1H 2013 HOBOKEN AND DOWNTOWN JERSEY CITY
MARKET RECAP In our last market report, we predicted prices to continue rising in 2013, however over the last 6 months the real estate market has exceeded our expectations in both valuation and activity. The market prices were driven up by extremely low inventory combined with rock bottom interest rates, and activity increased due to a sustained economic recovery and widespread positive news about the housing market rebound. With the apartment rental market holding steady at prices that have risen 20% in the past couple years, tenants looked to the advantages of home ownership and found a fiercely competitive bidding environment for the most desirable homes. Of the 430 condos closed in Hoboken during the first half of 2013, an astonishing 47% sold at or above the asking price, narrowing the average discount from asking to under 1%. Downtown Jersey City experienced a similar market with 39% of condos selling at or over asking. Townhomes also traded very well resulting in average prices moving up almost 15% in Hoboken since 2012 and several Hoboken properties sold well above the $2M mark. Downtown Jersey City townhomes also saw a high demand pushing prices up 25% from 2012 but sales were restrained from a lack of supply resulting in the total sales volume moving down 30%. In spite of interest rates moving up over the past month, rates are still considered to be near historic lows and we have seen the increase as a motivating factor for potential buyers to act now or pay a higher rate in the future. With a shortage of new construction condominium developments coming online in the near future in Hoboken and Downtown Jersey City, we foresee property values continuing to rise throughout the remainder of 2013. HOBOKEN Average Condo Sales Price: $567,285- UP 10.9% Average Condo Price/SF: 538 - UP 13.4% Average Days on Market: 35.6 - DOWN 41.7% Condos Under Contract within Period: 586 - UP 34.1% Condo Sales Volume: $244M - UP 37.9% Avg Condo Discount from Last Ask: -0.7% - DOWN 76.2 Avg Townhome Sales Price: $1,307,560 - UP 15.8% POSITIVE MARKET INDICATORS (compared to 1H2012) DOWNTOWN JERSEY CITY Average Condo Sales Price: $525,109 - UP 13.7% Average Condo Price/SF: 505 - UP 13.0% Average Days on Market: 42.8 - DOWN 44.6% Condos Under Contract within Period: 364 - UP 30.5% Condo Sales Volume: $149MM - UP 67.3% Avg Condo Discount from Last Ask: -1.3% - DOWN 55.0% Avg Townhome Sales Price: $872,687M - UP 24.7% 2
TOTAL SALES VOLUME BY PROPERTY TYPE Property Type 1H2013 2H2012 % Change 1H2012 % Change Hoboken Condos $243,932,495 $209,487,291 16.4% $176,952,147 37.9% Hoboken Townhomes $37,919,232 $39,390,250-3.7% $32,751,650 15.8% Downtown JC Condos $149,131,012 $118,021,671 26.4% $89,131,931 67.3% Downtown JC Townhomes $20,944,498 $34,185,099-38.7% $23,791,150-12.0% Total Sales Volume $451,927,237 $401,084,311 12.7% $322,626,878 40.1% 3
