Friday, December 18, 2009
The absoroption rate measures how much inventory is on the market in an area. A healthy market has consistent absoroption rates in the 16 to 24 week range. Guess what guys, we're right there in Hoboken right now. The numbers will show if this rate continues.
I've have definitely seen activity pick up, even during the holiday season. I just put a 2BR condo on the market down by the Hoboken PATH and we've already had several showings. This definitely didn't happen last year at this time.
The absorption rate for downtown Jersey City seems to be up and down each week. I think part of this is due to the fact downtown Jersey City is a more diverse area in terms of real estate inventory.
We'll see next week what the December numbers show.
Hoboken Absorption Rate Update 12/18/09:
25.85 weeks vs. 31.20 weeks last week (17.4% decrease)
Downtown Jersey City Absorption Rate Update 12/18/09:
47.13 weeks vs. 45.84 weeks last week (2.8% increase)
Prudential Castle Point Realty
203 Washington Street
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