March 2015 Hudson County Condominium Market Breakdown

Hoboken and Downtown Jersey City are extremely desirable locations for commuters given their luxurious residential living, proximity to New York City, and variety of local amenities.

The real estate in these Hudson County communities is rarely on the market for long, and the price/sq. foot and sales value are on the rise for condominiums. Let’s take a look at how the Hoboken and Downtown Jersey City condo markets fared early this year.

Market Performance of Hoboken Real Estate

March 2015 Hoboken Condo Sales Data

Average Sales Value: $615,680
Average Price/Sq. Foot: $607
Total Closed Condo Sales: 60

As a comparison, the average sales value increased nearly 5.1% and the average price per sq. foot saw a 10.2% increase from March 2014.

In March 2015, only six less condominiums were sold than the previous year – 66 Hoboken condos were sold in March 2014.

Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In March 2015, the average list price to sales price ratio was 99.7%, only 0.67% higher than the previous year.

Market Performance of Downtown Jersey City Real Estate

March 2015 Downtown Jersey City Condo Sales Data

Average Sales Value: $621,933
Average Price/Sq. Foot: $629
Total Closed Condo Sales: 49

As a comparison, the average sales value increased 8.8% over March 2014, and the average price per sq. foot saw a 8.5% increase.

In March 2015, the total closed condo sales in Downtown Jersey City increased by 11% from March 2014.

Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In March 2015, the average list price to sales price ratio was 99.9%, up from 97.8% in the previous year.

Sound Investments in the Hudson County Condominium Market

Investing in Hudson County real estate can be extremely profitable. If you’re planning to sell your Hudson County property in the near future, or if you’re simply curious about how your investment is doing, researching and monitoring the local real estate market is a great place to start.

To see how much your Hudson County condo is worth in today’s market, ask for a Comparative Market Analysis today or sign up for a confidential phone review. If you’re considering – or selling property in New Jersey, contact me, your Hudson County real estate expert, and my team and I will do everything we can to maximize your investment.

Hear about new condos on the Hudson County real estate market first by creating your personal Property Organizer today!