Hudson Realty Group Real Estate Market Report 1Q2020

HOBOKEN:

All Apartments Summary:
The average sale price of Hoboken apartments reached $847,000, a decrease of 1% over prior year. The median sale price also decreased ending at $720,000 or 4% lower than prior year. This quarter had 157 closings versus 139 during the same period last year. Apartments spent an average of 52 days on market. Sellers gained an average of 98% of asking price.

Townhome Market Summary: For Hoboken townhouses, the average sale price ended at $1,629,000, a 26% decrease over the same period the prior year. The median sale price also decreased substantially down 35% compared to the 1st quarter of 2019 ending at $1,315,000. However, these lower stats are not indicative of a weak market. The 2019 data was skewed higher because of a $3.3mil sale and a $4.3mil sale. The highest sale in the current period was $2.475mil. Closed transactions amounted to just 10 sales during this period. The most relevant change came to the days on the market data. Dwellings spent an average of 117 days on the market, substantially more than the average of 50 days in 2019. Sellers received only 92% of their asking price vs 104% in 1Q 2019.

DOWNTOWN JERSEY CITY:

All Apartments Summary: The average sale price of apartments in Downtown Jersey City was $804,000 during the first quarter of 2020, an improvement of 4% from the same period last year. The median price had a gain of 11% ending at $765,000. The number of closed sales remained virtually unchanged with only a 1% increase. Properties spent 54 days on the market. Sellers again received an average of 98% of their asking price.

Townhome Market Summary: The average sale price of Downtown Jersey City townhouses rose 9% ending at $1,600,000. Meanwhile, the median fell slightly by 2% to $1,350,000. There were 14 closed sales or 13% fewer transactions this period. The days on the market decreased significantly with houses spending an average of just 24 days on market. Sellers received an average of 97% of their asking price.

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Hudson Realty Group is a closely integrated team with exceptional knowledge of the Hoboken real estate and Jersey City real estate markets. Our expertise includes: condosbrownstoneslofts and new developments