Appealing Hudson County Condominiums
From providing a variety of commuting opportunities to beautiful landscape, Hoboken and Downtown Jersey City are attractive places to live. Residents get to enjoy the best that Manhattan and the New York metropolitan area have to offer while taking advantage of Hoboken and Downtown Jersey City’s local flavor.
Because Hoboken and Downtown Jersey City are the best of both worlds, real estate does not last on the market for very long. Condominiums sell quickly, and their price/sq. foot and sales value are rising. Let’s see how the Hoboken and Downtown Jersey City condo markets did this past month.
Hoboken Real Estate Market Breakdown
April 2015 Hoboken Condominium Sales Data
Average Sales Value: $648,868
Average Price/Sq. Foot: $632
Closed Condo Sales: 92
The average sales value this month increased nearly 13.3% over April 2014, and the average price per sq. foot saw a 9.4% increase from April 2014.
Last month, only one more condominium was sold than in the previous year – 91 Hoboken condos were sold in April 2014.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market as a lack of supply and high demand is pushing sales prices over the asking prices. In April 2015, the average list price to sales price ratio was 100.1%, about 0.7% higher than in April 2014.
Downtown Jersey City Real Estate Market Breakdown
Average Sales Value: $645,058
Average Price/Sq. Foot: $643
Closed Condo Sales: 59
The average sales value in April 2015 increased 14.5% and the average price per sq. foot saw an 11.6% increase from the previous year.
The closed condo sales in Downtown Jersey City increased by 6 from April 2014, which saw 53 condo sales that month.
Room for negotiation: Like with the Hoboken market, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In April 2015, the average list price to sales price ratio was 98.8%, up from 98.2% at this time last year.
How Is Your New Jersey Real Estate Investment Doing?
If you’re investing in Hudson County real estate, it’s a good idea to research the local market. Curious about how your investment is doing? Find out how much your Hudson County condo is worth in today’s market by requesting a Comparative Market Analysis today, or sign up for a confidential phone review.