JC, Downtown Weekly Stats, Ending August 15, 2012

12 Properties came on the Market This Week vs 16 Last week

271 YORK ST, JERSEY CITY, NJ

61 WAYNE ST, JERSEY CITY, NJ

205 10TH ST, JERSEY CITY, NJ

20 2ND ST, JERSEY CITY, NJ

10 REGENT ST, JERSEY CITY, NJ

9 COLES ST, JERSEY CITY, NJ

232 PAVONIA AVE, JERSEY CITY, NJ

109 CHRISTOPHER COLUMBUS DR, JERSEY CITY, NJ

258 BARROW ST, JERSEY CITY, NJ

299 PAVONIA AVE, JERSEY CITY, NJ

700 GROVE ST, JERSEY CITY, NJ

140 BAY ST, JERSEY CITY, NJ

12 Properties came on the Market This Week vs 16 Last week

11 Properties Went Into Contract This Week  vs 16 Last week

6 Properties Sold This Week  vs 9 Last week

The Absorption rate this week is 30.83 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 6 closings this week and we have 185 active listings.  So at the current rate of 6 closings per week, it would take 30.83 weeks (185/6) 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."