JC, Downtown Weekly Stats, Ending August 1, 2012

6 Properties came on the Market This Week vs 14 Last week

689 MARIN BLVD, JERSEY CITY, NJ

253 8TH ST, JERSEY CITY, NJ

258 BARROW ST, JERSEY CITY, NJ

202 6TH ST, JERSEY CITY, NJ

233 3RD ST, JERSEY CITY, NJ

61 GRAND ST, JERSEY CITY, NJ

6 Properties came on the Market This Week vs 14 Last week

11 Properties Went Into Contract This Week  vs 6 Last week

9 Properties Sold This Week  vs 7 Last week

The Absorption rate this week is 22.11 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 9 closings this week and we have 199 active listings.  So at the current rate of 9 closings per week, it would take 22.11 weeks (199/9) 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."