Walter Burns
Hoboken and Downtown Jersey City’s condominium market is thriving. In last month’s real estate report, the average sales value for a condo in Hoboken was $718,288, and in Downtown Jersey City it was $705,420.
How does this month compare? Let’s take a look at the latest market statistics.
Hoboken Real Estate Market Breakdown
May 2016 Condominium Sales Data
Average Sales Value: $716,462
Average Price/Sq. Foot: $673
Total Closed Condo Sales: 112
As a comparison, the average sales value increased nearly 13% over May 2015, and the average price per sq. foot increased 8%.
In May 2016, 112 condominiums were sold compared with the 100 condos sold this time last year.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In May 2016, the average sales price to list price ratio was 99.8%, the same from a year ago in May 2015.
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Downtown Jersey City Real Estate Market Breakdown
May 2016 Condominium Sales Data
Average Sales Value: $706,199
Average Price/Sq. Foot: $691
Total Closed Condo Sales: 77
As a comparison, the average sales value saw a 12.6% increase and the average price per sq. foot saw an 11.3% increase from a year ago.
In May 2016, the total closed condo sales in Downtown Jersey City increased by 3 condos from a year ago, in May 2015.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. The average list price to sales price ratio was 99.7% in May 2016, up from 99.5% a year ago.
Make the Most of Your Investment
If you’re interested in investing in a Hudson County condo, access recent sales, days on the market stats, and price/sq. ft. information in the Living On the Hudson Sales Report.
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. Whether 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.