Walter Burns
Hoboken and Downtown Jersey City condos continue to be sought after by buyers, sellers, and investors, and the market is hot. In last month’s condo market update, the average sales value for Hoboken condos was $704,417 and the average sales value for Downtown Jersey City condos was $687,525.
The latest condo market statistics once again showcase the appeal of the Hudson County area: Condo values are increasing and multiple offers on a property are common. Let’s take a look at the most recent sales data.
Hoboken Real Estate Market Breakdown
March 2016 Condominium Sales Data
Average Sales Value: $710,602
Average Price/Sq. Foot: $668
Total Closed Condo Sales: 69
As a comparison, the average sales value experienced a 16.1% increase over March 2015, and the average price per sq. foot experienced a 10% increase over March 2015.
In March 2016, only 2 fewer condominiums were sold than the previous year — 71 Hoboken condos were sold in March 2015.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In March 2016, the average sales price to list price ratio was 99.8%, only 0.07% higher than a year ago in March 2015. Multiple offers on a property continue to be commonplace in this market.
Downtown Jersey City Real Estate Market Breakdown
March 2016 Condominium Sales Data
Average Sales Value: $692,709
Average Price/Sq. Foot: $676
Total Closed Condo Sales: 47
As a comparison, the average sales value increased 14% and the average price per sq. foot increased 11.7% over this period last year.
There were 47 total closed condo sales in Downtown Jersey City in March 2016, while there were 55 closed condo sales in March 2015.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In March 2016, the average list price to sales price ratio was 99.7%, up from 99.1% a year ago. Low supply and high demand is leaving very little room, if any for negotiating.
If you’re interested in the Hudson County condo market, access recent sales, days on the market stats, and price/sq. ft. information in the Living On the Hudson Sales Report.
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