Real estate continues to be hot in Hudson County, as condos in Hoboken and Downtown Jersey City are increasing in sales value and selling for close to list price. This is especially good news for Hudson County condo sellers.
Hudson County Real Estate Recap
To sum up last month’s Hudson County market report, condos in Hoboken and Downtown Jersey City are continuing to increase in value — Hoboken’s average sales value was $698,917 (up 16.6% from August 2014) and Downtown Jersey City’s average sales value was $651,303 (up 7.7% from August 2014).
This month, we are again seeing increasing sales values year-to-date. Let’s take a look at the most recent condo market data from September 2015.
The Hoboken Condo Market
September 2015 Sales Data
Average Sales Value: $695,504
Average Price/Sq. Foot: $664
Total Closed Condo Sales: 91
There were 91 closed condo sales in Hoboken in September 2015, which is 7 fewer than in September 2014 (in which there were 98).
Is there much room for negotiation? In September 2015, the average sales price to list price ratio was 100.1%, only 0.4% higher than a year ago. There is little room for negotiation in the Hoboken condo market, as multiple offers on properties are pushing the sales price over the asking price.
The Downtown Jersey City Condo Market
September 2015 Sales Data
Average Sales Value: $646,994
Average Price/Sq. Foot: $639
Total Closed Condo Sales: 63
To compare this year’s data with last year’s, the average sales value saw a 9.7% increase over September 2014, and the average price per sq. foot saw a 9.5% increase.
In September 2015, the total closed condo sales in Downtown Jersey City decreased by 5 from a year ago.
Is there much room for negotiation? Like with the Hoboken condo market, there is little room for negotiation in the Downtown Jersey City real estate market. In September 2015, the average list price to sales price ratio was 99.8%, up from 98.8% a year ago.
Have you wondered what the real estate market is like in your own condo building? Wondering how much your own condo could sell for? Access the latest sales data like days on the market statistics, recent sales prices, and price/sq. foot information by requesting the Living on the Hudson Sales Report.
Maximize Your Real Estate Investment
With condo sales increasing, it’s no wonder that Hudson County real estate is a prime investment opportunity. Whether you’re considering buying a condo or selling your property in Hudson County, contact me or my team today and we will do everything we can to maximize your real estate investment.
And to see how much your own Hudson County condo is worth in today’s market, request a Comparative Market Analysis today or sign up for a confidential phone review. Our best real estate resources are at your fingertips.