The streak has ended and Hoboken has posted its first increase in its absorption rate in 4 weeks. Pending sales are up this week (please see my Feb. 19 Pending Sales Update Post) so if these properties close over the next 45-60 days and pending sales continue to increase without a dramatic increase in new listings, the absorption rate will decrease again.
Hoboken Absorption Rate Update 2/19/2010:
53.39 weeks vs. 48 weeks last week (11.23% increase)
Downtown Jersey City Absorption Rate Update 2/19/2010:
72.5 weeks vs. 61.76 weeks last week (17.39% increase)
Information provided by:
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
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