JC, Downtown Weekly Stats, Ending July 18, 2012

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

201 LUIS M MARIN BLVD, JERSEY CITY, NJ

204 6TH ST, JERSEY CITY, NJ

227 CHRISTOPHER COLUMBUS DR, JERSEY CITY, NJ

689 LUIS M MARIN BLVD, JERSEY CITY, NJ

389 WASHINGTON BLVD, JERSEY CITY, NJ

149 ESSEX ST, JERSEY CITY, NJ

88 MORGAN ST, JERSEY CITY, NJ

700 GROVE ST, JERSEY CITY, NJ

700 GROVE ST, JERSEY CITY, NJ

352 7TH ST, JERSEY CITY, NJ

2 2ND ST, JERSEY CITY, NJ

88 MORGAN ST, JERSEY CITY, NJ

389 WASHINGTON ST, JERSEY CITY, NJ

88 MORGAN ST, JERSEY CITY, NJ

318.5 7TH ST, JERSEY CITY, NJ. This listing is so new, listing details are only available to subscribed users. Please log on to see listing details

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

6 Properties Went Into Contract This Week  vs 9 Last week

10 Properties Sold This Week  vs 5 Last week

The Absorption rate this week is 22.30 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 10 closings this week and we have 223 active listings.  So at the current rate of 10 closings per week, it would take 22.30 weeks (223/10) 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."