Inventories in Hoboken increased this week by 3 to 148 units. This includes condos/coops and 1 to 4 family properties.
The inventory for downtown Jersey City decreased 5 units to 114 this week. This number also includes condos/coops and 1 to 4 family properties.
The only reason absorption rates increased was because there were so few sales this week due to the storm.
4-16 weeks of inventory = Seller’s market
20-24 weeks of inventory = Neutral market
24 or more weeks of inventory = Buyer’s market
Hoboken Absorption Rate Update-November 30, 2012
18.85 weeks vs. 20.28 weeks last week (7% decrease)
Downtown Jersey City Absorption Rate Update-November 30, 2012
11.23 weeks vs. 14.32 weeks last week (21.6% decrease)
Information provided by:
Prudential Castle Point Realty
626 Washington Street
Hoboken, NJ 07030
Search Hoboken listings: http://www.viewhobokenhomes.com/
Search downtown Jersey City listings: http://www.alldowntownjerseycityhomes.com/
Follow me on Twitter: www.twitter.com/KevinDowdHBJC