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Metro NJ Market Report for the 1st Half of 2010
 

Metro NJ Market Report for the 1st Half of 2010

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    Metro NJ Market Report for the 1st Half of 2010 Metro NJ Market Report for the 1st Half of 2010 Presentation Transcript

    • METRO NJ REAL ESTATE MARKET REPORT 1H 2010 HOBOKEN AND DOWNTOWN JERSEY CITY 64 Madison St, Hoboken, NJ: $575,000
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 MARKET RECAP Hoboken and Jersey City Real estate sales started out with a bang in 2010 with a robust spring selling season that began in late February and lasted through early June. Interest rates remained at all time lows driven by increased and sustained activity in the bond market. Meanwhile the first time home buyer tax credit continued to drive sales in most categories. Total sales volume nearly doubled compared to the first half of 09. With sellers and buyers still posturing for the best deals, buyers seem to have won out as the price per square foot in the condominium market returned to 05 levels. The townhome mar- ket remained viable as many significant town homes sales helped that end of the market hold steady. 1028 Willow Avenue received the second highest price ever for a single family residence in Hoboken at $2,295,000. As usual the summer doldrums have hit as sales volume has suffered a significant slowdown from the second half of June through July. Hudson Realty Group ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 2
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 TOTAL SALES VOLUME BY PROPERTY TYPE Downtown JC Townhomes $12,977,000 4% Downtown JC Condos $84,272,121 24% Hoboken Condos, Hoboken Townhomes $210,072,493 $37,489,000 61% 11% ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 3
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 CONDO MARKET REGIONAL COMPARISON 1st Half 2010 Downtown JC Hoboken Brooklyn* Manhattan Average Sales Price $431,973 $508,656 $823,489 $1,686,690 Average Price / SqFt 422 468 752 1176 * Brooklyn Heights - Carroll Gardens - Cobble Hill - Columbia Street Waterfront - Dumbo - Red Hook $2,000,000 $1,686,690 AVERAGE SALES PRICE $1,500,000 $1,000,000 $823,489 $431,973 $508,656 $500,000 $0 Downtown JC Hoboken Brooklyn* Manhattan $1,600 AVERAGE SALE PRICE PER SQFT 1176 $1,200 752 $800 422 468 $400 $0 Downtown JC Hoboken Brooklyn* Manhattan ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 4
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 HOBOKEN CONDO MARKET SUMMARY 1H 2010 2H 2009 % Change Average Sales Price $508,656 $486,608 4.5% Average Price / SqFt 468 476 -1.8% Total Value of Condos Sold $210,072,493 $200,967,474 4.5% Average DOM of Sold Condos 78 84 -7.4% Listed within Period 617 611 1.0% Under Contract within Period 452 371 21.8% Closed within Period 416 414 0.5% DOWNTOWN JERSEY CITY CONDO MARKET SUMMARY 1H 2010 2H 2009 % Change Average Sales Price $431,973 $437,498 -1.3% Average Price / SqFt 422 438 -3.7% Total Value of Condos Sold $84,272,121 $75,521,126 11.6% Average DOM of Sold Condos 93 94 -0.2% Listed within Period 429 398 7.8% Under Contract within Period 226 201 12.4% Closed within Period 194 174 11.5% ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 5
