Wednesday, May 30, 2012

Hoboken Weekly Stats, Ending May 30, 2012

28 Properties Came on the Market This Week vs 41 last week  
231 GRAND ST, Hoboken, NJ 
461 4TH ST, Hoboken, NJ 
607 1ST ST, Hoboken, NJ 
450 7TH ST, Hoboken, NJ 
816 PARK AVE, Hoboken, NJ 
328 GARDEN ST, Hoboken, NJ 
816 PARK AVE, Hoboken, NJ 
532 MONROE ST, Hoboken, NJ 
402 9TH ST, Hoboken, NJ 
110 WILLOW AVE, Hoboken, NJ 
1500 HUDSON ST, Hoboken, NJ 
1500 HUDSON ST, Hoboken, NJ 
1125 MAXWELL LANE, Hoboken, NJ 

10 Properties Sold This Week vs 10 Last Week    
273 total active listings are on the market as of the date of this post. 227 are under contract.


The Absorption rate this week is 27.30 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 273 active listings.  So at the current rate of 10 closings per week, it would take 27.30 weeks (273/10) 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