Friday, January 18, 2013

JC, Downtown Weekly Stats, Ending January 16, 2013




16 Properties came on the Market This Week vs 26 Last week
135 MONTGOMERY ST, JERSEY CITY, NJ
231 3RD ST, JERSEY CITY, NJ
349 3RD ST, JERSEY CITY, NJ
130 SUSSEX ST, JERSEY CITY, NJ
273 MONMOUTH ST, JERSEY CITY, NJ
201 LUIS M MARIN BLVD, JERSEY CITY, NJ
1 SHORE LANE, JERSEY CITY, NJ
88 MORGAN ST, JERSEY CITY, NJ
384 MONMOUTH ST, JERSEY CITY, NJ
88 MORGAN ST, JERSEY CITY, NJ
88 MORGAN ST, JERSEY CITY, NJ
140 ESSEX ST, JERSEY CITY, NJ
77 ERIE ST, JERSEY CITY, NJ
349 3RD ST, JERSEY CITY, NJ
45 RIVER DR SOUTH, JERSEY CITY, NJ

325 5TH ST, JERSEY CITY, NJ. This listing is so new, listing details are only available to subscribed users. Please log on to see listing details

115 total active listings are on the market as of the date of this post. 141 are under contract.

(For Pending and Sold listing data, 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 10.45 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 11 closings this week and we have 115 active listings.  So at the current rate of 5 closings per week, it would take 10.45 weeks (115/11) 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