Condo Market Update: The Holidays Were Good for Real Estate Investors

The holidays and the end of the year are approaching, and this busy holiday season has also been busy for real estate. Hudson County condominiums have been increasing in sales values and leaving little room — if any — for negotiating.

To quickly recap last month’s market activity, October 2015 saw average sales values at $702,510 in Hoboken and $664,671 in Downtown Jersey City, with 85 closed condo sales in Hoboken and 67 in Downtown Jersey City. Let’s take a look at the latest Hudson County real estate market data and see how the market has fared at the start of the holiday season.

Hoboken Market Breakdown

November 2015 Condominium Sales Data

Average Sales Value: $689,098
Average Price/Sq. Foot: $661
Total Closed Condo Sales: 84

The average sales value for sold Hoboken condos increased 13.9% over November 2014 and the average price per sq. foot for sold condos increased 10.7%. 

infographic of hoboken condo real estate data

There were 84 closed condo sales in Hoboken in November, which was 12 more sales than this time last year — there were 72 closed condo sales in November 2014.

Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In November 2015, the average sales price to list price ratio was 100.1%, about 0.4% higher than a year ago. Multiple offers on a property are common in this market.

Downtown Jersey City Market Breakdown

November 2015 Condominium Sales Data

Average Sales Value: $666,158
Average Price/Sq. Foot: $658
Total Closed Condo Sales: 49

As a comparison, the average sales value increased 10.9% and the average price per sq. foot increased 10.4% over November 2014.

infographic of downtown jersey city condo sales values and other data

In November 2015, the total closed condo sales in Downtown Jersey City decreased by 6 from a year ago.

Room for negotiation: Low supply and high demand is leaving very little room for negotiation in the Downtown Jersey City condo market. In November 2015, the average list price to sales price ratio was 99.8%, up from 98.9% this time last year.

Let Walter Burns Maximize Your Investment

Hoboken and Downtown Jersey City continue to be prime areas for real estate investment, and I want to help you confidently make investment decisions and achieve your real estate goals.

Access The Latest Hudson County Market Data

Stay up-to-date with the current market conditions in Hudson County. Receive the most up-to-date Hudson County condo sales data — including recent sales, days on the market information, and price/sq.ft. data — by requesting the Living on the Hudson Condo Sales Report for Hoboken and Downtown Jersey City condo buildings.

And be the first to hear about new condos on the market in the Hudson County area. Browse your favorite luxury condominium buildings and create your personal Property Organizer account to receive email listing alerts.

Learn What Your Property is Worth

Whether you’re planning to sell your Hudson County condo or just curious to see how your investment is doing in today’s market, request a Comparative Market Analysis today or sign up for a confidential phone review. If you’re considering buying or selling property in New Jersey, contact me, your Hudson County real estate expert, and my team and I will do everything we can to maximize your investment.

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