CONDO MARKET REGIONAL COMPARISON 1st Half 2013 Downtown JC Hoboken Brooklyn* Manhattan Average Sales Price $525,109 $567,285 $1,079,147 $1,798,159 Average Price / SqFt 505 538 887 1298 * Brooklyn Heights - Carroll Gardens - Cobble Hill - Columbia Street Waterfront - Dumbo - Red Hook 4
HOBOKEN CONDO MARKET SUMMARY 1H2013 2H2012 % Change 1H2012 % Change Average Sales Price $567,285 $525,031 8.0% $511,422 10.9% Average Price / SqFt 538 498 7.9% 474 13.4% Total Value of Condos Sold $243,932,495 $209,487,291 16.4% $176,952,147 37.9% Average DOM of Sold Condos 35.6 50.1-29.0% 61.0-41.7% Inventory (months) 4.2 1.7 138.4% 3.9 6.1% On Market at Period End 298 116 156.9% 226 31.9% Listed within Period 789 313 152.1% 577 36.7% Under Contract within Period 586 332 76.5% 437 34.1% Closed within Period 430 399 7.8% 346 24.3% AVG % Discount from Original Asking -1.0% -3.2% -67.7% -4.3% -76.1% AVG % Discount from Last Asking -0.7% -2.1% -67.0% -2.8% -76.2% 5
DOWNTOWN JERSEY CITY CONDO MARKET SUMMARY 1H2013 2H2012 % Change 1H2012 % Change Average Sales Price $525,109 $489,716 7.2% $461,823 13.7% Average Price / SqFt 505 464 8.9% 447 13.0% Total Value of Condos Sold $149,131,012 $118,021,671 26.4% $89,131,931 67.3% Average DOM of Sold Condos 42.8 53.5-20.0% 77.3-44.6% Inventory (months) 2.6 2.1 21.8% 4.1-36.9% On Market at Period End 158 93 69.9% 192-17.7% Listed within Period 455 242 88.0% 348 30.7% Under Contract within Period 364 261 39.5% 279 30.5% Closed within Period 284 241 17.8% 193 47.2% AVG % Discount from Original Asking -1.6% -3.6% -55.3% -4.0% -59.5% AVG % Discount from Last Asking -1.3% -2.6% -50.6% -2.8% -55.0% 6
Millions METRO NJ REAL ESTATE MARKET REPORT $325 $300 $275 $259 TOTAL CONDO SALES VOLUME (MILLIONS) $267 HOBOKEN DOWNTOWN JC $250 $244 $225 $200 $208 $209 $197 $206 $225 $215 $206 $194 $201 $210 $209 $175 $168 $169 $177 $150 $153 $149 $125 $100 $75 $50 $56 $71 $66 $89 $75 $75 $97 $118 $108 $87 $118 $48 $76 $84 $76 $80 $81 $89 $118 $25 $0 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 7
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HOBOKEN TOWNHOME SALES SUMMARY 1H2013 2H2012 % Change 1H2012 % Change Average Sales Price $1,307,560 $1,193,644 9.5% $1,129,367 15.8% 1 Family Average Sales Price $1,435,684 $1,132,813 26.7% $1,253,775 14.5% 2 Family Average Sales Price $1,000,154 $1,487,938-32.8% $755,725 32.3% 3 Family Average Sales Price $1,320,000 $1,040,194 26.9% $930,650 41.8% Average % Discount From Asking -1.1% -4.0% -72.9% -3.4% -67.7% # Closed 29 33-12.1% 29 0.0% Average Closed per Month 4.8 5.5-12.1% 4.8 0.0% Average Days on Market 48 44 8.7% 78-39.2% 1 Family Total Sales Volume $27,278,000 $18,125,000 50.5% $25,075,500 8.8% 2 Family Total Sales Volume $8,001,232 $11,903,500-32.8% $3,022,900 164.7% 3 Family Total Sales Volume $2,640,000 $9,361,750-71.8% $4,653,250-43.3% Grand Total Sales Volume $37,919,232 $39,390,250-3.7% $32,751,650 15.8% 12
