Walter Burns
The latest real estate sales data show that Hoboken and Downtown Jersey City condos continue to be sought after in Hudson County. Multiple offers on a property are common in this market, and there is little room for negotiating.
If you have been considering investing in a Hudson County condo, researching local real estate conditions on our blog, subscribing to our monthly newsletter, or viewing sold data for Hudson County condo buildings is a wise decision. Let’s take a look at the most recent condos sales data.
Hoboken Real Estate Market Breakdown
February 2016 Condo Sales Data
Average Sales Value: $704,417
Average Price/Sq. Foot: $667
Total Closed Condo Sales: 52
As a comparison, the average sales value increased 15.3% and the average price per sq. foot increased 10.6% over February 2015 for Hoboken condos.
The number of closed Hoboken condo sales in February 2016 exceeded the number of closed condo sales this time last year. There were 52 closed condo sales in February 2016, and 39 in February 2015.
Room for negotiation: There is little room for negotiation for condominiums in Hoboken. In February 2016, the average sales price to list price ratio was 99.9%, only 0.21% higher than a year ago.
Downtown Jersey City Real Estate Market Breakdown
February 2016 Condo Sales Data
Average Sales Value: $687,525
Average Price/Sq. Foot: $671
Total Closed Condo Sales: 33
As a comparison, the average sales value increased 13.7% over February 2015, and the average price per sq. foot increased 11.3% for Downtown Jersey City condos.
In February 2016, the total closed condo sales in Downtown Jersey City increased by just one condo from a year ago.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In February 2016, the average list price to sales price ratio was 99.7%, up from 99.1% in February 2015.
Now is the Time to Invest in a Hudson County Condo
If you are considering buying or selling property in New Jersey, contact me, your Hudson County real estate expert. My team and I will do everything we can to maximize your investment, including providing you with the best real estate resources to keep you informed.
If you’re interested in the Hudson County condo market, access recent sales, days on the market stats, and price/sq. ft. information in the Living On the Hudson Sales Report.
You can also be the first to hear about new condos on the market in the Hudson County area by creating your personal Property Organizer today.
What is Your Hudson County Condo Worth Today?
Whether you’re planning to sell your Hudson County property soon or are just curious how your investment is doing, you’re on the right track. Researching the real estate market is always a good 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.