Lambertville, NJ Market TrendsBETA

For multifamily properties in the metro area, the average asking price was $157,522 per unit for the month. This shows a drop of 3.3% year-over-year, and a decline of 1.1% from the end of the fourth quarter of 2011. Asking prices for multifamily properties hit a three-year peak in January 2007 at $215,883 per unit. In comparison, the median asking price is now 5.2% lower. The lowest asking price in the past three years was $156,089 set in April 2009.

The average asking price for office properties in the metro area was $194.58 per square foot for the month. This is down 3.5% from the previous year, and down 0.1% from the end of the fourth quarter of 2011. Asking prices for office properties hit a three-year peak in May 2008 at $251.98 per square foot. The current median asking price is 10% lower. The lowest asking price in the past three years was $193.18 set in October 2011.

The average asking price for industrial properties in the metro area was $110.58 per square foot for the month. This is down 4.6% from the previous year, and down 1.6% from the end of the fourth quarter of 2011. Asking prices for industrial properties reached a three-year high in October 2008 at $137.46 per square foot. In comparison, the current median asking price is down by 4.1%. On the other hand, the lowest asking price in the past three years was seen in January 2006 at $105.66.

For retail properties in the metro area, the average asking price was $211.35 per square foot for the month. This shows a drop of 4.5% year-over-year, and a decline of 0.6% from the end of the fourth quarter of 2011. Asking prices for retail properties are the lowest they have been in three years. Prior to this, the record three-year low was in November 2011 at $212.52.

Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them. The highs in the cycle tend to occur around September and the lows come around March. Over the past year sale prices have fallen 2.5% to $201,710 per unit. The highest median price of the past three years was set in April 2009 at $235,787. In comparison, the median sale price is now 14.5% lower. However, the current price is 1.4% above the three-year-low of $198,883 set in August 2011. This month marks the fourth straight month of declining median sale price for the metro multifamily properties. Back when the streak began in the first month of the current three-year period, the median sale price was $202,738.

For office properties, the average sale price per square foot has risen to $198.60, a 0.1% increase compared to the end of last quarter. During the past year, though, sale prices have dropped by 6.6%. Over the past year, the median sale price per square foot for office properties in the metro area has been falling, but it has risen over the past two months. The highest median sale price over the past three years was $237.41, which was set in April 2009. In comparison, the median sale price is now 16.3% lower. However, the current price is 1.7% higher than the figure from last month, which was the three-year low.

The median sale price per square foot for industrial properties in the metro area has fallen 1.4% in the past three months. Sale prices rose 9.4% earlier this year during a four-month streak that ended in January. Compared to the end of the prior quarter, sale prices per square foot for industrial properties have risen 0.5% to $100.98. Likewise, sale prices are up 2.4% for the last 12 months. Over the past three years, the median sale price was at its highest in April 2009 at $128.32. The current median sale price is 21.3% lower. However, the current price is 7.8% above the lowest price of the past three years, which was set in October 2011.

The rate of decline in median sale price per square foot for retail properties in the metro area has slowed after falling 3.7% over the last five months. The average sale price per square foot for retail properties has decreased by 2.6% compared to the end of the last quarter to $228.57. During the past year, the average sale prices has increased by 4.4%. The three-year-high in median sale price was set in November 2011 at $237.38. In comparison, the current median sale price is down by 3.7%. However, the current price is 16.5% higher than the September 2010 figure, which was the three-year low.

Available multifamily properties have fallen for the past six months month-over-month, a 6.8% decline, but have not countered the 3.6% increase seen over the past year.

Available office properties for sale have been on the rise for the past two months month-over-month, a 1.8% increase overall. March marks a new three-year high for available office properties in the New York Metro Area. December 2011 set the previous high. Over the past year, the number of office properties available in the New York Metro Area has gone up by 3.3%.

For the past seven months, the number of of industrial properties for sale has been on the rise month-over-month, increasing 2.8% over that period. This month in the New York Metro Area, industrial properties available hit a new three-year high. The previous high was set last month. The New York Metro Area has seen a 7% rise in the number of available industrial properties over the past year.

