http://www.nytimes.com/2010/10/31/realestate/31njzo.html?ref=realestate In fact, as of Oct. 1, there was a 15-month inventory of unsold condominiums, just as there was for single-family houses, according to an analysis of sales statistics done by the Otteau Valuation Group of New Brunswick. Translation: If no more units were listed for sale, it would take 15 months to sell those already listed, at... [more]
http://www.nytimes.com/2010/10/31/realestate/31njzo.html?ref=realestate
In fact, as of Oct. 1, there was a 15-month inventory of unsold condominiums, just as there was for single-family houses, according to an analysis of sales statistics done by the Otteau Valuation Group of New Brunswick. Translation: If no more units were listed for sale, it would take 15 months to sell those already listed, at the current sales pace.
A six-month inventory is what real estate professionals consider healthy.
In Hoboken the inventory was just over nine months. In Jersey City it had swelled to 17.6 months. In specific Jersey City neighborhoods, the situation varied: a 13-month inventory downtown, where more than 400 condos are for sale; 42 months (three and a half years) for Journal Square, where 200 apartments are listed and sales are very sparse.
Elsewhere, in three communities where the massive Port Imperial development is ensconced along the riverfront — Weehawken, West New York and Guttenberg — inventory levels ranged from 19 months to 2 years.
At the Beacon in Jersey City, asking prices for the remaining one-bedrooms at the Rialto and Capitol buildings are set in the $300,000s, down 30 percent from the peak four years ago. Recently, said George Filopoulos, the developer, there has been a small flurry of activity.
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