Walter Burns
The Hudson County condo market closed out the year with increasing sales values both over the previous month and the previous year. To recap from our last real estate market update, the average sales value for Hoboken condos was $689,098 and the average sales value for Downtown Jersey City condos was $666,158.
The most recent sales data once again showed increasing property values and fewer available condos for sale, leaving little room for negotiation. You can access the most up-to-date Hudson County condo sales information — including recent sales, days on the market stats, and price/sq.ft. data — by signing up for the Living on the Hudson Condo Sales Report.
Let’s take a look at the most recent real estate market statistics.
Hoboken Condo Market Breakdown
December 2015 Condominium Sales Data
Average Sales Value: $693,572
Average Price/Sq. Foot: $663
Total Closed Condo Sales: 90
As a comparison, the average sales value saw a 14.6% increase and the average price per sq. foot saw a 11.1% increase over December 2014.
In December 2015, 19 fewer condominiums were sold than the previous year — 109 Hoboken condos were sold in December 2014.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In December 2015, the average sales price to list price ratio was 99.9%, only 0.28% higher than a year ago. In this market, it is common to see multiple offers on a condo for sale.
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Downtown Jersey City Condo Market Breakdown
December 2015 Condominium Sales Data
Average Sales Value: $676,617
Average Price/Sq. Foot: $664
Total Closed Condo Sales: 51
As a comparison, the average sales value increased 12.9% since December 2014, and the average price per sq. foot increased 11.6%.
In December 2015, the total closed condo sales in Downtown Jersey City remained the same over a year ago, in December 2014.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condo market due to low supply and high demand. In December 2015, the average list price to sales price ratio was 99.7%, up from 99.0% a year ago.
To see how much your Hoboken or Downtown Jersey City condo is worth in today’s market, request a Comparative Market Analysis today or sign up for a confidential phone review.
Make the Most of Your Real Estate Investment
Researching the real estate market is a great place to start if you are thinking about selling your property. To make the most of your real estate investment, contact the Hudson County real estate expert; my team and I will do everything we can to maximize your investment. Call me at 347-448-3766 and let’s talk about your investment goals.