The number of retail properties for sale in the metro area has been rising three months in a row month-over-month, moving up 1.3%. The number of available properties in the New York Metro Area for the month of March represents a three-year high. Retail properties available was at its previous high in November 2011. The number of available retail properties has risen by 4.6% in the New York Metro Area over the past year.

Demand on LoopNet for multifamily properties spiked in the New York Metro Area market, rising 21.7% since December 2011, 4.2 percentage points more than the 17.5% increase in the national average. Demand for multifamily properties also increased by 18.6% over the past year. The yearly change ranks the New York Metro Area eighteenth out of the top 48 metros.

Demand on LoopNet for office properties spiked in the New York Metro Area market, rising 24% since December 2011, 2.2 percentage points more than the 21.8% increase in the national average. Demand for office properties also increased by 15.5% over the past year. The yearly change ranks the New York Metro Area thirty-eighth out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the New York Metro Area market, rising 19.7% since December 2011, 2.7 percentage points less than the 22.4% increase in the national average. Demand for industrial properties also increased by 34.1% over the past year. The yearly change ranks the New York Metro Area tenth out of the top 48 metros.

New York Metro Area ranks fifth out of the top 48 metros in terms of interest growth for retail properties listed on LoopNet over the past year. Demand has increased 40.7% during that time. Demand on LoopNet for retail properties spiked in the New York Metro Area market, rising 26.8% since December 2011, 7.2 percentage points more than the 19.6% increase in the national average.

The available square footage for office properties has been on the rise month-over-month for two consecutive months, increasing 1.2% over that time. This, however, has yet to offset the 6.8% drop seen in the past year. Soft market conditions are likely to persist as inventory is staying on the market longer. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

Over the past three months, industrial properties have seen a steady increase in available square footage for sale in the metro area. Square footage for industrial properties has risen 1.8% versus the end of last quarter. For the year, square footage is up 1.9%. Industrial properties in the metro area have seen a 1.9% rise in the average available square footage for sale over the past year. Soft market conditions are likely to persist as inventory is staying on the market longer. Also, the rise in supply and sale prices makes it appear that more suppliers are coming into the market to take advantage of the rising prices.

The available square footage in the metro area is in a five month downward trend month-over-month for retail properties, falling 3.5% in that time. This was insufficient to offset the 1.2% upward movement seen over the past year. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in. Also, the rise in supply and sale prices makes it appear that more suppliers are coming into the market to take advantage of the rising prices.

For the past six months, available units for sale has declined month-over-month for multifamily properties. The number of units available for sale for multifamily properties in the metro area represents a 21.7% decline over the past year. Soft market conditions are likely to persist as inventory is staying on the market longer. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

Compared with a year earlier, multifamily properties in the New York Metro Area are taking longer to move, and the change in days on market is greater than that at the state level. They are now on the market for 139 days before being sold, 2.2% longer than last year. For the state, these properties stay on the market for 140 days, down 3.4% from last year. From July 2009, when the time on market was at its longest, it has come down 14.4%.

Compared with a year earlier, office properties in the New York Metro Area are staying on the market longer, and the gap is greater at the metro level than at the state level. Office properties now last 239 days on the market, up 4.1% from last year. For the state, these properties are on the market for 247 days, 8.8% less than last year. From the lowest point, which was set in April 2009, time on market has risen 32.7%.

Industrial properties in the New York Metro Area are on the market longer compared with the same month last year, and this gap is greater than that at the state level. Industrial properties now stay on the market an average of 285 days, up 4.6% from last year. For the state, these properties stay on the market for 292 days, up 1.1% from last year. From its lowest point in April 2009, the number of days on market have increased 51.3%.

The time on market for retail properties in the New York Metro Area has fallen 13.3% from last year, to 177 days. Overall in New York the time on market has dropped even further as a percentage, by 15.1%, to 183 during the same time period. Compared with the highest time on market set in June 2011, these properties are now turning over 16.3% faster.

