metro nj real estate market report hoboken and … · the real estate market in hoboken and...

METRO NJ REAL ESTATE MARKET REPORT

1H 2012

HOBOKEN AND DOWNTOWN JERSEY CITY

METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2012

©2012 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 2

MARKET RECAP

The real estate market in Hoboken and Downtown Jersey City has experienced a healthy recovery in activity

over the first half of 2012. The combination of rising rental prices in the NYC metro area (10-20% increase within

the past couple years) and record low interest rates (below 4% for a 30-year fixed mortgage) has brought buyers

out in significant numbers. The surge of real estate buyers combined with record low inventories has created a

competitive market for all property types in both Hoboken and Downtown Jersey City. We have seen an extraordi-

nary number of condo and townhome listings attracting multiple offers with many selling at asking or above asking

price.

Closed sales volume was up for both condos and townhome property types in Hoboken and Jersey City, with

a total growth of approximately 11% over the first half of 2011 and the 2nd half of 2012 moving from $290M to

$322M in closed sales. The townhome markets in both Hoboken and downtown Jersey City have seen the biggest

spike in transaction volume with approximately a third more sales than the same period last year.

We don't anticipate the usual market slowdown this Summer since many buyers were not able to find the

right property during the Spring buying season. With no relief in sight due to a near absence of new construction

development, we expect to see property values start to rise in the 2nd half of 2012.

Notable Positive Indicators - JERSEY CITY:

Number of Condo Closings: UP 13.5% from 1H2011 Under Contract within Period: UP 13.9% from 1H2011 Condo Sales Volume: UP 11.1% from 1H2011 Condo Inventory: DOWN 29.7% from 1H2011 Average Condo Discount from Last Asking: DOWN 33.3% from 1H2011 Townhome Sales Volume: UP 35.3% from 1H2011 Townhome Average Sales Price: UP 7.5% from 1H2011

Notable Positive Indicators - HOBOKEN:

Average Condo Price: UP 5.6% from 1H2011 Average Condo Price/SF: UP 5.7% from 1H2011 Condo Inventory: DOWN 37.2% from 1H2011 Under Contract within Period: UP 7.9% from 1H2011 Condo Sales Volume: UP 5.6% from 1H2011 Average Condo Discount from Last Asking: DOWN 17.8% from 1H2011 Townhome Sales Volume: UP 32.2% from 1H2011



TOTAL SALES VOLUME BY PROPERTY TYPE Property Type 1H 2012 2H 2011 % Change 1H 2011 % Change

Hoboken Condos $176,952,147 $168,781,613 4.8% $167,508,173 5.6%

Hoboken Townhomes $32,751,650 $26,239,500 24.8% $24,765,000 32.2%

Downtown JC Condos $89,131,931 $81,097,750 9.9% $80,190,787 11.1%

Downtown JC Townhomes $23,791,150 $15,493,250 53.6% $17,579,650 35.3%

Total Sales Volume $322,626,878 $291,612,113 10.6% $290,043,610 11.2%

Hoboken

Condos, $176,952,147

Hoboken Townhomes, $32,751,650

Downtown JC Condos,

$80,190,787

Downtown JC Townhomes, $23,791,150



CONDO MARKET REGIONAL COMPARISON 1st Half 2012 Downtown JC Hoboken Brooklyn* Manhattan

Average Sales Price $461,823 $511,422 $1,040,181 $1,804,276

Average Price / SqFt 447 474 805 1246 * Brooklyn Heights - Carroll Gardens - Cobble Hill - Columbia Street Waterfront - Dumbo - Red Hook

