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Great News for Buyers and Sellers: The Market is Hot!

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.

sales data infographic for Hoboken condos in March 2016

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.

infographic displaying Downtown Jersey City condo sales statistics

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.

Start Investing in Your Favorite Hudson County Condo

Hoboken and Downtown Jersey City condos are a prime investment opportunity in Hudson County, and now’s the time to start investing in your favorite condo. You can use our advanced condo search tool to find the right property or explore luxury condos in the Hoboken area.

Want to be the first to hear about new condos on the market in the Hudson County area? Create your personal Property Organizer today.

Receive the Highest Return When You Sell Your Condo

To see how much your Hudson County condo is worth 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.

About Walter Burns

Walter Burns is a licensed New Jersey Realtor since 2002 and he specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey Hudson River waterfront areas of Hoboken, Jersey City, Bayonne, Union City, Weehawken, West New York, Guttenberg, North Bergen, Cliffside Park, Edgewater, and Fort Lee. Walter's mission, desire, and goal is to assist all parties in accomplishing their real estate goals, as well as to empower his clients through exceptional service, creating extraordinary results. Having been mentored by several of the top 100 Realtors and Developers in the United States and Canada, he graduated from Rowan University and currently resides in Hoboken. Walter is part of Weichert Realtors, the largest privately owned real estate firm in the world. NJAR Circle of Excellence Sales Award, 2009, 2010, 2011. Google

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