Thursday, April 4, 2013

Hoboken Weekly Stats, Ending April 3, 2013

(PPSQFT calculated using condos only.  However, only 1, 2, and 3+ bedrooms are shown on this chart.  The difference between 100% and the total percentage shown by neighborhood equals the excluded studios.  1-4 families are excluded from this analysis.)

45 Properties came on the Market This Week vs 45 last week

22  Properties Went Into Contract This Week  vs 26 last week
11 properties sold this Week vs 17 Last Week
211 total active listings are on the market as of the date of this post. 210 are under contract.
(You must log-into the search engine and search pending and sold listings to see these property details)

Hoboken Real Estate now offers Pending and Sold Listings.  

The Absorption rate this week is 19.18 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 211 active listings.  So at the current rate of 11 closings per week, it would take 19.18 weeks (211/11) 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