$461,823 $511,422

$1,040,181

$1,804,276

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

Downtown JC Hoboken Brooklyn* Manhattan

AVERAGE SALES PRICE

447 474

805

1246

$0

$400

$800

$1,200

$1,600

Downtown JC Hoboken Brooklyn* Manhattan

AVERAGE SALE PRICE PER SQFT



HOBOKEN CONDO MARKET SUMMARY

1H 2012 2H 2011 % Change 1H 2011 % Change

Average Sales Price $511,422 $516,152 -0.9% $484,128 5.6%

Average Price / SqFt 474 472 0.5% 449 5.7%

Total Value of Condos Sold $176,952,147 $168,781,613 4.8% $167,508,173 5.6%

Average DOM of Sold Condos 61.0 64.3 -5.2% 76.9 -20.6%

Inventory (months) 3.9 3.7 7.1% 6.2 -37.2%

On Market at Period End 226 200 13.0% 360 -37.2%

Listed within Period 577 465 24.1% 627 -8.0%

Under Contract within Period 437 298 46.6% 405 7.9%

Closed within Period 346 328 5.5% 346 0.0%

AVG % Discount from Original Asking -4.3% -4.8% -11.5% -5.5% -21.8%

AVG % Discount from Last Asking -2.8% -3.1% -9.6% -3.5% -17.8%



DOWNTOWN JERSEY CITY CONDO MARKET SUMMARY

1H 2012 2H 2011 % Change 1H 2011 % Change

Average Sales Price $461,823 $440,749 4.8% $471,711 -2.1%

Average Price / SqFt 447 428 4.4% 441 1.3%

Total Value of Condos Sold $89,131,931 $81,097,750 9.9% $80,190,787 11.1%

Average DOM of Sold Condos 77.3 77.5 -0.3% 78.7 -1.8%

Inventory (months) 4.1 10.0 -58.5% 6.7 -38.2%

On Market at Period End 192 249 -22.9% 273 -29.7%

Listed within Period 348 372 -6.5% 433 -19.6%

Under Contract within Period 279 150 86.0% 245 13.9%

Closed within Period 193 188 2.7% 170 13.5%

AVG % Discount from Original Asking -4.0% -5.4% -25.3% -6.3% -36.3%

AVG % Discount from Last Asking -2.8% -3.7% -23.0% -4.2% -33.3%



$208 $209

$259

$197$206

$225

$267

$215

$206

$194

$118

$201$210

$153

$168 $169$177

$56

$71$66

$89

$75 $75

$97

$118

$108

$87

$48

$76$84

$76$80 $81

$89

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

$250

$275

$300

$325

1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12

Millions

TOTAL CONDO SALES VOLUME(MILLIONS) HOBOKEN

DOWNTOWN JC



$373k

$422k

$457k

$516k$526k

$510k

$535k

$517k

$536k

$515k$528k

$487k

$505k

$489k $484k

$516k $511k

$338k

$391k

$414k

$456k $458k$467k

$452k

$511k$501k $498k

$455k

$437k $434k

$467k $472k

$441k

$462k

$300k

$325k

$350k

$375k

$400k

$425k

$450k

$475k

$500k

$525k

$550k

$575k

$600k


AVERAGE CONDO SALES PRICEHOBOKENDOWNTOWN JC

380

439

466

532 531520 521

558544

538

486476

468456

449

472 474

344

392

434

480491 488

478

500509

515

453

438

423 422

441428

447

300

325

350

375

400

425

450

475

500

525

550

575

600


AVERAGE CONDO SALES PRICE PER SQFT

HOBOKEN

DOWNTOWN JC



77

86

49

85

6055 57

63

79 82

92

81

6672

49

2925

31

49

39 38

58

66

79

51

76

66

84

5046

6056

93

111

70

62

54 56 5450 52

41 42

54

8884

72

64

5458

5055

46

35

51

7378

70

90

75

0

20

40

60

80

100

120

140J-

07

A-0

7S-

07

O-0

7N

-07

D-0

7J-

08

F-0

8M

-08

A-0

8M

-08

J-0

8J-

08

A-0

8S-

08

O-0

8N

-08

D-0

8J-

09

F-0

9M

-09

A-0

9M

-09

J-0

9J-

09

A-0

9S-

09

O-0

9N

-09

D-0

9J-

10

F-1

0M

-10

A-1

0M

-10

J-1

0J-

10

A-1

0S-

10

O-1

0N

-10

D-1

0J-

11

F-1

1M

-11

A-1

1M

-11

J-1

1J-

11

A-1

1S-

11

O-1

1N

-11

D-1

1J-

12

F-1

2M

-12

A-1

2M

-12

J-1

2

HOBOKEN CONDOS - CONTRACTS SIGNED - PER MONTH

565532

556

448

560

309

480

423

596

412

454

272

329

373

452

307

404

298

437

0

100

200

300

400

500

600

700

800

1H2003 2H2003 1H2004 2H2004 1H2005 2H2005 1H2006 2H2006 1H2007 2H2007 1H2008 2H2008 1H2009 2H2009 1H2010 2H2010 1H2011 2H2011 1H2012

