Temperatures Are Rising and So Are Hudson County Real Estate Values

increasing values graphLast month’s Hoboken and Downtown Jersey City market report indicated that the real estate market was flourishing. This month, the same trend continues. Let’s take a look at the most recent statistics for the Hoboken and Downtown Jersey City condo market.

Hoboken Real Estate Market Breakdown

June 2015 Hoboken Condominium Sales Data

Average Sales Value: $679,682
Average Price/Sq. Foot: $655
Total Closed Condo Sales: 116

As a comparison, the average sales value saw a nearly 14.1% increase over last June, and the average price per sq. foot saw a 12.7% increase.

In June 2015, only 3 fewer condominiums were sold than the previous year — 119 Hoboken condos were sold in June 2014.

Room for negotiation: Because of how desirable Hoboken condos have become, there is little room for negotiation in the real estate market. In June 2015, the average list price to sales price ratio was 100.2%, only 0.5% higher than a year ago.

manhattan skyline viewDowntown Jersey City Real Estate Market Breakdown

June 2015 Downtown Jersey City Condominium Sales Data

Average Sales Value: $632,079
Average Price/Sq. Foot: $645
Total Closed Condo Sales: 78

As a comparison, the average sales value increased 7.9%, and the average price per sq. foot saw a 9.8% increase from June 2014.

In June 2015, the total closed condo sales in Downtown Jersey City increased by 5 condos from a year ago. (There were 73 closed sales in Downtown Jersey City in June 2014.)

Room for negotiation: Similarly, there is not much room for negotiation in the Downtown Jersey City market. In June 2015, the average list price to sales price ratio was 99.5%, up from 98.7% a year ago.

Hudson County Condos are Ripe for Investment

With such a booming condo market in Hoboken and Downtown Jersey City, it’s no wonder that this area is a prime opportunity for real estate investors and home buyers alike.

If you’re interested in further information about the Hudson County condo market, you can access recent sales, days on the market stats, and price/sq. ft. details in the Living On the Hudson Sales Report.

Request Helpful Real Estate Resources

Request a Comparative Market Analysis today or sign up for a confidential phone review to see how much your condo is presently worth in the current real estate market. If you’re considering buying or selling property in New Jersey, contact me at 347-448-3766 or walter@livingonthehudson.com. My team and I will do everything we can to maximize your investment.

Be the first to hear about new condos on the market in the Hudson County area! Create your personal Property Organizer today.

About Walter Burns

Walter Burns is a licensed New Jersey Realtor since 2002 and he specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey Hudson River waterfront areas of Hoboken, Jersey City, Bayonne, Union City, Weehawken, West New York, Guttenberg, North Bergen, Cliffside Park, Edgewater, and Fort Lee. Walter’s mission, desire, and goal is to assist all parties in accomplishing their real estate goals, as well as to empower his clients through exceptional service, creating extraordinary results.

Having been mentored by several of the top 100 Realtors and Developers in the United States and Canada, he graduated from Rowan University and currently resides in Hoboken. Walter is part of Weichert Realtors, the largest privately owned real estate firm in the world.

NJAR Circle of Excellence Sales Award, 2009, 2010, 2011.

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