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 $325 Millions $300 TOTAL CONDO SALES VOLUME (MILLIONS) HOBOKEN DOWNTOWN JC $275 $267 $259 $250 $225 $225 $215 $208 $209 $210 $206 $206 $201 $197 $200 $194 $175 $150 $125 $118 $118 $108 $97 $100 $89 $87 $84 $75 $75 $76 $75 $71 $66 $56 $48 $50 $25 $0 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 6
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 $600k $575k AVERAGE CONDO SALES PRICE HOBOKEN $550k $535k $536k $526k $528k $525k $516k $517k $515k $510k $511k $509k $501k $498k $500k $487k $475k $467k $457k $456k $458k $455k $452k $450k $437k $432k $422k $425k $414k $400k $391k $373k $375k $350k $338k $325k $300k 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 600 575 AVERAGE CONDO SALES PRICE PER SQFT 558 HOBOKEN 550 544 538 532 531 520 521 525 515 509 500 500 491 488 486 480 478 476 475 466 468 453 450 439 434 438 422 425 400 392 380 375 344 350 325 300 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 7
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 175 AVERAGE "DAYS ON MARKET" (CLOSED CONDOS) 150 141 HOBOKEN 135 DOWNTOWN JC 128 125 125 122 106 100 100 100 95 94 93 88 89 86 87 83 84 80 78 76 75 75 72 70 70 58 59 50 25 0 1H04 2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 8
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 140 HOBOKEN CONDOS - CONTRACTS SIGNED - PER MONTH 119 120 114 110 111 103 100 94 93 92 93 88 88 88 87 86 83 85 84 85 84 82 81 77 79 79 80 76 74 75 76 72 70 68 68 66 66 66 62 63 62 60 58 60 58 60 57 55 57 56 60 55 52 50 51 50 50 49 49 49 45 46 39 38 40 31 31 29 25 20 0 S-05 S-06 S-07 S-08 S-09 O-05 O-06 O-07 O-08 O-09 N-05 N-06 N-07 N-08 N-09 A-05 A-05 D-05 A-06 A-06 D-06 A-07 A-07 D-07 A-08 A-08 D-08 A-09 A-09 D-09 A-10 M-05 M-06 M-06 M-07 M-07 M-08 M-08 M-09 M-09 M-10 M-10 J-06 J-07 J-08 J-09 J-10 F-10 J-05 J-05 F-06 J-06 J-06 F-07 J-07 J-07 F-08 J-08 J-08 F-09 J-09 J-09 J-10 J-10 450 HOBOKEN CONDOS - CONTRACTS SIGNED - PER QUARTER 375 332 300 270 259 264 255 210 216 207 212 209 225 200 199 203 193 183 187 180 182 150 126 126 85 75 0 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 9
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 90 80 DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER MONTH 70 65 62 61 59 60 48 48 47 50 44 45 44 42 43 42 41 41 40 40 39 39 39 38 38 39 38 40 37 36 37 34 34 35 34 34 34 35 33 33 33 30 30 31 30 30 31 29 29 28 28 28 30 26 27 26 27 27 24 23 19 19 18 20 20 15 13 13 13 14 10 0 N-06 A-07 N-07 A-08 A-08 A-09 A-09 A-05 A-05 N-05 A-06 A-06 A-07 N-08 N-09 A-10 D-07 D-08 D-09 D-05 D-06 M-06 M-07 M-08 M-09 M-10 M-05 M-06 M-07 M-08 M-09 M-10 J-05 F-06 J-06 J-06 J-07 J-10 J-05 J-06 J-07 F-07 J-07 J-08 F-08 J-08 J-08 J-09 F-09 J-09 J-09 F-10 J-10 J-10 S-09 S-05 S-06 S-07 S-08 O-05 O-06 O-07 O-08 O-09 200 DOWNTOWN JERSEY CITY - CONTRACTS SIGNED - PER QUARTER 175 157 150 142 131 121 123 125 125 118 109 110 111 102 102 101 100 92 90 94 83 76 75 68 51 45 50 25 0 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 10