HOBOKEN CONDOS - CONTRACTS SIGNED PER 6 MONTH PERIOD



4843

40

3429

13

3034

38

47

31

45

26 2730

13

19

13 1419 18

23

37

30

4044

27

3531

28

20

3942

59

28

38

2724

2833

25

34

24

33

51

36

50

60

3025 25

2124 22

44 42

58

4348

44

0

10

20

30

40

50

60

70

80

90

J-0

7A

-07

S-0

7O

-07

N-0

7D

-07

J-0

8F-

08

M-0

8A

-08

M-0

8J-

08

J-0

8A

-08

S-0

8O

-08

N-0

8D

-08

J-0

9F-

09

M-0

9A

-09

M-0

9J-

09

J-0

9A

-09

S-0

9O

-09

N-0

9D

-09

J-1

0F-

10

M-1

0A

-10

M-1

0J-

10

J-1

0A

-10

S-1

0O

-10

N-1

0D

-10

J-1

1F-

11

M-1

1A

-11

M-1

1J-

11

J-1

1A

-11

S-1

1O

-11

N-1

1D

-11

J-1

2F-

12

M-1

2A

-12

M-1

2J-

12

DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER MONTH

271

178

239

170

230

202

299

207225

128141

205226

171

254

147

279

0

50

100

150

200

250

300

350

400

450


DOWNTOWN JERSEY CITY - CONTRACTS SIGNED PER 6 MONTH PERIOD



537

425

390377

491501

556

444

511

347360

200

226

384

332

358

302

273

249

192

0

100

200

300

400

500

600

700

1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12

ACTIVE LISTINGS AT PERIOD END(CONDOS)

