What You Need to Know About the Real Estate Market Today

The new year is approaching in just a few days — do you want to know how your investment has performed in 2016? Whether you own a condo in Hoboken or Jersey City, you can use recent sales data to learn whether property values are increasing and how much your condo might be worth.

This recap of the Hudson County real estate market is a great place to start. If you want to know about recent sales in your own building or want to know the value of your property, contact us.

Hoboken Real Estate Market Breakdown

November 2016 Condominium Sales Data

Average Sales Value: $754,748
Average Price/Sq. Foot: $691
Total Closed Condo Sales: 59

condo sales in november 2016

The average sales value for Hoboken condominiums increased 10.9% and the average price per sq. foot increased 5.6% over November 2015.

In November 2016, there were 26 fewer condo sales in Hoboken — 59 condos sold last month compared with 85 condos sold this time last year.

Room for negotiation: As we have seen in our previous market reports, there is little room for negotiation in the Hoboken condominium market. In November 2016, the average sales price to list price ratio was 99.6%, down slightly from 100% a year ago.

Want to access the most up-to-date Hudson County condo sales information? The Living On The Hudson Condo Sales Report has the recent sales, price/sq.ft., and days on market data you need.

Downtown Jersey City Real Estate Market Breakdown

November 2016 Condominium Sales Data

Average Sales Value: $726,293
Average Price/Sq. Foot: $733
Total Closed Condo Sales: 59

condo sales data in Downtown Jersey City

In Downtown Jersey City, there was a 9.7% increase in the average sales value and an 11.9% increase in the average price per sq. foot for condominiums over November 2015.

The number of closed condo sales in November 2016 was 59, up from 50 closed condo sales in November 2015.

Room for negotiation: Like with the Hoboken condominium market, there is little room for negotiation in the Downtown Jersey City real estate market. In November 2016, the average list price to sales price ratio was 99.7%, the same as a year ago.

Now that you know how the real estate market has fared at the end of 2016, it’s time to learn the value of your own condo. Request a Comparative Market Analysis today or sign up for a confidential phone review. If you’re interested in selling your Hudson County condo, my team and I will help you maximize your investment.

Interested in Living on the Hudson?

highrise condo building in New Jersey

77 Hudson in Downtown Jersey City, NJ

If you’re ready to purchase a condo in Hudson County, I have provided everything you need to quickly find your ideal property, from unique condo search options to a condo building comparison chart.

Don’t forget to use one of the most innovative search tools available: the Property Organizer. You can save your favorite properties, save your search criteria, and sign up to be notified about new listings with your ideal features. Contact me, Walter Burns, to get started.

Or Are You Moving to the Suburbs?

If you have been thinking about moving to a New Jersey community with spacious homes, top-tier schools, and more open space, I can help you find your ideal home in the suburbs. My new website, MovingToTheSuburbs.com, has detailed information about the top towns in Bergen, Essex, and Union Counties, from Allendale to Westfield.

Contact me, Walter Burns, if you are interested in moving to the suburbs. I can help you find your ideal home and introduce you to the suburban lifestyle.

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