JC, Downtown Weekly Stats, Ending September 05, 2012

15 Properties came on the Market This Week vs 20 Last week

420 2ND ST, JERSEY CITY, NJ

295 YORK ST, JERSEY CITY, NJ

330 4TH ST, JERSEY CITY, NJ

159 2ND ST, JERSEY CITY, NJ

439 2ND ST, JERSEY CITY, NJ

700 GROVE ST, JERSEY CITY, NJ

389 WASHINGTON ST, JERSEY CITY, NJ

60 ERIE ST, JERSEY CITY, NJ

187 WARREN ST, JERSEY CITY, NJ

126 DUDLEY ST, JERSEY CITY, NJ

65 2ND ST, JERSEY CITY, NJ

271 NEWARK AVE, JERSEY CITY, NJ

234 10TH ST, JERSEY CITY, NJ

232 PAVONIA AVE, JERSEY CITY, NJ

231 WARREN 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 20 Last week

11 Properties Went Into Contract This Week  vs 10 Last week

6 Properties Sold This Week  vs 9 Last week

The Absorption rate this week is 31.00 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 6 closings this week and we have 186 active listings.  So at the current rate of 6 closings per week, it would take 31.00 weeks (186/6) 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."