Hudson Realty Group Real Estate Market Report 3Q2019

HOBOKEN:

All Apartments Summary:
The average sale price of Hoboken apartments reached $860,000, a minor decrease of 2% over prior year. The median sale price also marginally lower ending at $749,000 or 1% less than prior year.  There was a drop of 16% on closed sales ending at 139 closings versus 165 during the same period last year. This fall in the number of sales was not due to diminishing demand but rather low inventory. Apartments spent an average of 43 days on market with sellers gaining an average of 99% of asking prices.

Townhome Market Summary: The average sale price of Hoboken townhouses was $2,210,000, an increase of 20% over the same period the prior year. The median sale price increased 17% compared to the 1st quarter of 2018 ending at $2,020,000.  There were just 8 closed sales this past quarter as there was a severe lack of available inventory. Dwellings spent an average of 50 days on the market and sellers received approximately 104% of asking price.

DOWNTOWN JERSEY CITY:

All Apartments Summary: The average sale price of apartments in Downtown Jersey City was $775,000 during the first quarter of 2019 exhibiting a minor 3% decline from the same period last year. The median price also fell, ending at $700,000 or 2% lower than prior year.
The number of closed sales was significantly higher than prior year, with 114 closed transactions versus just 88 sales during same period last year. Sellers received 99% of their asking price with an average of 49 days on market.

Townhome Market Summary: The average sale price of Downtown Jersey City townhouses was $1,460,000 this quarter, a 4% increase from the same period last year. The median sale price ended at $1,381,000 which was off by 3% compared with prior year.
There were 16 closed sales this period with an average of 41 days on market and sellers receiving 94% of asking price.

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Hudson Realty Group Real Estate Market Report 3Q2019

HOBOKEN:

All Apartments Summary:
The average sale price of Hoboken apartments remained almost unchanged having only a 1% dip, ending at $825,000. The median sale price showed a minor 2% increase reaching $715,000. The number of closed transactions was 11% lower compared with the same period
last year. This was not caused by weak demand but rather by constrained supply. Sellers were able to gain on average, 97% of asking price.

Townhome Market Summary: Both the average and median prices for Hoboken townhouses showed an 8% decline over the same period the prior year. The average price ended at $1,616,000 while the median price was at $1,630,000. Closings rose with 22 transactions or 22% more than the 3Q 2018. Dwellings spent an average of 41 days on the market and sellers received approximately 97% of asking price.

DOWNTOWN JERSEY CITY:

All Apartments Summary: The average sale price of apartments in Downtown Jersey City displayed a 6% decline, ending at $761,000. The median price had a more significant 14% fall to $650,000, largely due to fewer high-end new construction closings this period. The number of closed sales increased 6% with 155 closed transactions comparing with the 146 closed sales from the same time last year. Sellers received 98% of asking price and properties spent longer on the market with an average of 50 days.

Townhome Market Summary: The average sale price of Downtown Jersey City townhouses had a decline of 10% ending at $1,291,000. The median
sale price had the same behavior and decreased 19% ending at $1,139,000. Fewer high-end sales in the limited sample of sales this period was the primary cause of lower statistical measures. There were just 20 closed sales this period. Properties had an average of just 35 days on the market and sellers received 99% 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