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, we're right in that range in Hoboken right now. The numbers will show if this rate continues.
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.
The increase in absorption rates for both Hoboken and downtown Jersey City this week is because of Christmas. Most people don't want to move on or around the holidays.
Hoboken Absorption Rate Update 12/25/09:
32 weeks vs. 25.85 weeks last week (23.79% increase)
Downtown Jersey City Absorption Rate Update 12/25/09:
53.99 weeks vs. 47.13 weeks last week (14.56% increase)
Kevin Dowd
Realtor
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
Search MLS listings for free at: www.hobokenjerseycity.com
Get up-to-the-minute market reports:
www.hobokenpropertyvalue.com
www.jerseycitypropertyvalues.com
No comments:
Post a Comment