Walter Burns
Last 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.
Downtown 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.
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