Walter Burns
To summarize last month’s Hudson County real estate report, condos in Hoboken and Downtown Jersey City surpassed sales values from the previous years, with the average sales value for a Hoboken condo reaching $693,572 and the average sales value for a Downtown Jersey City condo reaching $676,617.
How is the Market for Hudson County Condos?
We are continuing to see this trend of increasing sales values and decreasing number of sales. With high demand and low supply, there is little room for negotiation in the current real estate market. Let’s take a look at how the market is doing in Hoboken and Downtown Jersey City.
Hoboken Condo Market Breakdown
January 2016 Condominium Sales Data
Average Sales Value: $702,358
Average Price/Sq. Foot: $668
Total Closed Condo Sales: 56
As a comparison, the average sales value increased nearly 15.4% and the average price per sq. foot increased by about 11.5% over January 2015.
In January 2016, only 2 fewer condominiums were sold than the previous year — 58 Hoboken condos were sold in January 2015.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market, and multiple offers on a property continue to be common. In January 2016, the average sales price to list price ratio was 99.9%, about 0.23% higher than a year ago.
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Downtown Jersey City Condo Market Breakdown
January 2016 Condominium Sales Data
Average Sales Value: $687,015
Average Price/Sq. Foot: $670
Total Closed Condo Sales: 37
As a comparison, the average sales value saw a 15.5% increase since January 2015, and the average price per sq. foot saw a 12.3% increase.
In January 2016, the total closed condo sales in Downtown Jersey City decreased by 21 from a year ago — in January 2015, there were 58 sales.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condo market due to low supply and high demand for properties. In January 2016, the average list price to sales price ratio was 99.7%, up from 99.1% a year ago.
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Should You Sell or Rent Your Property?
Researching the current market conditions is a great place to start if you are planning to sell your Hudson County condo or are curious about how your investment is doing.
Access recent sales, days on the market stats, and price/sq. ft. information in the Living On the Hudson Sales Report. To see how much your Hudson County condo is worth in today’s market and to discuss its current rental value, request a Comparative Market Analysis or sign up for a confidential phone review.
Contact me, your Hudson County real estate expert, and my team and I will do everything we can to maximize your investment.