Walter Burns
Whether you are interested in purchasing a condo in Hudson County or intend to sell your property, researching the local real estate market is the best place to start. In Hoboken and Downtown Jersey City, the market for condominiums is doing well. Properties are selling close to list price.
In our last monthly real estate market update, we saw that the average sales value was $717,328 for Hoboken condos and $720,263 for Downtown Jersey City condos. Let’s see how the condo market is doing today.
Hoboken Real Estate Market Breakdown
July 2016 Condominium Sales Data
Average Sales Value: $727,648
Average Price/Sq. Foot: $675
Total Closed Condo Sales: 98
Comparing July 2016 with July 2015, the average sales value for Hoboken condos increased 11%. The average price per sq. foot increased 5.5%.
In July 2016, there were 98 closed condo sales in Hoboken — 18 fewer than in July 2015.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. The average sales price to list price ratio was 99.7% in July 2016; this time last year it was 99.9%.
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Downtown Jersey City Real Estate Market Breakdown
July 2016 Condominium Sales Data
Average Sales Value: $723,171
Average Price/Sq. Foot: $710
Total Closed Condo Sales: 73
The average sales value for Downtown Jersey City condos increased 15.1% and the average price per sq. foot increased 13.2% over this period last year.
In July 2016, there were 73 closed condo sales in Downtown Jersey City, compared with 77 sales in July 2015.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In July 2016, the average list price to sales price ratio was 99.9%, up from 99.5% this time last year.
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.
Buying or Selling a Hudson County Condo?
In order to make the best financial decision possible, you need the best real estate data and advice available. Access recent Hudson County condo sales, days on the market stats, and price/sq. ft. information in the Living On the Hudson Sales Report.
Whether you’re buying or selling property in New Jersey, contact me, your Hudson County real estate expert. My team and I will do everything we can to maximize your real estate investment.