TYPE ADDRESS LOT SIZE METRO NJ REAL ESTATE MARKET REPORT SINGLE FAMILY HOBOKEN TOWNHOMES - CLOSED TOTAL BEDs DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE One Family 13 WILLOW TERRACE 12.5 x 50 3 5 6/19/2013 $499,000 $525,000 5.2% % FROM ASKING One Family 310 PARK AVE 16 x 100 5 3 1/31/2013 $725,000 $600,000-17.2% One Family 724 PARK AVE 12.5 x 100 2 35 3/13/2013 $675,000 $660,000-2.2% One Family 1109 GARDEN ST 15.98 x 85 3 11 1/13/2013 $675,000 $675,000 0.0% One Family 522 JEFFERSON ST 35 x 35 3 319 6/1/2013 $999,000 $999,000 0.0% One Family 1035 PARK AVE 21.5 x 100 4 243 2/6/2013 $1,199,000 $1,080,000-9.9% One Family 213 11TH ST 15 x 68 5 4 6/14/2013 $1,200,000 $1,150,000-4.2% One Family 218 7TH ST 15.5 x 51 3 17 6/24/2013 $1,249,000 $1,235,000-1.1% One Family 1249 BLOOMFIELD ST 14.04 x 75 4 14 6/3/2013 $1,300,000 $1,300,000 0.0% One Family 1134 BLOOMFIELD ST 17.67 x 100 5 73 1/25/2013 $1,399,000 $1,380,000-1.4% One Family 1225 BLOOMFIELD ST 15 x 75 5 7 4/25/2013 $1,550,000 $1,580,000 1.9% One Family 158 13TH ST 16 x 75 4 0 2/25/2013 $1,600,000 $1,600,000 0.0% One Family 1108 GARDEN ST 19 x 100 3 9 5/24/2013 $1,625,000 $1,685,000 3.7% One Family 1238 GARDEN ST 15.12 x 100 5 24 3/21/2013 $1,699,000 $1,750,000 3.0% One Family 1108 BLOOMFIELD ST 16 x 100 4 7 5/31/2013 $1,800,000 $1,860,000 3.3% One Family 1230 GARDEN ST 15.12 x 100 5 15 3/14/2013 $2,299,000 $2,299,000 0.0% One Family 631 GARDEN ST 20 x 95 4 1 4/10/2013 $2,300,000 $2,300,000 0.0% One Family 731 BLOOMFIELD ST 20 x 75 5 16 6/27/2013 $2,100,000 $2,300,000 9.5% One Family 1130 GARDEN ST 17.95 x 100 5 126 5/29/2013 $2,395,000 $2,300,000-4.0% AVERAGE 4.1 49 $1,436,211 $1,435,684-0.7% TOTAL VALUE $27,278,000 13
TYPE ADDRESS LOT SIZE TWO FAMILY HOBOKEN TOWNHOMES - CLOSED TOTAL BEDs DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASKING Two Family 312 PARK AVE 16 x 100 2 3 1/31/2013 $725,000 $600,000-17.2% Two Family 258 8TH ST 17 x 62 3 7 6/14/2013 $585,000 $650,000 11.1% Two Family 515 BLOOMFIELD ST 15.83 x 75 6 15 5/10/2013 $899,900 $935,000 3.9% Two Family 106 4TH ST 15.98 x 50 IRR 4 32 6/21/2013 $999,999 $975,000-2.5% Two Family 930 WILLOW AVE 13 x 100 4 10 5/28/2013 $989,000 $990,000 0.1% Two Family 612 GARDEN ST 16.67 x 100 4 3 5/30/2013 $949,000 $995,000 4.8% Two Family 157 11TH ST 30 x 50 3 129 4/8/2013 $1,250,000 $1,130,000-9.6% Two Family 1232 BLOOMFIELD ST 15 x 100 4 16 6/25/2013 $1,650,000 $1,726,232 4.6% AVERAGE 3.8 27 $1,005,987 $1,000,154-0.6% TOTAL VALUE $8,001,232 TYPE ADDRESS LOT SIZE THREE FAMILY HOBOKEN TOWNHOMES - CLOSED TOTAL BEDs DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE Three Family 618 GARDEN ST 18 x 100 IRR 4 19 3/28/2013 $1,250,000 $1,185,000-5.2% Three Family 1018 BLOOMFIELD ST 20 x 100 5 217 1/7/2013 $1,590,000 $1,455,000-8.5% % FROM ASKING AVERAGE 4.5 118 $1,420,000 $1,320,000-6.8% TOTAL VALUE $2,640,000 14
DOWNTOWN JERSEY CITY TOWNHOME SALES SUMMARY 1H2013 2H2012 % Change 1H2012 % Change Average Sales Price $872,687 $743,154 17.4% $699,740 24.7% 1 Family Average Sales Price $842,437 $639,156 31.8% $616,708 36.6% 2 Family Average Sales Price $877,111 $801,778 9.4% $747,063 17.4% 3 Family Average Sales Price $901,571 $793,883 13.6% $742,590 21.4% Average % Discount From Asking -4.4% -5.3% -17.3% -5.1% -14.4% # Closed 24 46-47.8% 34-29.4% Average Closed per Month 4.0 7.7-47.8% 5.7-29.8% Average Days on Market 46 64-27.3% 76-39.2% 1 Family Total Sales Volume $6,739,499 $10,226,500-34.1% $7,400,500-8.9% 2 Family Total Sales Volume $7,894,000 $14,431,999-45.3% $8,964,750-11.9% 3 Family Total Sales Volume $6,310,999 $9,526,600-33.8% $7,425,900-15.0% Grand Total Sales Volume $20,944,498 $34,185,099-38.7% $23,791,150-12.0% 15
