Thursday, May 24, 2012

Hoboken Weekly Stats, Ending May 23, 2012

28 Properties Came on the Market This Week vs 41 last week

811 PARK AVE, Hoboken, NJ
313 JACKSON ST, Hoboken, NJ
1210 WASHINGTON ST, Hoboken, NJ
815 PARK AVE, Hoboken, NJ
403 BLOOMFIELD ST, Hoboken, NJ
518 PARK AVE, Hoboken, NJ
77 MONROE ST, Hoboken, NJ
610 NEWARK ST, Hoboken, NJ
70 ADAMS ST, Hoboken, NJ
1450 WASHINGTON ST, Hoboken, NJ
914 GARDEN ST, Hoboken, NJ
700 1ST ST, Hoboken, NJ
1315 WASHINGTON ST, Hoboken, NJ
914 GARDEN ST, Hoboken, NJ
109 JACKSON ST, Hoboken, NJ
717 MADISON ST, Hoboken, NJ
122 MADISON ST, Hoboken, NJ
1331 GRAND ST, Hoboken, NJ
321 ADAMS ST, Hoboken, NJ
219-221 GRAND ST, Hoboken, NJ
625 JEFFERSON ST, Hoboken, NJ
321 ADAMS ST, Hoboken, NJ
1200 GRAND ST, Hoboken, NJ
300 NEWARK ST, Hoboken, NJ
83 MONROE ST, Hoboken, NJ
1500 WASHINGTON ST, Hoboken, NJ
1025 MAXWELL LANE, Hoboken, NJ

931 WILLOW AVE, Hoboken, NJ. This listing is so new, listing details are only available to subscribed users. Please log on to see listing details

18 Properties Went into Contract This Week vs 14 last week
10 Properties Sold This Week vs 11 Last Week  
274 total active listings are on the market as of the date of this post. 229 are under contract.

The Absorption rate this week is 27.40 weeks. See the attached picture of the absorption rate over time.  The absorption rate is a number that describes how many weeks it will take to see off the current inventory at the current rate of sales.  We had 10 closings this week and we have 274 active listings.  So at the current rate of 10 closings per week, it would take 27.40 weeks (274/10) to sell off the current inventory.  See the chart attached as a photo to see how absorption rate has fluctuated over time.

The absorption rate is often thought of as the factor that indicates if we are in a sellers' or buyers' market.

Generally if there is more than 4 months of inventory it's a buyers' market.  Less than 4 months it's a sellers' market.  Prices are down but so is the inventory.  

Another key factor is listing date to contract.  See the quarterly review and consult an agent.  Outlyers can skew these numbers.

See the embedded document below for Price Per Square Foot by bedroom and neighborhood so you can understand how location effects price.

Hoboken Stats Public PDF  
Information Provided by:

Donna Antonucci
Prudential Castle Point Realty