HOBOKEN

DOWNTOWN JC



HOBOKEN TOWNHOME SALES SUMMARY

1H2012 2H2011 % Change 1H2011 % Change

Average Sales Price $1,129,367 $1,049,580 7.6% $1,125,682 0.3%

1 Family Average Sales Price $1,253,775 $1,121,500 11.8% $1,105,667 13.4%

2 Family Average Sales Price $755,725 $1,021,875 -26.0% $1,229,665 -38.5%

3 Family Average Sales Price $930,650 $888,250 4.8% $830,000 12.1%

Average % Discount From Asking -3.4% -4.3% -20.5% -2.8% 21.5%

# Closed 29 25 16.0% 22 31.8%

Average Closed per Month 4.8 4.2 16.0% 3.7 31.8%

Average Days on Market 78 82 -5.0% 43 83.4%

1 Family Total Sales Volume $25,075,500 $16,822,500 49.1% $13,268,000 89.0%

2 Family Total Sales Volume $3,022,900 $4,087,500 -26.0% $9,837,000 -69.3%

3 Family Total Sales Volume $4,653,250 $5,329,500 -12.7% $1,660,000 180.3%

Grand Total Sales Volume $32,751,650 $26,239,500 24.8% $24,765,000 32.2%



SINGLE FAMILY HOBOKEN TOWNHOMES - CLOSED

TYPE ADDRESS LOT SIZE TOTAL BEDs

DAYS ON MARKET CLOSING DATE ASKING PRICE SOLD PRICE

% FROM ASK-ING

One Family 12 WILLOW TERRACE 12.5 x 50.14 2 36 4/30/2012 $474,900 $435,000 -8.4%

One Family 16 WILLOW TERRACE 12.58 x 50 2 19 3/27/2012 $575,000 $570,000 -0.9%

One Family 216 8TH ST 15 x 35 3 76 3/12/2012 $850,000 $810,000 -4.7%

One Family 1300 BLOOMFIELD ST 17.16 x 65 3 3 3/30/2012 $899,900 $850,000 -5.5%

One Family 1122 GARDEN ST 13 x 100 4 10 5/9/2012 $999,000 $990,000 -0.9%

One Family 1203 PARK AVE 16.47 x 80 4 61 3/7/2012 $1,125,000 $1,025,000 -8.9%

One Family 207 8TH ST 17 x 55 3 159 3/30/2012 $1,099,000 $1,065,000 -3.1%

One Family 327 BLOOMFIELD ST 12.5 x 70 5 24 4/10/2012 $1,099,000 $1,100,000 0.1%

One Family 709 PARK AVE 15 x 100 3 19 6/20/2012 $1,150,000 $1,120,000 -2.6%

One Family 159 11TH ST 16.66 x 80 4 159 5/25/2012 $1,399,000 $1,356,000 -3.1%

One Family 819 GARDEN ST 13.58 x 100 4 78 6/22/2012 $1,395,000 $1,385,000 -0.7%

One Family 821 GARDEN ST 13.58 x 100 4 140 6/27/2012 $1,395,000 $1,400,000 0.4%

One Family 1227 BLOOMFIELD ST 15 x 75 4 13 6/21/2012 $1,425,000 $1,405,000 -1.4%


One Family 508 OBSERVER HIGHWAY 25.11 x 100 4 173 4/17/2012 $1,625,000 $1,425,000 -12.3%