SINGLE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASK- ING One Family 333 7TH ST 12.5 x 100 2 42 5/17/2013 $499,000 $499,000 0.0% One Family 339 8TH ST 16.67 x 50 3 38 4/18/2013 $629,000 $637,000 1.3% One Family 254 5TH ST 15 x 100 5 36 1/18/2013 $669,000 $645,000-3.6% One Family 103 ERIE ST 18.75 x 50 3 33 5/6/2013 $849,000 $840,000-1.1% One Family 141 COLES ST 17.33 x 66.67 3 5 6/28/2013 $911,000 $943,500 3.6% One Family 300 8TH ST 16 x 50 4 97 2/14/2013 $990,000 $950,000-4.0% One Family 296 8TH ST 16 x 50 4 17 5/3/2013 $1,150,000 $999,999-13.0% One Family 22 WEST HAMILTON PL 16.67 x 56.67 4 17 5/29/2013 $1,200,000 $1,225,000 2.1% AVERAGE 3.5 36 $862,125 $842,437-1.9% TOTAL VALUE $6,739,499 16
TWO FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASK- ING Two Family 396 7TH ST 26.35 x 50 5 23 5/10/2013 $269,000 $269,000 0.0% Two Family 317 1/2 7TH ST 16.33 x 50 3 194 6/14/2013 $579,000 $565,000-2.4% Two Family 291 MONMOUTH ST 16.67 x 75 3 109 6/5/2013 $800,000 $775,000-3.1% Two Family 289.5 8TH ST 12.5 x 100 0 0 1/14/2013 $935,000 $825,000-11.8% Two Family 405 MANILA AVE 27 x 100.3 8 0 5/7/2013 $899,000 $830,000-7.7% Two Family 136 ERIE ST 19.04 x 75 5 24 4/9/2013 $1,100,000 $950,000-13.6% Two Family 130 MERCER ST 20 x 100 0 0 1/14/2013 $1,200,000 $976,000-18.7% Two Family 526 MANILA AVE 18 x 61 4 90 2/5/2013 $1,189,000 $1,125,000-5.4% Two Family 322 8TH ST 25 x 102 6 63 1/22/2013 $1,579,000 $1,579,000 0.0% AVERAGE 3.8 56 $950,000 $877,111-7.0% TOTAL VALUE $7,894,000 17
THREE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TYPE ADDRESS LOT SIZE TOTAL BEDs DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE % FROM ASK- ING Three Family 257 GROVE ST 18.08 x 60 4 16 3/6/2013 $600,000 $522,000-13.0% Three Family 436 2ND ST 20 x 80 3 28 5/1/2013 $599,000 $599,000 0.0% Three Family 36 ERIE ST 16.67 x 60 5 11 1/11/2013 $675,000 $665,000-1.5% Three Family 136 ESSEX ST 25 x 100 5 24 4/26/2013 $945,000 $975,000 3.2% Three Family 616 JERSEY AVE 16.67 x 80 4 24 5/15/2013 $949,000 $999,999 5.4% Three Family 115 SUSSEX ST 20.67 x 100 4 98 1/25/2013 $1,349,000 $1,150,000-14.8% Three Family 75 MORRIS ST 27.42 x 80 IRR 4 120 5/2/2013 $1,499,000 $1,400,000-6.6% AVERAGE 4.1 46 $945,143 $901,571-3.9% TOTAL VALUE $6,310,999 18
PREPARED BY: HUDSON REALTY GROUP AT HALSTEAD PROPERTY NJ LLC Matt Brown, EVP 201.805.7403 mbrown@halstead.com Peter Cossio, EVP 917.855.5817 pcossio@halstead.com Lindsey Brown 201.320.9716 lbrown@halstead.com Clare Cossio 201.478.6711 ccossio@halstead.com 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, 201.478.6700 Visit hudsonrealtygroup.com for access to all of our reports, listings, neighborhood information and more.