Walter Burns
Hudson County Condominium Market Breakdown
Hoboken and Downtown Jersey City are a commuter’s dream. Luxurious residential areas, proximity to New York City, and a host of local amenities make these Hudson County communities an extremely desirable place to live, work, and play. And who can resist the warm glow cast on the Hudson River as the sun sets over the Manhattan skyline?
With that being said, real estate on the “Gold Coast” is rarely on the market for long. Condominiums are a hot commodity, and their price/sq. foot and sales value are on the rise. Let’s take a look at how the Hoboken and Downtown Jersey City condo markets fared in 2014.
Hoboken Real Estate Market Breakdown
2014 Hoboken Condominium Sales Data
Average Sales Value: $604,991
Average Price/Sq. Foot: $596
Total Closed Condo Sales: 1,089
As a comparison, the average sales value increased nearly 3.9% over the previous year (2013), and the average price per sq. foot saw a 9.4% increase from 2013.
In 2014, only one more condominium was sold than the previous year – 1,088 Hoboken condos were sold in 2013.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In 2014, the average list price to sales price ratio was 99.7%, only 0.65% higher than 2013.
Downtown Jersey City Real Estate Market Breakdown
2014 Downtown Jersey City Condominium Sales Data
Average Sales Value: $597,933
Average Price/Sq. Foot: $596
Total Closed Condo Sales: 697
As a comparison, the average sales value increased 12.4% over the previous year (2013), and the average price per sq. foot saw a 15% increase from 2013.
In 2014, the total closed condo sales in Downtown Jersey City decreased by 9% from 2013, due to an overall low supply of available condos for sale in the market.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In 2014, the average list price to sales price ratio was 99%, up from 97% in 2013.
How Your New Jersey Real Estate Investment is Performing
Investing in Hudson County real estate can be an extremely profitable venture. If you’re planning to sell your Hudson County property anytime in the near future, or you’re simply curious about how your investment is doing, you’re on the right track. Researching and monitoring the local real estate market is a great place to start.
To see how much your Hudson County condo is worth in today’s market, request a Comparative Market Analysis today or sign up for a confidential phone review. If you’re considering buying or selling property in New Jersey, contact me, your Hudson County real estate expert, and my team and I will do everything we can to maximize your investment.