8 Properties came on the Market This Week vs 15 Last week
389 WASHINGTON ST, JERSEY CITY, NJ
Find out what's happening in Hobokenwith free, real-time updates from Patch.
234 10TH ST, JERSEY CITY, NJ
105 GREENE ST, JERSEY CITY, NJ
Find out what's happening in Hobokenwith free, real-time updates from Patch.
159 2ND ST, JERSEY CITY, NJ
331 VARICK ST, JERSEY CITY, NJ
212 6TH ST, JERSEY CITY, NJ
1 SHORE LANE, JERSEY CITY, NJ
160 COLES ST, JERSEY CITY, NJ
8 Properties came on the Market This Week vs 15 Last week
8 Properties Went Into Contract This Week vs 6 Last week
11 Properties Sold This Week vs 12 Last week
The Absorption rate this week is 22.36 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 11 closings this week and we have 246 active listings. So at the current rate of 11 closings per week, it would take 22.36 weeks (246/11) 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."
