I always love when I have the opportunity to share some positive news with Hoboken area home sellers and today is one of those days.
According to the most recent market data, both the Hoboken and Jersey City real estate markets showed growth during the month of July. From an increase in the median sales price to an increase in the list to sales ratio, all indications are that now is a great time to list your property on the local housing market.
First, Let’s Take a Look at Recent Hoboken Real Estate Numbers
Market data indicates that over the last year, the median sales value for sold Hoboken condominiums was $545,000, which is up 5.82 percent from July 2013.
Meanwhile, there were 100 closed condo sales in Hoboken during the month of July, which was down 16.6 percent from last year. This is likely due to the fact that inventory remains low and there is less to buy.
Here are some other important numbers that home sellers should be aware of:
- The median list price to sales price ratio was 99.22 percent over the last year, which is 0.35 percent higher than a year ago.
- The average price per square foot for a sold condo in Hoboken was $571, which is up 8.92 percent from one year ago.
Jersey City Showing Similar Signs of Growth and Prosperity
Meanwhile, over in Jersey City, the median sales value of sold condos in Downtown Jersey City was $520,000, up 9.47 percent from July 2013.
There were 52 closed sales in July, down 29.7 percent from July 13. Once again, we believe sales are down this year due to the lack of available inventory in the market.
Here are some more highlights from the most recent data report:
- The median listing price to sales price ratio was 98.66 percent, up from 96.2 percent last year.
- The average price per square foot in Downtown Jersey City over the past year was $566, up 16.39 percent over July 2013.
Now Is The Right Time To List Your Hoboken or Jersey City Property
You couldn’t ask for better conditions if you’re considering listing your NJ property anytime soon.
If you enter the market now, you have a great opportunity to get the price you want for your property, and in a reasonable amount of time as well!
Contact me, Walter Burns, today to discuss listing your home on the market. I’d be happy to help!
Until next time,