOKEN DOWNTOWN JC $267 $259 $250 $225 $225 $208 $215 $209 $206 $197 $200 $210 $206 $201 $19 $175 $168 $169 $15 $150 $125 $118 $118 $108 $100 $97 $89 $71 $75 $87 $75 $8 $76 $75 $76 $80 $81 $66 $56 $8 $50 $25 $0 1H0 2H0 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 6

7 $600k AVERAGE CONDO SALES PRICE $575k $550k $516k $525k $56k $55k $526k $517k $511k $510k $500k $75k $57k $56k $58k HOBOKEN DOWNTOWN JC $528k $515k $501k $98k $67k $67k $55k $52k $7k $22k $50k $8k $72k $1k $k $1k $91k $00k $75k $89k $87k $50k $25k $516k $505k $7k $8k $25k $00k 1H0 2H0 1H05 2H05 1H H06 1H07 2H07 1H08 2H08 1H09 2H09 2H10 1H11 2H11 AVERAGE CONDO SALES PRICE PER SQFT HOBOKEN 58 DOWNTOWN JC H H0 2H0 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 7

8 10 HOBOKEN CONDOS - CONTRACTS SIGNED - PER MONTH J-07 F-07 M-07 A-07 M-07 J-07 J-07 A-07 S-07 O-07 N-07 D-07 J-08 F-08 M-08 A-08 M-08 J-08 J-08 A-08 S-08 O-08 N-08 D-08 J-09 F-09 M-09 A-09 M-09 J-09 J-09 A-09 S-09 O-09 N-09 D-09 J-10 F-10 M-10 A-10 M-10 J-10 J-10 A-10 S-10 O-10 N-10 D-10 J-11 F-11 M-11 A-11 M-11 J-11 J-11 A-11 S-11 O-11 N-11 D HOBOKEN CONDOS - CONTRACTS SIGNED - PER QUARTER Q07 2Q07 Q07 Q07 1Q08 2Q08 Q08 Q08 1Q09 2Q09 Q09 Q09 1Q10 2Q10 Q10 Q10 1Q11 2Q11 Q11 Q11 8

9 90 DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER MONTH J-07 F-07 M-07 A-07 M-07 J-07 J-07 A-07 S-07 O-07 N-07 D-07 J-08 F-08 M-08 A-08 M-08 J-08 J-08 A-08 S-08 O-08 N-08 D-08 J-09 F-09 M-09 A-09 M-09 J-09 J-09 A-09 S-09 O-09 N-09 D-09 J-10 F-10 M-10 A-10 M-10 J-10 J-10 A-10 S-10 O-10 N-10 D-10 J-11 F-11 M-11 A-11 M-11 J-11 J-11 A-11 S-11 O-11 N-11 D DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER QUARTER Q07 2Q07 Q07 Q07 1Q08 2Q08 Q08 Q08 1Q09 2Q09 Q09 Q09 1Q10 2Q10 Q10 Q10 1Q11 2Q11 Q11 Q11 9

10 700 ACTIVE LISTINGS AT PERIOD END HOBOKEN DOWNTOWN JC (CONDOS) H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 10

11 HOBOKEN TOWNHOME SALES SUMMARY Average Sales Price 2H2011 $1,09,580 1H2011 $1,125, % 2H2010 $1,105,76-5.1% Average % Discount From Asking -.% -2.8% 52.9% -7.7% -5.0% # Closed % 27-7.% Average Closed per Month %.5-7.% Average Days on Market % % 1 Family Total Sales Volume $16,822,500 $1,268, % $10,76, % Total Sales Volume $,087,500 $9,87, % $9,75, % Family Total Sales Volume $5,29,500 $1,660, % $9,996, % 6.0% $29,87, % Grand Total Sales Volume $26,29,500 $2,765,000 DOWNTOWN JERSEY CITY TOWNHOME SALES SUMMARY Average Sales Price 2H2011 $77,77 1H2011 $651,098 1.% 2H2010 $69, % Average % Discount From Asking -6.% -6.% 0.0% -6.1% 5.0% # Closed % % Average Closed per Month % % Average Days on Market % % 1 Family Total Sales Volume $6,528,500 $5,89, % $,7, % Total Sales Volume $6,818,000 $6,820, % $5,160, % Family Total Sales Volume $2,16,750 $,865, % $6,277, % $15,9,250 $17,579, % $15,910, % Grand Total Sales Volume 11

