Last month, sales values for Hoboken and Downtown Jersey City condos were $695,504 and $646,994, respectively, having increased over the previous year. And this month, the trend continued.
A Recap of the Hudson County Market
This past month, Hoboken condos reached an average sales value of $702,510 and Downtown Jersey City condos reached an average sales value of $664,671, due to low supply and high demand for these properties.
Let’s take a look at the most recent sales data for condominiums in both of these Hudson County areas.
Hoboken Real Estate Market Breakdown
October 2015 Condo Sales Data
Average Sales Value: $702,510
Average Price/Sq. Foot: $663
Total Closed Condo Sales: 85
To compare October 2015 with October 2014, the average sales value saw a 16.7% increase and the average price per sq. foot saw an 11.4% increase.
In October 2015, 5 more condominiums were sold than the previous year — 80 condos were sold in Hoboken in October 2014.
Room for negotiation: There’s still little room for negotiation in the Hoboken condo market. In October 2015, the average sales price to list price ratio was 100.1%, about 0.4% higher than this time last year; multiple offers on a property are common in this market.
Looking for in-depth information about recent sales, days on the market, and price/sq.ft. data for condos in Hudson County? Access this information — and more — with our Living On The Hudson Condo Sales Report. The answers you’re looking for are right at your fingertips.
Downtown Jersey City Real Estate Market Breakdown
October 2015 Condo Sales Data
Average Sales Value: $664,671
Average Price/Sq. Foot: $653
Total Closed Condo Sales: 67
As a comparison, the average sales value increased 10.9% over October 2014, and the average price per sq. foot increased 9.9%.
In October 2015, the total closed condo sales in Downtown Jersey City decreased by 3 condos from a year ago.
Room for negotiation: Similarly, there is little room for negotiation in Downtown Jersey City’s condo market, as there is low supply and high demand for properties. In October 2015, the average list price to sales price ratio was 99.8%, up from 98.9% a year ago.
Be the first to know when a new property comes on the market — browse the Hudson County luxury condo gallery and sign up for new listing alerts for your favorite buildings.
Now’s the Time to Invest
Once again, sales values of condominiums are increasing in Hoboken and Downtown Jersey City, offering you the perfect investment opportunity. If you’re thinking about investing in a property in Hudson County, now is the time.
Sign up for your personal Property Organizer so you don’t miss a new property coming on the Hudson County market again. You can also save your condo searches, making it easier than ever to find your desired property.
Maximize Your Investment with Walter Burns
I have all the answers to your questions about the real estate market, and can work with you to make sure you earn top dollar for selling your own condominium.
Whether you’re looking for condo sold data or want to learn the value of your own Hudson County condo, contact me, your Hudson County real estate expert, and my team and I will do everything we can to maximize your investment.