Friday, February 5, 2010
Time to Buy in Downtown Jersey City! Hoboken/Downtown Jersey City Absorption Rate Udpate - February 5, 2010
A major part of the absorption rate is a 30 day sampling of sales in the area. Rolling back 30 days brings us to January 5, when the market was still recovering from the holiday slowdown.
The market has continued to soften again in downtown Jersey City while Hoboken rebounded this week with a 6.4% decrease in the absorption rate.
The absorption rate is an indicator of inventory on the market in a specific area. With the absorption rate so high in downtown Jersey City I have one recommendation-BUY! BUY! BUY! An increasing inventory can do nothing but give you more leverage in negotiations. Sellers must be receiving fewer offers and would be foolish to not at least make an attempt to negotiate every offer that comes their way.
Hoboken Absorption Rate Update 2/5/2010:
48.72 weeks vs. 52.02 weeks last week (6.4% decrease)
Downtown Jersey City Absorption Rate Update 2/5/2010:
60.69 weeks vs. 53.06 weeks last week (14.37% increase)
Prudential Castle Point Realty
203 Washington Street
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