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 HOBOKEN TOWNHOME SALES SUMMARY # Closed within 6 month Period 36 Average Closed per Month 6 Average Days on Market 86 Average Sales Price $1,041,361 Average % Discount From Asking -5.1% 1 Family Total Sales Volume $19,999,000 2 Family Total Sales Volume $9,465,000 3 Family Total Sales Volume $8,025,000 Grand Total Sales Volume $37,489,000 DOWNTOWN JERSEY CITY TOWNHOME SALES SUMMARY # Closed within 6 month Period 19 Average Closed per Month 3.2 Average Days on Market 81 Average Sales Price $683,000 Average % Discount From Asking -5.1% 1 Family Total Sales Volume $4,818,000 2 Family Total Sales Volume $6,236,500 3 Family Total Sales Volume $1,922,500 Grand Total Sales Volume $12,977,000 ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 11
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 SINGLE FAMILY - HOBOKEN TOWNHOMES - CLOSED TOTAL DAYS ON CLOSI NG % FROM TYPE ADDRESS LOT SI ZE BEDs MARKET DATE ASKI NG PRI CE SOLD PRICE ASKI NG One Family 29 WILLOW TERRACE 12.38 x 50 2 577 3/25/2010 $430,000 $375,000 -12.8% One Family 207 8TH ST 17 x 55 4 28 4/21/2010 $550,000 $425,000 -22.7% One Family 28 WILLOW TERRACE 12.5 x 50 3 42 3/16/2010 $550,000 $540,000 -1.8% One Family 5 WILLOW TERRACE 12.5 x 50 3 35 5/26/2010 $629,000 $604,000 -4.0% One Family 113 GARDEN ST 16 X 102 4 85 6/10/2010 $880,000 $750,000 -14.8% One Family 158 7TH ST 16.67 x 50 2 51 6/25/2010 $999,000 $912,000 -8.7% One Family 723 GARDEN ST 12.5 x 100 3 13 2/9/2010 $929,000 $935,000 0.6% One Family 721 PARK AVE 15 x 100 3 25 4/29/2010 $1,025,000 $980,000 -4.4% One Family 1233 GARDEN ST 16 X 100 3 79 3/2/2010 $1,099,000 $1,070,000 -2.6% One Family 917 PARK AVE 13.58 X 100 3 10 6/16/2010 $1,099,000 $1,110,000 1.0% One Family 1251 GARDEN ST 15.92 x 75 4 90 6/16/2010 $1,295,000 $1,240,000 -4.2% One Family 1202 GARDEN ST 15.2 x 100 4 32 4/8/2010 $1,295,000 $1,285,000 -0.8% One Family 736 PARK AVE 15 x 100 4 4 2/26/2010 $1,239,000 $1,315,000 6.1% One Family 208 NEWARK ST 23 x 62 5 45 3/3/2010 $1,599,000 $1,355,000 -15.3% One Family 823 HUDSON ST 16 x 100 4 63 6/11/2010 $1,495,000 $1,382,000 -7.6% One Family 169 11TH ST 16.67 x 80 4 112 5/6/2010 $1,850,000 $1,650,000 -10.8% One Family 933 WASHINGTON ST 18.52 x 88 4 65 5/14/2010 $1,995,000 $1,776,000 -11.0% One Family 1028 WILLOW AVE 20x100 & 40x45 4 345 5/3/2010 $2,495,000 $2,295,000 -8.0% 1 FAMILY AVERAGES 3.5 95 $1,191,833 $1,111,056 -6.8% TOTAL VALUE $19,999,000 ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 12
