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Hoboken Weekly Stats, Ending November 07, 2012

Hoboken Weekly market summary brought to you by Hoboken Real Estate Monitor.com and Donna Antonucci

 

04 Properties Came on the Market This Week vs 11 last week

825 WASHINGTON ST, HOBOKEN, NJ

1200 GRAND ST, HOBOKEN, NJ

1125 MAXWELL LANE, HOBOKEN, NJ

1130 GARDEN ST, HOBOKEN, NJ 

 

1 Properties Went Into Contract This Week  vs 14 last week

2  Properites sold this Week vs 3 Last Week

152 total active listings are on the market as of the date of this post. 182 are under contract.

 

The Absorption rate this week is 76.00 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   2 closings this week and we have 152 active listings.  So at the current rate of 2 closings per week, it would take 76.00 weeks (152/2) 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."

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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