Inventories in Hoboken increased 14 to 164 units. This includes condos/coops and 1 to 4 family properties.
The inventory for downtown Jersey City increased 9 units to 127 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-February 8, 2013
14.22 weeks vs. 15.38 weeks last week (7.5% decrease)
Downtown Jersey City Absorption Rate Update-February 8, 2013
12.80 weeks vs. 12.80 weeks last week (no change)
Information provided by:
Prudential Castle Point Realty
626 Washington Street
Hoboken, NJ 07030
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Search downtown Jersey City listings: http://www.alldowntownjerseycityhomes.com/
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