12 SINGLE FAMILY HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs 802 GARDEN ST 15 8TH ST 208 8TH ST 921 BLOOMFIELD ST TH ST 111 GARDEN ST 718 PARK AVE 11 GARDEN ST 72 PARK AVE 111 GARDEN ST 60 MADISON ST 87 GARDEN ST 121 BLOOMFIELD ST 208 HUDSON ST 92 HUDSON ST 17.5 x x x x x x x x x x x x x x x 110 AVERAGE DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING $89,000 $899,000 $899,000 $799,000 $995,000 $1,150,000 $1,19,000 $1,150,000 $1,050,000 $1,199,000 $1,150,000 $1,50,000 $1,99,000 $1,625,000 $1,999,990 $1,176,199 $825,000 $850,000 $860,000 $880,000 $97,500 $1,075,000 $1,080,000 $1,100,000 $1,100,000 $1,115,000 $1,10,000 $1,00,000 $1,00,000 $1,50,000 $1,810,000 $1,121, % -5.5% -.% 10.1% -5.8% -6.5% -5.2% -.%.8% -7.0% -0.9% -.7% -7.1% -10.8% -9.5% -.8% TOTAL VALUE $16,822,500 11/10/2011 9/29/2011 9/6/2011 8//2011 8/15/2011 8/11/2011 9/1/2011 8//2011 7/29/2011 9/7/2011 9/19/2011 9/0/2011 7/15/ /21/ /28/

13 TWO FAMILY HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs 21 TH ST 216 GARDEN ST 922 CASTLE POINT TERRACE 1215 GARDEN ST 25 x 15 x x x 100 AVERAGE.0 DAYS ON MARKET CLOSING DATE //2011 7/29/ /22/2011 9/2/2011 ASKING PRICE SOLD PRICE % FROM ASKING $760,000 $875,000 $1,00,000 $1,525,000 $1,115,000 $750,000 $800,000 $1,050,000 $1,87,500 $1,021,875-1.% -8.6% -19.2% -2.5% -7.9% TOTAL VALUE $,087,500 THREE FAMILY HOBOKEN TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs DAYS ON MARKET CLOSING DATE Family Family Family Family Family Family 116 BLOOMFIELD ST 160 8TH ST 50 BLOOMFIELD ST 90 PARK AVE 120 PARK AVE 20 BLOOMFIELD ST 21.8 x x x x x x AVERAGE /28/ /2/ /1/2011 7/22/2011 8//2011 7/1/2011 ASKING PRICE SOLD PRICE % FROM ASKING $700,000 $799,900 $859,000 $895,000 $1,025,000 $1,20,000 $725,000 $760,000 $82,000 $865,000 $987,500 $1,150,000.6% -5.0% -2.0% -.% -.7% -7.% $919,817 $888, % TOTAL VALUE $5,29,500 1

14 SINGLE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE ADDRESS 96 1ST ST 6 1/2 BRIGHT ST 272 7TH ST 159 1/2 COLES ST WEST HAMILTON PL 590 1/2 JERSEY AVE 29 1/2 8TH ST 2 PAVONIA AVE 659 JERSEY AVE 5 YORK ST LOT SIZE TOTAL BEDs DAYS ON MARKET 20 x x x x x x x x x x 75 AVERAGE CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING 7/20/2011 7/27/ /18/ /9/2011 7/1/ /2/2011 8// /7/2011 9/1/ /2/2011 $89,000 $515,000 $599,000 $599,000 $699,900 $69,999 $669,000 $679,000 $1,095,000 $1,100,000 $699,90 $70,000 $508,000 $509,000 $568,000 $65,000 $650,000 $655,000 $679,000 $95,000 $999,500 $652, % -1.% -15.0% -5.2% -7.8% 0.0% -2.1% 0.0% -1.7% -9.1% -5.9% TOTAL VALUE $6,528,500 1

