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JC, Downtown Weekly Stats, Ending January 2, 2013
JC, Downtown Weekly Stats, Ending January 2, 2013 brought to you by Hoboken Real Estate Monitor.com and Donna Antonucci
4 Properties came on the Market This Week vs 08 Last week
604.5 GROVE ST, JERSEY CITY, NJ
689 LUIS M MARIN BLVD, JERSEY CITY, NJ
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689 LUIS M MARIN BLVD, JERSEY CITY, NJ
257 GROVE ST, JERSEY CITY, NJ. This listing is so new, listing details are only available to subscribed users. Please log on to see listing details
3 Properties Went Into Contract This Week vs 1 Last week
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8 Properties Sold This Week vs 10 Last week
111 total active listings are on the market as of the date of this post. 138 are under contract.
(You must log-into the search engine and search pending and sold listings to see these property details)
The Absorption rate this week is 13.88 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 8 closings this week and we have 111 active listings. So at the current rate of 8 closings per week, it would take 13.88 weeks (111/8) 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."
