The first thing that everyone asks me when they find out that I'm a realtor is, "How's the real estate market around here?" Well, I thought I'd try and help everyone by offering some statistics on sales trends in the area. One common number that's used among realtors is the absorption rate. The absorption rate shows the number weeks it will take to sell the current inventory and is an excellent indicator of the current sales pace.
An increase in this number indicates the market is slowing down and a decrease in this number indicates that the market is heating up.
Hoboken Absorption Rate 10/2/09:
36.94
Downtown Jersey City Absorption Rate 10/2/09:
71.07
I'll track this every week so you can see if we're trending up or trending down. I will post all of the weekly absorption rates so you can use as a reference point as you do your research.
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