Friday, October 10, 2014

JC, Downtown Monthly Stats Ending September 2014

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.

64 Properties Came On The Market Last Month. Here is the list of active listings in the market.  Click on the listing to see property information in detail.

159 total active listings are on the market as of the date of this post. 178 are under contract.

The Absorption rate is  2.56 months. See the attached picture of the absorption rate over time.  The absorption rate is a number that describes how many months it will take to see off the current inventory at the current rate of sales.  We had 62 closings this month and we have 159 active listings.  So at the current rate of 62 closings per month, it would take 2.56 months (159/62) 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. 

Information Provided by Donna Antonucci
Weichert Realtors
 Donna Antonucci Hoboken real estate monitor
Photos here are provided by Google Maps.  Google Maps photos may not necessarily map a location correctly so therefore the photo may not accurately show the property.  Click through to the listing to see photos provided via the Hudson County MLS or those that were manually uploaded.

201.333.4443 (O)