The absorption rate for Hoboken decreased by 1.1% this week. This loss was minimized by the fact that the total number of listings decreased to 471 this week. Not unreasonable for this time of year, but we're off by about 10% from where we were at this time last year.
The absorption rate for Jersey City actually decreased 3.5% this week, but we're still off by about 50% from Oct. '09 figures. This is a little concerning because total active listings is also down to 403 this week. Normally a decrease in active listings would help settle the absorption rate.
Hoboken Absorption Rate Update November 19, 2010:
37.80 weeks vs. 38.20 weeks last week (1.1% decrease)
Downtown Jersey City Absorption Rate Update November 19, 2010
67.17 weeks vs. 64.86 weeks last week (3.5% 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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