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 TWO AND THREE FAMILY - HOBOKEN TOWNHOMES - CLOSED TOTAL DAYS ON CLOSI NG % FROM TYPE ADDRESS LOT SI ZE BEDs MARKET DATE ASKI NG PRI CE SOLD PRICE ASKI NG 2 Family 517 MONROE ST 15.50 x 54.85 4 212 5/18/2010 $569,000 $505,000 -11.2% 2 Family 213 4TH ST 25 x 44 4 78 1/19/2010 $749,000 $720,000 -3.9% 2 Family 1242 GARDEN ST 15.12 x 100 4 8 4/25/2010 $880,000 $950,000 8.0% 2 Family 634 GARDEN ST 18.6 x 100 5 152 5/21/2010 $1,099,000 $980,000 -10.8% 2 Family 1228 BLOOMFIELD ST 20 x 100 4 87 5/14/2010 $1,150,000 $1,075,000 -6.5% 2 Family 208 11TH ST 21 x 66 5 37 3/16/2010 $1,075,000 $1,090,000 1.4% 2 Family 1315 GARDEN ST 18 x 100 4 23 6/25/2010 $1,325,000 $1,210,000 -8.7% 2 Family 1141 PARK AVE 17 x 53 3 19 5/25/2010 $1,295,000 $1,295,000 0.0% 2 Family 935 BLOOMFIELD ST 16 x 75 5 22 5/14/2010 $1,728,000 $1,640,000 -5.1% 2 FAMILY AVERAGES 4.2 71 $1,366,389 $1,051,667 -4.1% TOTAL VALUE $9,465,000 TOTAL DAYS ON CLOSI NG % FROM TYPE ADDRESS LOT SI ZE BEDs MARKET DATE ASKI NG PRI CE SOLD PRICE ASKI NG 3 Family 616 MADISON ST 25 X 100 5 42 6/9/2010 $599,900 $525,000 -12.5% 3 Family 604 PARK AVE 20 x 100 4 83 3/19/2010 $775,000 $750,000 -3.2% 3 Family 1230 PARK AVE 20.20 X 82 5 81 4/6/2010 $595,000 $750,000 26.1% 3 Family 615 BLOOMFIELD ST 18.33 x 75 9 192 6/12/2010 $825,000 $770,000 -6.7% 3 Family 56 MADISON ST 22 x 100 5 0 3/26/2010 $839,900 $800,000 -4.8% 3 Family 257 11TH ST 19 x 83 4 60 2/11/2010 $899,999 $855,000 -5.0% 3 Family 912 WILLOW AVE 22 x 100 4 15 6/24/2010 $945,000 $925,000 -2.1% 3 Family 616 HUDSON ST 25 x 100 6 123 3/16/2010 $1,599,000 $1,325,000 -17.1% 3 Family 206 HUDSON ST 25 x 100 5 167 1/28/2010 $1,300,000 $1,325,000 1.9% 3 FAMILY AVERAGES 5.2 85 $930,978 $891,667 -2.6% TOTAL VALUE $8,025,000 ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 13
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 DOWNTOWN JERSEY CITY TOWNHOMES - CLOSED TOTAL DAYS ON CLOSI NG % FROM TYPE ADDRESS BETWEEN LOT SI ZE BEDs MARKET DATE ASKI NG PRI CE SOLD PRI CE ASKI NG One Family 425.5 MONMOUTH AVE OFF 4TH AVE 11X44 2 211 2/19/2010 $267,500 $230,000 -14.0% One Family 337 1/2 PAVONIA AVE BRUNSWICK AND SEVENTH ST 16.67X100 4 30 2/1/2010 $439,900 $388,000 -11.8% One Family 15 LAUREL CT 1ST AND 2ND STREETS 24.64 X 39 4 42 4/19/2010 $400,000 $390,000 -2.5% 3 Family 236.5 1ST ST Off of Erie 19.6 X 56 3 11 3/12/2010 $389,000 $405,000 4.1% One Family 354 4TH ST Monmouth and Brunswwick 12.5x95 2 18 5/25/2010 $425,000 $410,000 -3.5% One Family 164 COLES ST 9TH ST + PAVONIA AVE 12X65 2 68 4/16/2010 $569,000 $535,000 -6.0% One Family 331 1/2 8TH ST Coles & Monmouth Sts 12.5 X 50 0 16 2/1/2010 $595,000 $550,000 -7.6% One Family 230 GRAND ST Grove & Marin 18 x 100 3 150 3/31/2010 $650,000 $600,000 -7.7% One Family 167 COLES ST 9th & Pavonia 12.5 x 60 3 16 5/28/2010 $619,000 $610,000 -1.5% 2 Family 202 BRUNSWICK ST 7th & 8th St. 18 x 50 4 61 2/19/2010 $650,000 $610,000 -6.2% 2 Family 