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:
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/
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