We've seen nice decreases in the absorption rates for both Hoboken and downtown Jersey City as we've now exited the 2009 doldrums and activity has normalized.
A decrease in active listings in Hoboken (548 this week vs. 568 last week), coupled with an increase in closed sales over the rolling 30 day period used to calculate the absorption rate (52 sales vs. 50 sales) contributed to Hoboken's 7.3% decrease.
Downtown Jersey City had a decrease in active listings this week (405 vs. 433 last week) while sales for the 30 day rolling period remained the same.
Hoboken Absorption Rate Update 3/5/2010:
45.67 weeks vs. 49.26 weeks last week (7.3% decrease)
Downtown Jersey City Absorption Rate Update 3/5/2010:
67.5 weeks vs. 72 weeks last week (6.25% decrease)
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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