Hudson County Condo Market Recap February 2015
Exceptional dining, shopping, and entertainment options are often a consideration for those looking for a new condo. Location, of course, is the foremost concern. Condos in Hoboken and Downtown Jersey City are highly sought-after because they satisfy both of these requirements.
Proximity to New York and fantastic neighborhood amenities give these Hudson County communities an excellent outlook for both sellers and buyers. When considering a purchase in Hoboken or Jersey City, staying abreast of the changes in real estate is essential. Let’s take a look at how the market fared in February.
Hoboken Market Breakdown:
February 2015 Hoboken Condominium Sales Data
As a comparison, the average sales value increased 0.70% over February 2014, and the average price per sq. foot saw a 9.6% increase from one year ago.
February 2015 saw 25 less condominiums sold than the previous year – 58 Hoboken condos were sold in February 2014.
Negotiation room: A short supply and high demand have kept negotiations to a minimum. In February, the average sales price to list price ratio was 99.72%. That is about 0.7% higher from 1 year ago.
Downtown Jersey City Market Breakdown:
2015 Downtown Jersey City Condominium Sales Data
Comparatively, the average sales value increased 10.87% over February 2014, and the average price per sq. foot saw a 13.2% increase from last year.
Total closed condo sales in February of 2015 in Downtown Jersey City decreased by 16, compared to February 2014.
Room for negotiation: Similar to Hoboken, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In January 2015, the average list price to sales price ratio was 99.2%, up from 97% a year ago.
Hudson County Condo Return on Investment
The competitive Hudson County condominium real estate market demands smart buying and selling decisions to maximize your investment. Having a broker who understands the local market is crucial. Our Living on the Hudson County condo sales report will give you statistics like pricing per square foot, days on market, and recent condos sold in your building.
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Interested in knowing 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. Contact me, your Hudson County real estate expert, if you’re considering buying or selling property in the competitive Hudson County real estate market.