Thursday, July 5, 2012

Hoboken Weekly Stats, Ending July 4, 2012

20 Properties Came on the Market This Week vs 19 last week  
606 1ST ST, Hoboken, NJ 
118 JEFFERSON ST, Hoboken, NJ 
1115 WILLOW AVE, Hoboken, NJ 
927 HUDSON ST, Hoboken, NJ 
203 14TH ST, Hoboken, NJ 
734 ADAMS ST, Hoboken, NJ 
501 ADAMS ST, Hoboken, NJ 
726 ADAMS ST, Hoboken, NJ 
1100 CLINTON ST, Hoboken, NJ 
501 ADAMS ST, Hoboken, NJ 
118 CLINTON ST, Hoboken, NJ 
700 1ST ST, Hoboken, NJ 
222 WILLOW AVE, Hoboken, NJ 
1025 MAXWELL LANE, Hoboken, NJ 
456 9TH ST, Hoboken, NJ 
904 JEFFERSON ST, Hoboken, NJ 
99 PARK AVE, Hoboken, NJ 
256 7TH ST, Hoboken, NJ 
1125 MAXWELL LANE, Hoboken, NJ

2 CONSTITUTION CT, Hoboken, NJ. This listing is so new, listing details are only available to subscribed users. Please log on to see listing details 

14 Properties Went Into Contract This Week  vs 13 last week 
19 Properties Sold This Week vs 18 Last Week   
255 total active listings are on the market as of the date of this post. 208 are
under contract.

The Absorption rate this week is 13.42 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 19 closings this week and we have 255 active listings.  So at the current rate of 19 closings per week, it would take 13.42 weeks (255/19) 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