Walter Burns
Have you been considering selling your Hudson County condo? Now may be the ideal time, as low inventory and high demand mean that sales values are rising. Many properties throughout this market have been selling for above asking price.
Whether you’re looking to sell or invest in real estate, a great first step is to look closely at current market trends. The market is competitive, so once you’ve made your decision it’s important to act fast!
Hoboken Real Estate Market Breakdown
June 2017 Condominium Sales Data
Average Sales Value: $790,147
Average Price/Sq. Foot: $724
Total Closed Condo Sales: 102
As a comparison, the average sales value increased nearly 7.4% over June 2016, and the average price per sq. foot saw a 6.75% increase from June 2016.
In June 2017, 102 condominiums were sold, which is only two less than than the previous year — 104 Hoboken condos were sold in June 2016.
Room for negotiation: There is little room for negotiation in the Hoboken condominium real estate market. In June 2017, the average sales price to list price ratio was 100.4%, only 0.6% higher than a year ago in June 2016.
Downtown Jersey City Real Estate Market Breakdown
June 2017 Condominium Sales Data
Average Sales Value: $812,894
Average Price/Sq. Foot: $779
Total Closed Condo Sales: 62
As a comparison, the average sales value increased 12.8% since June 2016, and the average price per sq. foot saw a 7.05% increase from a year ago.
In June 2017, the total closed condo sales in Downtown Jersey City decreased by 20 from a year ago, in June 2016.
Room for negotiation: Similarly, there is little room for negotiation in the Downtown Jersey City condominium real estate market. In June 2017, the average list price to sales price ratio was 100.3%, up from 99.5% a year ago.
Considering Buying a Condo in Hudson County?
Looking to invest in the Hudson County condo market? Real estate in this highly sought-after area is always in demand, so understanding current market conditions is a wise decision when looking to buy a condo in Hudson County.
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.
It’s Also a Great Time to Sell Your Condo
The competitive market makes this an ideal time to sell your Hudson County condo. The Hoboken and New Jersey real estate markets are hot, and your property is likely to sell over asking price if you list now. My team and I will do everything we can to maximize your investment; list with us to get the results you’re looking for.
Need a Change of Pace?
Whether you’re looking for a break from city life or a larger home, check out my new website, MovingToTheSuburbs.com, to stay up to date on the top suburban towns.
If you’d like more information about the New Jersey or Hudson County market, or want to chat about your real estate goals, contact us. We’re always happy to help.