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JC, Downtown Weekly Stats, Ending October 31, 2012

JC, Downtown Weekly Stats, Brought to you by Hoboken Real Estate Monitor.com and Donna Antonucci

5 Properties came on the Market This Week vs 7 Last week

263 10TH ST, JERSEY CITY, NJ

65 2ND ST, JERSEY CITY, NJ

301 4TH ST, JERSEY CITY, NJ

317 1/2 7TH ST, JERSEY CITY, NJ

 232 PAVONIA AVE, JERSEY CITY, NJ. This listing is so new, listing details are only available to subscribed users. Please log on to see listing details.

5 Properties came on the Market This Week vs 7 Last week

8 Properties Went Into Contract This Week  vs 9 Last week

5 Properties Sold This Week  vs 7 Last week

The Absorption rate this week is 24.80 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 124 active listings.  So at the current rate of 5 closings per week, it would take 24.80 weeks (124/5) 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."

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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