Friday, August 24, 2012

JC, Downtown Weekly Stats, Ending August 22, 2012



















 


10 Properties came on the Market This Week vs 12 Last week
158WAYNE ST, JERSEY CITY, NJ
158WAYNE ST, JERSEY CITY, NJ
292 7TH ST, JERSEY CITY, NJ
443 2ND ST, JERSEY CITY, NJ
418 1ST ST, JERSEY CITY, NJ
25 HUDSON ST, JERSEY CITY, NJ
77 HUDSON ST, JERSEY CITY, NJ
205 10TH ST, JERSEY CITY, NJ
304 8TH ST, JERSEY CITY, NJ
77 HUDSON ST, JERSEY CITY, NJ




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












The Absorption rate this week is 13.50 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 6 closings this week and we have 189 active listings.  So at the current rate of 14 closings per week, it would take 13.50 weeks (189/14) 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