Walter Burns
Owning property in Hudson County is an excellent opportunity to earn a high return on investment. The current real estate market is doing well; sales have increased year over year, there is little room for negotiation, and current inventory is tight. If you own a condo in Hoboken or Downtown Jersey City, or if you’re considering investing in one, take a look at the latest condo sales statistics to learn about current market conditions.
Hoboken Real Estate Market Breakdown
February 2017 Condominium Sales Data
Average Sales Value: $758,972
Average Price/Sq. Foot: $698
Total Closed Condo Sales: 41
As a comparison, the average sales value saw a nearly 7.8% increase over February 2016, and the average price per sq. foot saw a 4.2% increase from February 2016.
In February 2017, only 10 fewer condominiums were sold than the previous year — 51 Hoboken condos were sold in February 2016.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In February 2017, the average sales price to list price ratio was 99.7%, only 0.2% lower than a year ago in February 2016.
Downtown Jersey City Real Estate Market Breakdown
February 2017 Condominium Sales Data
Average Sales Value: $731,238
Average Price/Sq. Foot: $743
Total Closed Condo Sales: 47
As a comparison, the average sales value for Downtown Jersey City condos increased 6% since February 2016, and the average price per sq. foot increased 11% from a year ago.
In February 2017, there were 11 more total closed condo sales in Downtown Jersey City than a year ago in February 2016.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In February 2017, the average list price to sales price ratio was 99.8%, up from 99.7% a year ago.
Selling Your Condo in the Spring Market?
If you’re planning to sell your condominium this spring, researching recent sales and market information is a great place to start. You can access recent condo sales, days on the market stats, and price/sq. ft. information in the Living On the Hudson Sales Report. You can also learn what your Hudson County condo is worth today by requesting a Comparative Market Analysis or signing up for a confidential phone review.
Buy a Hudson County Condo with Peace of Mind
Be the first to hear about new listings in Hudson County’s luxury condo buildings! Gain free access to exclusive benefits, such as new listing alerts and easy ways to save your properties, by creating your personal Property Organizer today.
If you’re considering buying property in Hudson County, my team and I can help you find the best property and help you maximize your investment. Contact me, Walter Burns, to get started.
Considering Moving to the Suburbs Instead?
My new website, MovingToTheSuburbs.com, focuses on the top New Jersey suburban communities, from Allendale to Westfield. If you are interested in a home with more space and near top-rated schools, contact me and my team and I can assist you.
