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A Look at the New Jersey Housing Market A Bright Forecast

By all accounts, the condo/co-op real estate market in New Jersey was more than robust during 2004 and experts are hopeful that the trend will continue in 2005.

Whether it's Union County, Morris County or Hudson County, the feeling is that condos/townhouses or co-ops, depending on the location, will continue to be a hot commodity. In New Jersey, by the way, we're usually talking about condos—co-ops are found mainly in urban areas such as Hoboken and Jersey City, and are often conversions of older residential rental buildings.

For the real estate market in general, 2004 was another successful year in New Jersey, driven by strong demand. According to average Morris County sales figures (including both single-family homes and condos) provided by local Weichert realtor Debby Strott, compared to 2003, median sale prices in 2004 were up in almost every town in Northern New Jersey. For example, median sale prices in Boonton increased 9.16 percent, Morristown increased 12.43 percent, Parsippany-Troy Hills increased 12.50 percent, and Washington Township increased 6.9 percent.

Most realtors and industry pros don't seem to feel that the war in Iraq, the recession, or politics had any appreciable effect on the New Jersey condo/co-op market in 2004. "We had a very healthy appreciation last year," says Strott.

A Steady, Strong Trend

Similarly, 2004 was basically a continuation of the strong trend of the last few years. "[The market] went down for about a year right after 9/11," says Lisa O'Neill of Hoboken Homes-Century 21 Innovative Realty, "but it came right back up, and has been holding steady since then."

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