Walter Burns
When deciding whether to invest in real estate or sell your condominium in Hudson County, researching current real estate activity is the best place to start. In Hoboken and Jersey City specifically, the market continues to be competitive. High demand and low inventory is leaving little room for negotiation in the condominium real estate market. Let’s take a look at the most recent condo sales statistics to understand what’s happening in the Hudson County real estate market today.
Hoboken Real Estate Market Breakdown
March 2017 Condominium Sales Data
Average Sales Value: $759,560
Average Price/Sq. Foot: $698
Total Closed Condo Sales: 71
As a comparison, the Hoboken condominium market saw a 6.8% increase in the average sales value and a 4.8% increase in the average price per sq.ft. over March 2016.
In March 2017, there were 71 closed condo sales, which is the same number of sales that closed this time last year.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In March 2017, the average sales price to list price ratio was 99.7%. In March 2016, the average sales price to list price ratio for Hoboken condos was 99.9%.
Downtown Jersey City Real Estate Market Breakdown
March 2017 Condominium Sales Data
Average Sales Value: $738,759
Average Price/Sq. Foot: $745
Total Closed Condo Sales: 46
As a comparison, the Jersey City condominium market saw a 6.3% increase in the average sales value and a 10% increase in the average price per sq.ft. over March 2016.
In March 2017, there were 46 closed condo sales, which is 7 fewer sales than this time last year — in March 2016, there were 53 closed condo sales in Downtown Jersey City.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In March 2017, the average sales price to list price ratio was 99.8%, about 0.1% higher than in March 2016.
Access the Latest Hudson County Condo Sales Information
If you are interested in learning about current real estate market activity in Hudson County, access the most up-to-date sales data with the Living On The Hudson Condo Sales Report. This report includes invaluable details about recent sales, days on market information, and price/sq.ft. data.
Maximize Your Investment with Walter Burns
Considering selling your condo? Learn how much your property is worth by requesting a Comparative Market Analysis today or sign up for a confidential phone review. As Hudson County real estate experts, my team and I will do everything we can to maximize your investment. Contact us today to discuss your goals.
Eager to Invest in Hudson County Real Estate?
In today’s competitive market, it’s crucial to be the first to know about new listings. Learn the moment a new condo comes on the market in the Hudson County area by creating your personal Property Organizer. Simply create an account, browse the Luxury Condo Gallery, and save alerts for your favorite condominium buildings.
Considering Moving to the Suburbs Instead of the City?
My new website, MovingToTheSuburbs.com, focuses on the top suburban towns in New Jersey. My team can now assist you in Union County, Essex County, and Bergen County! You can search for homes by feature (including 1+ acre yards and 3+ bedrooms), search for communities by commute time, and learn about unique features of popular towns (from Allendale to Westfield).
Contact me and I can assist you with all of your real estate needs.