Thursday, June 21, 2012

Hoboken Weekly Stats, Ending June 20, 2012

26 Properties Came on the Market This Week vs 32 last week  

212 JACKSON ST, Hoboken, NJ 
131 MADISON ST, Hoboken, NJ 
215 BLOOMFIELD ST, Hoboken, NJ 
606 1ST ST, Hoboken, NJ 
135 GARDEN ST, Hoboken, NJ 
218 JEFFERSON ST, Hoboken, NJ 
133 MADISON ST, Hoboken, NJ 
80 PARK AVE, Hoboken, NJ 
806 WASHINGTON ST, Hoboken, NJ 
1450 WASHINGTON ST, Hoboken, NJ 
212 MADISON ST, Hoboken, NJ 
108 JACKSON ST, Hoboken, NJ 
224 BLOOMFIELD ST, Hoboken, NJ 
1450 WASHINGTON ST, Hoboken, NJ 
127 CLINTON ST, Hoboken, NJ 
700 1ST ST, Hoboken, NJ 
121 BLOOMFIELD ST, Hoboken, NJ 
415 NEWARK ST, Hoboken, NJ 
1109 GARDEN ST, Hoboken, NJ 
78 JACKSON ST, Hoboken, NJ 
128 JACKSON ST, Hoboken, NJ 
1450 WASHINGTON ST, Hoboken, NJ 
1450 WASHINGTON ST, Hoboken, NJ 
1450 WASHINGTON ST, Hoboken, NJ 
1450 WASHINGTON ST, Hoboken, NJ 
200 11TH ST, Hoboken, NJ 

14 Properties Went Into Contract This Week  vs 16 last week 
13 Properties Sold This Week vs 10 Last Week  
262 total active listings are on the market as of the date of this post. 227 are under contract.

The Absorption rate this week is 20.15 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 13 closings this week and we have 262 active listings.  So at the current rate of 13 closings per week, it would take 20.15 weeks (262/13) 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
201-240-6832 begin_of_the_skype_highlighting            201-240-6832      end_of_the_skype_highlighting