Inventories in Hoboken decreased this week by 5 to 135 units. This includes condos/coops and 1 to 4 family properties.
The inventory for downtown Jersey City increased 63 units to 126 this week. This number also includes condos/coops and 1 to 4 family properties. The drop from last week seems strange, but I can't figure out what happened.
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-December 14, 2012
9.14 weeks vs. 11.45 weeks last week (20.2% decrease)
Downtown Jersey City Absorption Rate Update-December 14, 2012
8.95 weeks vs. 4.55 weeks last week (96.7% increase)
Information provided by:
Prudential Castle Point Realty
626 Washington Street
Hoboken, NJ 07030
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