The absorption rate for Hoboken dropped by .4% this week and is still strong at 34.47 weeks. Properties are selling in Hoboken.
Downtown Jersey City's absorption rate dropped by another 11.3% this week, but is still high at 64.90 weeks. A normal absorption rate would be in the 24-32 week range. There are some great properties on the market downtown, but they're just not moving right now.
The absorption rate is an indicator of how time it will take to inventory in an particular area.
Hoboken Absorption Rate Update 09/24/2010:
34.47 weeks vs. 34.60 weeks last week (.4% decrease)
Downtown Jersey City Absorption Rate Update 09/24/2010:
64.90 weeks vs. 72.39 weeks last week (11.3% decrease)
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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