Walter Burns
If you sold your property in Hoboken or Downtown Jersey City at the end of last year, you picked a great time to do so. In December 2016, demand was high and inventory was low, so many condo owners who decided to sell ended up with more money in their pockets at closing. Here’s a quick look at the numbers.
Hoboken Real Estate Market Breakdown
December 2016 Condominium Sales Data
Average Sales Value: $756,258
Average Price/Sq. Foot: $691
Total Closed Condo Sales: 79
The average sales value for Hoboken condos increased 8.9% over December 2015, while the average price/sq.ft. increased 4.2%.
In December 2016, there were 13 fewer condo sales than the previous year — 92 Hoboken condos were sold in December 2015.
Room for negotiation: Although the average sales price to list price ratio for a Hoboken condominium decreased over this time last year, there was still little room for negotiation. In December 2016, the average sales price to list price ratio was 99.6%; a year ago it was 100%.
Interested in the most up-to-date Hudson County property sales information? Access days on market info, price/sq.ft. data, and more from the Living On The Hudson Condo Sales Report.
Downtown Jersey City Real Estate Market Breakdown
December 2016 Condominium Sales Data
Average Sales Value: $726,208
Average Price/Sq. Foot: $736
Total Closed Condo Sales: 57
If you compare sales data from December 2016 and the previous year, the average sales value increased 7.5% and the average price/sq.ft. increased 11.3% for Downtown Jersey City condos.
The total closed condo sales in this area increased only slightly from a year ago. In December 2016, there were 57 condo sales compared with 53 sales in December 2015.
Room for negotiation: The average listing sales price to list price ratio was 99.7% in December. While the average sales price to list price ratio saw no change from this time last year, there was still little room for negotiation in the Downtown Jersey City real estate market.
Considering Selling Your Condo in 2017?
If you’re planning to sell your Hudson County condo soon, or if you’re just curious about how your investment is doing, researching the market is a great place to start. Find out what your property is worth by requesting a comparative market analysis or signing up for a confidential phone review. Contact us to get started.
When you are ready to sell your property, list with us. My team and I will help you make the most of your investment.