Friday, June 28, 2013

JC, Downtown Weekly Stats, Ending June 26th, 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.

21 Properties came on the Market This Week vs Last week 21


Due to the Hudson County MLS rules on thumbnails, you have to go to the search engine site and manually enter the MLS number in the search box and click search.  Each one of these listings goes to the home page of the site in a new window.  Copy the MLS number before you click and paste it into the search box. 

I am working with them to see if there are better options.  Thanks for your patience.



21 Properties Went Into Contract This Week vs 21 Last week

172 total active listings are on the market as of the date of this post. 226 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 28.67 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 172 active listings.  So at the current rate of 6 closings per week, it would take 28.67 weeks (172/6) 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.  Outlyer scan 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