Walter Burns
The first step to making wise financial decisions in real estate is research. Before you decide to invest in a particular area, you should take a close look at its current market trends. This way, you’ll be completely prepared when you begin touring homes and making decisions.
In a real estate market as competitive as Hudson County, it’s even more important to do your homework. The current seller’s market means condos are selling for well above asking price in certain cases.
If you’re thinking of investing, or even selling a condo in the Hudson County Market, continue reading to learn more about current market conditions.
Hoboken Real Estate Market Breakdown
October 2017 Condominium Sales Data
Average Sales Value: $810,644
Average Price/Sq. Foot: $729
Total Closed Condo Sales: 70
As a comparison, the average sales value increased nearly 5.4% over October 2016, and the average price per sq. foot saw a 3.26% increase from October 2016.
In October 2017, 6 more condominiums were sold than the previous year — 64 Hoboken condos were sold in October 2016.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In October 2017, the average sales price to list price ratio was 100%, only 0.4% higher than a year ago in October 2016.
Downtown Jersey City Real Estate Market Breakdown
October 2017 Condominium Sales Data
Average Sales Value: $834,522
Average Price/Sq. Foot: $812
Total Closed Condo Sales: 42
As a comparison, the average sales value increased 8.5% since October 2016, and the average price per sq. foot saw a 8.6% increase from a year ago.
In October 2017, the total closed condo sales in Downtown Jersey City decreased by 23 from a year ago, in October 2016.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In October 2017, the average list price to sales price ratio was 100%, up from 99.6% a year ago.
Stay Informed on the Hudson County Condo Market
Now is an excellent time to sell your Hudson County condo! The seller’s market means there’s high demand and low inventory, making your property likely to sell above asking price.
There’s been a steady increase in demand over time in Hudson County, making it ideal to begin investing in the area. Investing in a highly competitive market is a good idea because it guarantees a solid return on investment when you decide to sell.
Receive Real Estate Market Updates
If you’d like to receive updates on the Hudson County real estate market, including recent sales in Hoboken and Jersey City, days on the market stats, and price/sq. ft. information, consider subscribing to the Living on the Hudson Sales Report.
Looking to sell your condo? Find out how much it’s worth in today’s market by requesting a comparative market analysis, or call me to discuss. Consider me, Walter Burns, your Hudson County real estate expert. My team and I will do everything we can to maximize your investment.
On my site, you can easily search for condos and learn more about the wonderful communities in Hudson County. Be the first to hear about new condos on the market by creating a personal Property Organizer account.
As always, if you ever have any questions about the real estate market in Hudson County, buying or selling a condo, or anything else, contact me today .