All Apartments Summary:The average sale price of Hoboken apartments increased by 13% over the same quarter last year. The average price of $918,000 was also 10% higher than prior quarter. The median sale price declined slightly ending at $725,000. The number of closed sales declined 13% from 210 sales in 2017 to 183 sales in the last quarter of 2018. This drop in the number of sales was largely due to constrained supply levels. Apartments spent an average of 37 days on market with sellers gaining an average of 99% of asking prices.
Townhome Market Summary: The average sale price of Hoboken townhouses was $1,754,00 or 8% lower than the same period the prior year. The median sale price also declined ending at $1,675,000 or 9% lower. The drop in these market measures was not due to softness in the market but rather the result of fewer transaction at the top price tier. There were 17 closed sales this period compared with just 12 at the end of 2017. The average days on the market fell to 42 days and sellers received approximately 98% of asking price.
DOWNTOWN JERSEY CITY:
All Apartments Summary: The average sale price of apartments in Downtown Jersey City had little change declining just 1% from the same period last year ending at $786,000. The median price remained equal ending at $725,000. The number of closed sales fell 21% with just 133 closed transactions versus 169 during same period last year. The lower volume of sales was caused by low inventory rather than diminished demand. The apartments sold this quarter spent an average of 42 days on market while sellers received 98% of their asking price.
Townhome Market Summary: The average sale price of Downtown Jersey City townhouses declined 9% ending at $1,265,000 versus $1,392,000 from the same period last year. The median sale price was also lower ending at $1,298,000 or 4% lower than prior year. There were 23 closed sales or 15% fewer transactions this period with an average of 40 days on market and sellers receiving 97% of asking price.