252 BARROW ST York & Bright 14.67X60 4 22 3/1/2010 $779,000 $738,500 -5.2% 3 Family 617 JERSEY AVE 5th & 6th St. 20 x 100 5 188 5/21/2010 $769,900 $742,500 -3.6% 2 Family 256 9TH ST Jersey Avenue & Erie Street 16.67x50 4 118 1/21/2010 $799,000 $750,000 -6.1% 3 Family 224 8TH ST Manila & Erie St. 18.75 x 100 5 131 4/29/2010 $799,900 $775,000 -3.1% 2 Family 232 3RD ST Jersey and Erie 16.67 X 75 5 11 6/15/2010 $875,000 $875,000 0.0% 2 Family 4 WEST HAMILTON PL On Hamilton Park 16.67 x 60 4 17 6/30/2010 $895,000 $895,000 0.0% One Family 311 VARICK ST Mercer and Montgomery 20 X 75 4 136 1/12/2010 $1,195,000 $1,105,000 -7.5% 2 Family 1 PAULMIER PL Corner of Barrow 18.3X75 4 49 5/27/2010 $1,250,000 $1,179,000 -5.7% 2 Family 129 MERCER ST JERSEY & VARICK 21.67 X 100 5 238 1/7/2010 $1,295,000 $1,189,000 -8.2% AVERAGES 3.5 81 $719,063 $683,000 -5.1% TOTAL VALUE $12,977,000 ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 14
    • METRO NJ REAL ESTATE MARKET REPORT MARKET ANALYSIS 1H 2010 NOTEWORTHY HOBOKEN SALES: HIGHEST PRICED Address Type Lot Size DOM Beds Asking Price Sold Price % Under Ask TOWNHOME SALE 1028 WILLOW AVE 1-FAM 20x100 & 40x45 345 4 $2,495,000 $2,295,000 -8.0% HIGHEST PRICED Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask CONDO SALE 225 RIVER ST 2502 2367 124 3 $2,750,000 $2,400,000 1014 -12.7% HIGHEST PRICE PER SQFT Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask CONDO SALE 225 RIVER ST 2502 2367 124 3 $2,750,000 $2,400,000 1014 -12.7% LOWEST PRICED Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask CONDO SALE 227 MONROE ST 2L 517 89 1 $269,000 $200,000 387 -25.7% LOWEST PRICE PER SQFT Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask CONDO SALE 517 JACKSON ST 202 1510 2 $389,000 $385,000 255 -1.0% NOTEWORTHY DOWNTOWN JERSEY CITY SALES: HIGHEST PRICED Address Type Lot Size DOM Beds Asking Price Sold Price % Under Ask TOWNHOME SALE 239 MERCER ST 2-FAM 21.67 x 100 238 5 $1,295,000 $1,189,000 -8.2% HIGHEST PRICED Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask CONDO SALE 299 PAVONIA AVE 2-10 7700 352 3 $1,333,000 $1,100,000 143 -17.5% HIGHEST PRICE PER SQFT Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask CONDO SALE 20 NEWPORT PARKWAY 2607 1335 26 2 $879,000 $850,000 637 -3.3% LOWEST PRICED Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask CONDO SALE 343 4TH ST 3 506 345 1 $197,000 $175,000 345 -11.2% LOWEST PRICE PER SQFT Address Unit Num Sq Feet DOM Beds Asking Price Sold Price Price/SqFt % Under Ask CONDO SALE 299 PAVONIA AVE 2-10 7700 352 3 $1,333,000 $1,100,000 143 -17.5% ©2010 by Hudson Realty Group at Halstead Property New Jersey LLC. All Rights Reserved. 15
    • METRO NJ REAL ESTATE MARKET REPORT PREPARED BY: HUDSON REALTY GROUP AT HALSTEAD PROPERTY NJ LLC ©2010 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, 201.478.6700 Visit hudsonrealtygroup.com for access to all of our reports, listings, neighborhood information and more.