Friday, July 27, 2012

JC, Downtown Weekly Stats, Ending July 25, 2012




















14 Properties came on the Market This Week vs 15 Last week
208 7TH ST, JERSEY CITY, NJ
354 3RD ST, JERSEY CITY, NJ
440 JERSEY AVE, JERSEY CITY, NJ
341 MONMOUTH ST, JERSEY CITY, NJ
217 NEWARK AVE, JERSEY CITY, NJ
311 WASHINGTON ST, JERSEY CITY, NJ
1 SHORE LANE, JERSEY CITY, NJ
174 WASHINGTON ST, JERSEY CITY, NJ
336 YORK ST, JERSEY CITY, NJ
336 YORK ST, JERSEY CITY, NJ
15 WARREN ST, JERSEY CITY, NJ
331 NEWARK AVE, JERSEY CITY, NJ
331 NEWARK AVE, JERSEY CITY, NJ
101 WAYNE ST, JERSEY CITY, NJ

7Properties Sold This Week  vs 10 Last week

Hoboken Real Estate Monitor.com now offers Pending and Sold Listings.  









The Absorption rate this week is 30.57 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 7 closings this week and we have 214 active listings.  So at the current rate of 7 closings per week, it would take 30.57 weeks (214/7) 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.

Information Provided by:

Donna Antonucci
Prudential Castle Point Realty
201-240-6832