JC, Downtown Weekly Stats, Ending October 3, 2012

10 Properties came on the Market This Week vs 14 Last week

234 6TH ST, JERSEY CITY, NJ

205 10TH ST, JERSEY CITY, NJ

201 MARIN BLVD, JERSEY CITY, NJ

108 ERIE ST, JERSEY CITY, NJ

20 2ND ST, JERSEY CITY, NJ

700 GROVE ST, JERSEY CITY, NJ

159 2ND ST, JERSEY CITY, NJ

126 DUDLEY ST, JERSEY CITY, NJ

272 6TH ST, JERSEY CITY, NJ

36 ERIE ST, JERSEY CITY, NJ 

10 Properties came on the Market This Week vs 14 Last week

18 Properties Went Into Contract This Week  vs 11 Last week

14 Properties Sold This Week  vs 12 Last week

The Absorption rate this week is 11.14 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 14 closings this week and we have 156 active listings.  So at the current rate of 14 closings per week, it would take 11.14 weeks (156/14) 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."