Thursday, May 24, 2012

JC, Downtown Weekly Stats, Ending May 23, 2012




















8 Properties came on the Market This Week vs 15 Last week

389 WASHINGTON ST, JERSEY CITY, NJ
234 10TH ST, JERSEY CITY, NJ
105 GREENE ST, JERSEY CITY, NJ
159 2ND ST, JERSEY CITY, NJ
331 VARICK ST, JERSEY CITY, NJ
212 6TH ST, JERSEY CITY, NJ
1 SHORELANE, JERSEY CITY, NJ
160 COLES ST, JERSEY CITY, NJ







The Absorption rate this week is 22.36 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 11 closings this week and we have 246 active listings.  So at the current rate of 11 closings per week, it would take 22.36 weeks (246/11) 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.
JC Stats Public PDF
Information Provided by:

Donna Antonucci
Prudential Castle Point Realty
201-240-6832

donna@donnaantonucci.com

www.search.hobokenrealestatemonitor.com/map/