This is the first time in several weeks that we've seen an increase in the absorption rate for Hoboken. Pending sales have decreased as has available inventory which seems to be keeping things in check for the time being.
On the other hand, the absorption rate for downtown Jersey City has decreased by 25.2% this week. The downtown Jersey City absorption has been a lot more volatile than the absorption rate in Hoboken.
Hoboken Absorption Rate Update 7/9/2010:
24.75 weeks vs. 22.42 weeks last week (10.4% increase)
Downtown Jersey City Absorption Rate Update 7/9/2010:
43.74 weeks vs. 54.75 weeks last week (25.2% decrease)
Information provided by:
Kevin Dowd
Broker Associate
Prudential Castle Point Realty
203 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com
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