The absorption rate increased by 36.42% this week to 41.87 weeks for Hoboken. Downtown Jersey City has increased by a larger than expected by 15.1% to 50.46 weeks.
I've talked with a few agents who have commented that they've been slow over the last few months. Now it seems like the data might be supporting their claims.
Hoboken Absorption Rate Update 7/30/2010:
41.87 weeks vs. 30.69 weeks last week (36.42% increase)
Downtown Jersey City Absorption Rate Update 7/30/2010:
50.46 weeks vs. 43.84 weeks last week (15.1% increase)
Information provided by:
Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
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