Walter Burns
Hudson County Condominium Market Breakdown
Coupled with Hoboken’s and Downtown Jersey City’s prime locations across the river from Manhattan are prime real estate investment opportunities, and the real estate market in Hudson County is doing well this summer.
Last month, the average sales prices of condos along the Hudson River continued along an upward trend that we saw in the March 2015 Hudson County real estate market breakdown and April 2015 Hoboken and Downtown Jersey City condo market report. Here’s how the Hoboken and Downtown Jersey City real estate markets faired in May 2015.
Hoboken Real Estate Market Breakdown
May 2015 Hoboken Condominium Sales
Average Sales Value: $671,271
Average Price/Sq. Foot: $647
Closed Condo Sales: 106
As a comparison with May 2014, the average sales value in May 2015 increased 13.7%, and the average price per sq. foot saw a 12.2% increase.
Last May, there were 118 Hoboken condos sold, 12 more than May 2015.
Room for negotiation: High demand and low inventory leave little room for negotiation in the Hoboken condominium real estate market. In May 2015, the average sales-price-to-list-price ratio was 100.1%, only 0.5% higher than May 2014.
Downtown Jersey City Real Estate Market Breakdown
Downtown Jersey City Condo Sales Data, May 2015
Average Sales Value: $640,518
Average Price/Sq. Foot: $644
Closed Condo Sales: 67
The average sales value increased 14.6% in May 2015, and the average price per sq. foot saw a 12.9% increase from May 2014.
The number of closed condo sales in Downtown Jersey City only decreased by 2 condos since May 2014.
Room for negotiation: Similarly, there is little room for negotiation with condos in Downtown Jersey City. The average sales-price-to-list-price ratio was 99.2%, up from 98.8% in May 2014.
Invest in New Jersey Real Estate
Increasing average sales prices and a tight sales-price-to-list-price ratio of condos in Hoboken and Downtown Jersey City mean that now is the ideal time to invest in Hudson County real estate.
Track how much your Hoboken or Downtown Jersey City condos is worth by requesting a Comparative Market Analysis today, or sign up to receive a Living on the Hudson Sales Report. Whether you’re buying a condo or selling your home in Hudson County, contact me, Walter Burns.
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