Walter Burns
What’s not to love about Hudson County? The views are breathtaking, the homes are luxurious, and the heart of our nation’s culture lies just across the river.
In Hoboken and Downtown Jersey City, their ideal location makes these cities attractive places to live and invest. As a result, the real estate market in these two prime Hudson County communities is remarkable, providing ample opportunities for residents and real estate investors.
The Latest Condo Market Update
The market has been doing well lately, and we’ve been seeing increasing sales values and steady numbers of condo sales when compared with this time last year. Here’s the most recent update for the Hoboken and Downtown Jersey City housing market.
Hoboken Real Estate Market Breakdown
August 2015 Condominium Sales Data
Average Sales Value: $698,917
Average Price/Sq. Foot: $663
Total Closed Condo Sales: 101
Comparing this August with last August, the average sales value saw a 16.6% increase; the average price per sq. foot saw a 12.7% increase.
In August 2015, only 3 fewer condominium was sold than the previous year — we saw 104 Hoboken condos sold in August 2014.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In August 2015, the average sales price to list price ratio was 100.2%, only 0.4% higher than a year ago.
Want to be the first to hear about new condos coming on the market in Hoboken? Create your personal property organizer today!
Downtown Jersey City Real Estate Market Breakdown
August 2015 Condominium Sales Data
Average Sales Value: $651,303
Average Price/Sq. Foot: $643
Total Closed Condo Sales: 73
To recap over the last year, the average sales value increased 7.7% since August 2014, and the average price per sq. foot increased 8.8%.
In August 2015, the total closed condo sales in Downtown Jersey City increased by 7 condos from this time a year ago.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City real estate market. In August 2015, the average sales price to list price ratio for condos was 99.8%, up from 98.9% a year ago.
Eager to learn what the real estate market is like in your own condo building? Learn about recent sales, days on the market data, and price per square foot information by requesting the Living on the Hudson Condo Sales Report today.
Hudson County Condos are Ripe Investments
The condo market in Hoboken and Downtown Jersey City are doing well; now is a great time to invest. Request a Comparative Market Analysis today or sign up for a confidential phone review to see how much your condo is worth in today’s market.
If you’re considering buying or selling property in New Jersey, contact me, your Hudson County real estate expert. My team and I will work with you to maximize your investment.