15 TWO FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs DAYS ON MARKET 08 TH ST 29.5 PAVONIA AVE 1 TH ST 168 GRAND ST 11 YORK ST 266 BARROW ST 660 JERSEY AVE PAULMIER PL 25 x x x x x x x x 75 AVERAGE CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING 8/0/2011 9/21/ /28/ /7/2011 8/16/2011 9/26/ /2/ /27/2011 $650,000 $585,000 $699,000 $799,000 $1,095,000 $1,095,000 $1,095,000 $1,275,000 $888,05 $5,000 $585,000 $680,000 $76,000 $995,000 $1,00,000 $1,050,000 $1,270,000 $852, % 0.0% -2.7% -.5% -9.1% -5.9% -.1% -0.% -7.% TOTAL VALUE $6,818,000 THREE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs DAYS ON MARKET Family Family Family 28 2ND ST 227 8TH ST 22 1ST ST 25 x x66 20 x 50 AVERAGE CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING 12/2/ /16/2011 9/19/2011 $6,900 $760,000 $865,000 $756,6 $600,000 $715,500 $81,250 $715,58-7.0% -5.9% -.9% -5.6% TOTAL VALUE $2,16,750 15

16 NOTEWORTHY HOBOKEN SALES: HIGHEST PRICED TOWNHOME SALE 92 Hudson Street Type Lot Size x $1,999,990 $1,810, % HIGHEST PRICED CONDO SALE 1125 Maxwell Lane Unit Num 901 Sq Feet $2,19,995 $2,17,517 Price/SqFt % HIGHEST PRICE PER SQFT CONDO SALE 1125 Maxwell Lane Unit Num 901 Sq Feet $2,19,995 $2,17,517 Price/SqFt % LOWEST PRICED CONDO SALE 10 Jefferson Street Unit Num 1R Sq Feet $190,000 $190,000 Price/SqFt 8 0.0% LOWEST PRICE PER SQFT CONDO SALE 15 Monroe Street Unit Num Sq Feet $67,200 $67,200 Price/SqFt % NOTEWORTHY DOWNTOWN JERSEY CITY SALES: HIGHEST PRICED TOWNHOME SALE Paulmier Place Type Lot Size 17.5 x $1,275,000 $1,270,000 HIGHEST PRICED CONDO SALE 17 Washington Street Unit Num 2L Sq Feet $1,095,000 $1,057,000 Price/SqFt % HIGHEST PRICE PER SQFT CONDO SALE 77 Hudson Street Unit Num 10 Sq Feet $98,000 $95,000 Price/SqFt % LOWEST PRICED CONDO SALE 229 Brunswick Street Unit Num 2 Sq Feet $177,500 $171,500 Price/SqFt % LOWEST PRICE PER SQFT CONDO SALE th Street Unit Num 2E Sq Feet $00,000 $00,000 Price/SqFt % -0.% 16

17 PREPARED BY: HUDSON REALTY GROUP AT HALSTEAD PROPERTY NJ LLC 2011 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. This information may not be copied, commercially used or distributed without Halstead Property s prior consent. This data includes all condos that were listed in within the Hudson County MLS, MLS records do not include some new construction developments. While information is believed true, no guaranty is made of accuracy. METRO NJ OFFICE: 79 Hudson Street, Hoboken NJ, Visit hudsonrealtygroup.com for access to all of our reports, listings, neighborhood information and more.