Asking lease rates for office properties have gone up from the end of last quarter, rising 1.8% to $24.36 per square foot. Asking rates have risen 5.1% on the year. Lease rates for office properties reached a three-year high in November 2008 at $30.51 per square foot. In comparison, the current median asking price is down by 7.7%. On the other hand, the lowest asking lease rate in the past three years was seen in July 2011 at $22.93.

Asking rates for industrial properties rose to $8.63 per square foot, a 1% increase compared with the end of the last quarter. For the year, lease rates are up 3.1%. Asking rates for industrial properties reached a three-year high in September 2008 at $9.52 per square foot. In comparison, the current median asking price is down by 1.8%. On the other hand, the lowest asking lease rate in the past three years was seen in December 2010 at $8.29.

Asking lease rates for retail properties have risen 0.2% versus the end of last quarter to $27.65 per square foot. For the year, asking rates have risen by 2.6%. Lease rates for retail properties hit a three-year peak in August 2008 at $33.69 per square foot. The current median asking lease rate is 1.7% lower. The lowest asking lease rate in the past three years was $26.92 set in February 2011.

The number of office spaces for lease has seen a month-over-month rise of 18.6% over 10 consecutive months. Available office spaces in the New York Metro Area rose to a new three-year high in March. Office spaces available was its previous high last month. The number of available office spaces has risen by 9.2% in the New York Metro Area over the past year.

The number of industrial properties for lease in the metro area has been rising three months in a row month-over-month, moving up 4.1% in that time. However, this has yet to offset the drop of 4.3% over the past year.

Available retail spaces for lease have been on the rise for the past five months month-over-month, a 6.8% increase overall. The number of available spaces in the New York Metro Area for the month of March represents a three-year high. The previous high was set last month. The number of retail spaces available in the New York Metro Area has risen 5.8% over the past year.

Demand on LoopNet for office properties spiked in the New York Metro Area market, rising 29.1% since December 2011, 0.4 percentage points more than the 28.8% increase in the national average. Demand for office properties also increased by 37.9% over the past year. The yearly change ranks the New York Metro Area tenth out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the New York Metro Area market, rising 27% since December 2011, 1.2 percentage points more than the 25.8% increase in the national average. Demand for industrial properties also increased by 28.2% over the past year. The yearly change ranks the New York Metro Area twentieth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the New York Metro Area market, rising 25.9% since December 2011, 0.5 percentage points more than the 25.3% increase in the national average. Demand for retail properties also increased by 26.8% over the past year. The yearly change ranks the New York Metro Area eighteenth out of the top 48 metros.

This is the fourth consecutive month that square footage available has declined month-over-month for office properties. The square footage available for office properties in the metro area decreased 1.7% year-over-year and 4.4% compared to the end of the fourth quarter of 2011. The current square footage available reflects a 1.7% fall in the metro area over the past year.

The available square footage in the metro area has been rising four months in a row month-over-month for industrial properties, a 6.8% increase. However, this has yet to offset the drop of 10.4% over the past year. The available square footage for industrial properties has risen 6.8% versus last quarter. But for the year, square footage is down 10.4%.

There has been a three month upward trend in available square footage for retail properties, representing a 3.3% upward trend, but it was not enough to offset the 7.2% decline seen in the past year. The available square footage for retail properties has risen 2.7% versus last quarter. But for the year, square footage is down 7.2%.

Office properties in the New York Metro Area stay on the market for 105 days, which is 49.9% shorter than last year. During the same period, days on market in New York have dropped 49.6%. This month, days on market in the metro area reached a new low.

Over the past year, the time on market for industrial properties in the New York Metro Area has decreased 44.4% to 123 days. In New York overall, the time on market fell even more as a percentage, by 53%, to 111. This month represents a new low for days on market in the metro area.

Compared with a year earlier, retail properties in the New York Metro Area are staying on the market longer, and the gap is greater at the metro level than at the state level. Retail properties now last 227 days on the market, up 8% from last year. In comparison, these buildings last 197 days at the state level, 12.2% less than last year. Time on market hit a new high this month. The previous high was established in July 2011 at 221 days. The time that retail properties stay on the market in the metro area has been increasing every month for the past four months.