Friday, March 6, 2015

JC, Downtown Monthly Stats Ending February 2015

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.

39 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.

94 total active listings are on the market as of the date of this post. 157 are under contract.

The Absorption rate is  1.81 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 52 under contact listings last month and we have 94 active listings.  So at the current rate of 52 under contact listings per month, it would take 1.81 months (94/52) 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.