JC, Downtown Weekly Stats, Ending July 11, 2012

19 Properties came on the Market This Week vs 13 Last week

4 BEACON WAY, JERSEY CITY, NJ

271 YORK ST, JERSEY CITY, NJ

349 3RD ST, JERSEY CITY, NJ

151 SUSSEX ST, JERSEY CITY, NJ

187 WAYNE ST, JERSEY CITY, NJ

349 3RD ST, JERSEY CITY, NJ

389 WASHINGTON ST, JERSEY CITY, NJ

133 GRAND ST, JERSEY CITY, NJ

351 2ND ST, JERSEY CITY, NJ

295 4TH ST, JERSEY CITY, NJ

1 GREENE ST, JERSEY CITY, NJ

349 3RD ST, JERSEY CITY, NJ

20 2ND ST, JERSEY CITY, NJ

15 WARREN ST, JERSEY CITY, NJ

140 BAY ST, JERSEY CITY, NJ

77 HUDSON ST, JERSEY CITY, NJ

174 WASHINGTON ST, JERSEY CITY, NJ

262 1ST ST, JERSEY CITY, NJ

77 HUDSON ST, JERSEY CITY, NJ

19 Properties came on the Market This Week vs 13 Last week

9 Properties Went Into Contract This Week  vs 11 Last week

5 Properties Sold This Week  vs 7 Last week

The Absorption rate this week is 44.20 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 5 closings this week and we have 221 active listings.  So at the current rate of 5 closings per week, it would take 44.20 weeks (221/5) 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."