Hudson County Condos Are Selling Over Asking Price!

If you’ve thought about selling your Hudson County condo, now is a great time to do so! Low inventory and high demand are driving sales values up, and in Hoboken and Downtown Jersey City, especially, many condominiums are selling for over asking price. Let’s take a look at the most recent real estate stats for these two hot markets.

Hoboken Real Estate Market Breakdown

May 2017 Condominium Sales Data

Average Sales Value: $780,387

Average Price/Sq. Foot: $720

Total Closed Condo Sales: 75

infographic of sales values and percent increase

As a comparison, the average sales value saw a nearly 6.2% increase over May 2016, and the average price per sq. foot saw a 6.5% increase from May 2016.

In May 2017, only 75 condominiums were sold compared to the 101 condominiums sold in the previous year.

Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In May 2017, the average sales price to list price ratio was 100.41%, only 0.78% higher than a year ago in May 2016.

Downtown Jersey City Real Estate Market Breakdown

May 2017 Condominium Sales Data

Average Sales Value: $808,481

Average Price/Sq. Foot: $777

Total Closed Condo Sales: 60

infographic of increasing condo sales values

As a comparison, the average sales value increased 11.8% since May 2016, and the average price per sq. foot increased 7.6% from a year ago.

In May 2017, the total closed condo sales in Downtown Jersey City decreased by 15 from a year ago; in May 2016, there were 75 closed condo sales compared with 60 closed sales in May 2017.

Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City real estate market. In May 2017, the average list price to sales price ratio was 100.25%, up from 99.31% a year ago.

Stay up-to-date with the current Hudson County condominium market by requesting the Living On the Hudson Sales Report!

Take Advantage of These Excellent Market Conditions

woman researching real estate dataConsidering selling your condo? It might be worth more than you think! Request a Comparative Market Analysis today or sign up for a confidential phone review to learn your unit’s value in today’s market.

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Contact the Hudson County Real Estate Experts

Whether you want to purchase a condo or sell your condo in Hudson County, my team and I will do everything we can to maximize your investment. Contact us today and let’s discuss your real estate goals.

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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