1 Properties Came on the Market This Week vs 10 last week
154 NEWARK ST, HOBOKEN, NJ
3 Properties Went Into Contract This Week vs 13 last week
14 Properites sold this Week vs 13 Last Week
127 total active listings are on the market as of the date of this post. 139 are under contract.
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The Absorption rate this week is 9.07 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 14 closings this week and we have 127 active listings. So at the current rate of 14 closings per week, it would take 9.07weeks (127/14) 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.
If you would like price per square foot numbers, please Click Here where the full weekly stats report is posted including Price Per Square Foot by bedroom and neighborhood so you can understand how location effects price."
Provided by Donna Antonucci
Prudential Castle Point Realty