Thursday, January 17, 2013

Hoboken Weekly Stats, Ending January 16, 2013



14 Properties Came on the Market This Week vs 23 last week
222 MADISON ST, HOBOKEN, NJ
80-82 BLOOMFIELD ST, HOBOKEN, NJ
227 MONROE ST, HOBOKEN, NJ
841 WILLOW AVE, HOBOKEN, NJ
131 MONROE ST, HOBOKEN, NJ
604 MONROE ST, HOBOKEN, NJ
700 1ST ST, HOBOKEN, NJ
915 MADISON ST, HOBOKEN, NJ
82 CLINTON ST, HOBOKEN, NJ
1500 WASHINGTON ST, HOBOKEN, NJ
725 JEFFERSON ST, HOBOKEN, NJ
1021 GRAND ST, HOBOKEN, NJ
51-53 14TH ST, HOBOKEN, NJ
101 PARK AVE, HOBOKEN, NJ


7 Properties Went Into Contract This Week vs 3 last week

10 Properites sold this Week vs 14 Last Week

131 total active listings are on the market as of the date of this post. 132 are under contract.

(You must log-into the search engine and search pending and sold listings to see these property details)



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





The Absorption rate this week is 13.10 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 10 closings this week and we have 132 active listings.  So at the current rate of 10 closings per week, it would take 13.10 weeks (131/10) 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.
 

Provided by Donna Antonucci
Prudential Castle Point Realty
(O) 201-216-0909
Cell 201-240-6832