Friday, December 7, 2012

Rates Plummet This Week-Hoboken/Downtown Jersey City Absorption Rate Update-December 7, 2012






Inventories in Hoboken decreased this week by 8 to 140 units.  This includes condos/coops and 1 to 4 family properties.

The inventory for downtown Jersey City decreased 51 units to 63 this week. This number also includes condos/coops and 1 to 4 family properties.  This doesn't seem right, but I triple checked the number.  I'll check next week to see if this was a mistake.

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 7, 2012
11.45 weeks vs. 18.85 weeks last week (39.3% decrease)

Downtown Jersey City Absorption Rate Update-December 7, 2012
4.55 weeks vs. 11.23 weeks last week (59.5% decrease)

Information provided by:

Kevin Dowd
Broker Salesperson
Prudential Castle Point Realty
626 Washington Street
Hoboken, NJ 07030
Cell: 201-606-5957
Email: info@hobokenjerseycity.com

Search Hoboken listings: http://www.viewhobokenhomes.com/

Search downtown Jersey City listings: http://www.alldowntownjerseycityhomes.com/
Follow me on Twitter: www.twitter.com/KevinDowdHBJC

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