Walter Burns
Hudson County Condo Market Profile
Summer may be drawing to a close, but the Hudson County condo market is still hot.
We’ve been noticing an upward trend of sales prices in the market updates for Hoboken and Downtown Jersey City condos during the past few months. That’s good. It means the market is doing well, especially for real estate investors.
How’s the real estate market doing presently in Hoboken and Downtown Jersey City? Let’s explore the most recent condo sales data in today’s Hoboken and Downtown Jersey City condominium market update.
Hoboken Real Estate Market Breakdown
July 2015 Condo Sales Data
Average Sales Value: $688,207
Average Price/Sq. Foot: $663
Total Closed Condo Sales: 105
As a comparison, the average sales value increased nearly 15.4%, and the average price per sq. foot saw a 13.2% increase from July 2014.
In July 2015, 22 fewer condos were sold than this time last year — 127 Hoboken condominiums were sold in July 2014.
Room for negotiation: There is not much room for negotiation in the Hoboken condominium market. In July 2015, the average list price to sales price ratio was 100.2%, only 0.5% higher than a year ago in July 2014.
Downtown Jersey City Real Estate Market Breakdown
July 2015 Condo Sales Data
Average Sales Value: $647,046
Average Price/Sq. Foot: $645
Total Closed Condo Sales: 69
As a comparison, the average sales value increased 9% since last year, and the average price per sq. foot saw a 10% increase from July 2014.
In July 2015, the total closed condo sales in Downtown Jersey City increased by 2 condos from a year ago.
Room for negotiation: Like with the Hoboken condominium market, there is little room for negotiation in Downtown Jersey City. In July 2015, the average list price to sales price ratio was 99.7%, up from 98.9% this time last year.
Ready to Invest in a Hudson County Condo?
We’ve been seeing increasing returns on investment with both Hoboken condos and Downtown Jersey City condos, so if you are considering investing in the Hudson County real estate market, now is the time to do so.
If you would like to be the first to hear about new condos on the market in the Hudson County area, create your personal Property Organizer today.
Contact Me to Access the Latest Hudson County Condo Sales
If you’re interested in the Hudson County condo market, access more detailed information on recent sales, days on the market stats, and price/sq. ft. in our Living On the Hudson Sales Report.
Want to see how much your Hoboken or Downtown Jersey City condo is worth? Request a Comparative Market Analysis for your home 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 real estate investment. Call me directly 347-448-3766 or email walter@livingonthehudson.com and we can get started.