One Family 929 BLOOMFIELD ST 17 x 75 5 124 3/16/2012 $1,825,000 $1,719,000 -5.8%

One Family 802 HUDSON ST 19.67 x 88 5 181 6/5/2012 $1,865,000 $1,725,000 -7.5%



AVERAGE 3.8 65 $1,290,490 $1,253,775 -3.0%

TOTAL VALUE $25,075,500



TWO FAMILY HOBOKEN TOWNHOMES - CLOSED



% FROM ASKING

2 Family 319 WILLOW AVE 16.16x100 5 391 6/16/2012 $599,900 $599,900 0.0%

2 Family 158 13TH ST 16 x 75 3 52 2/10/2012 $699,000 $610,000 -12.7%

2 Family 92 GARDEN ST 21.48 x 59.88 5 1 3/16/2012 $750,000 $750,000 0.0%

2 Family 1028 PARK AVE 13.66 x 100 5 94 2/21/2012 $1,139,500 $1,063,000 -6.7%

AVERAGE 4.5 135 $797,100 $755,725 -4.9%


THREE FAMILY HOBOKEN TOWNHOMES - CLOSED



% FROM ASKING

3 Family 420 BLOOMFIELD ST 16.67 x 80 4 104 2/2/2012 $825,000 $684,250 -17.1%

3 Family 68 10TH ST 20 x 65.5 4 194 5/5/2012 $899,000 $920,000 2.3%

3 Family 256 6TH ST 31.5 x 32.5 4 39 6/29/2012 $989,000 $939,000 -5.1%

3 Family 702 BLOOMFIELD ST 20 x 100 6 64 2/1/2012 $1,049,000 $1,050,000 0.1%

3 Family 502 BLOOMFIELD ST 23 x 70 7 23 4/3/2012 $1,050,000 $1,060,000 1.0%

AVERAGE 5.0 85 $962,400 $930,650 -3.7%




DOWNTOWN JERSEY CITY TOWNHOME SALES SUMMARY

1H2012 2H2011 % Change 1H2011 % Change

Average Sales Price $699,740 $737,774 -5.2% $651,098 7.5%

1 Family Average Sales Price $616,708 $652,850 -5.5% $589,465 4.6%

2 Family Average Sales Price $747,063 $852,250 -12.3% $682,000 9.5%

3 Family Average Sales Price $742,590 $715,583 3.8% $695,000 6.8%

Average % Discount From Asking -5.1% -6.4% -20.6% -6.4% -20.6%

# Closed 34 21 61.9% 27 25.9%

Average Closed per Month 5.7 3.5 61.9% 4.5 25.9%

Average Days on Market 76 73 4.9% 82 -7.3%




Grand Total Sales Volume $23,791,150 $15,493,250 53.6% $17,579,650 35.3%



SINGLE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED



% FROM ASK-ING

One Family 354 1/2 4TH ST 12.5 x 95 2 10 1/13/2012 $200,000 $175,000 -12.5%

One Family 366 5TH ST 12.5 x 50 2 89 4/9/2012 $399,900 $378,000 -5.5%

One Family 327.5 4TH ST 12.5 x 62.5 3 10 4/12/2012 $489,000 $472,000 -3.5%

One Family 144 ERIE ST 19.33 x 68.83 3 131 4/30/2012 $599,000 $515,000 -14.0%

One Family 287 5TH ST 16.67 x 90 3 17 1/31/2012 $589,000 $560,000 -4.9%

One Family 311 9TH ST 20 x 100 3 38 2/15/2012 $639,000 $625,000 -2.2%

One Family 122 MERCER ST 13.17 x 100 5 102 6/14/2012 $669,900 $655,000 -2.2%

One Family 175 COLES ST 20 x 100 3 50 3/28/2012 $685,000 $665,000 -2.9%

One Family 505 MANILA AVE 16 x 107.5 3 167 5/15/2012 $688,000 $665,000 -3.3%

One Family 177 COLES ST 20 x 100 3 24 1/10/2012 $685,000 $690,500 0.8%

One Family 18.5 WEST HAMILTON PL 12.5 x 70 3 13 1/31/2012 $849,000 $860,000 1.3%

One Family 321 YORK ST 17 x 100 4 28 4/26/2012 $1,175,000 $1,140,000 -3.0%

AVERAGE 3.1 57 $638,983 $616,708 -4.3%




TWO FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED



% FROM ASK-ING

2 Family 351 5TH ST 17 x 95 3 8 4/20/2012 $485,000 $430,000 -11.3%

2 Family 337 8TH ST 16.67 x 50 3 211 6/21/2012 $519,000 $510,000 -1.7%

2 Family 184 CHRISTOPHER COLUM- 20 x 60 4 132 3/19/2012 $539,900 $515,000 -4.6%

2 Family 234 1ST ST 19.67 x 56 3 153 6/8/2012 $630,000 $595,000 -5.6%

2 Family 284 1/2 6TH ST 14 x 62.5 4 75 1/13/2012 $635,000 $620,000 -2.4%

2 Family 350 PAVONIA AVE 25 x 100 3 105 5/21/2012 $695,000 $650,000 -6.5%

2 Family 35 WAYNE ST 32 x 50 IRR 4 5 3/19/2012 $799,000 $740,000 -7.4%

2 Family 387 YORK ST 16.67 x 70 3 108 6/12/2012 $795,000 $770,000 -3.1%

2 Family 294 8TH ST 16 x 50 5 46 6/22/2012 $979,000 $930,000 -5.0%

2 Family 339 YORK ST 16.67 x 75 4 126 3/27/2012 $975,000 $950,000 -2.6%

2 Family 139 SUSSEX ST 22 x 100 5 47 1/10/2012 $1,195,000 $1,095,000 -8.4%

2 Family 330 YORK ST 16.67 x 100 4 20 6/19/2012 $1,235,000 $1,159,750 -6.1%

AVERAGE 3.8 86 $790,158 $747,063 -5.4%




THREE FAMILY DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED



% FROM ASK-ING

3 Family 227 BRUNSWICK ST 19 x 50 3 166 5/25/2012 $449,000 $415,000 -7.6%

3 Family 18 MERCER ST 16.67 x 75.28 3 100 6/12/2012 $625,000 $620,000 -0.8%

3 Family 291 PAVONIA AVE 16.67 x 50 4 82 1/30/2012 $800,000 $685,000 -14.4%

3 Family 232 1/2 3RD ST 16.67 x 75 4 8 6/6/2012 $709,900 $709,900 0.0%

3 Family 562.5 JERSEY AVE 17 x 61 4 159 4/6/2012 $800,000 $725,000 -9.4%

3 Family 281.5 2ND ST 16.67 x 100 2 157 5/22/2012 $739,000 $731,000 -1.1%

3 Family 296 PAVONIA AVE 16.67 x 100 4 121 4/16/2012 $825,000 $785,000 -4.8%

3 Family 342 PAVONIA AVE 25 x 100 6 8 4/20/2012 $850,000 $840,000 -1.2%

3 Family 237 GROVE ST 20 x 80 4 16 3/30/2012 $875,000 $875,000 0.0%

3 Family 53.5-55 MERCER ST 33.34 x 100 2 60 3/15/2012 $1,250,000 $1,040,000 -16.8%

AVERAGE 3.6 88 $792,290 $742,590 -5.6%


METRO NJ REAL ESTATE MARKET REPORT

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.

PREPARED BY: HUDSON REALTY GROUP AT HALSTEAD PROPERTY NJ LLC

©2012 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 real estate market report hoboken and … · the real estate market in hoboken and...

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