Friday, November 9, 2012

JC, Downtown Weekly Stats, Ending November 07, 2012

1 Properties came on the Market This Week vs 5 Last week

Hoboken Real Estate now offers Pending and Sold Listings.  

The Absorption rate this week is 116.0 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 1 closings this week and we have 116 active listings.  So at the current rate of 1 closings per week, it would take 116.0 weeks (116/1) 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