Walter Burns
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
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
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!
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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.