hOMES: Weekly Insight Into Hoboken and Downtown Jersey City Real Estate Trends | FEBRUARY 10, 2017

Hoboken Real Estate Trends | February 10, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

As discussed last week, this week we are starting a weekly update for Downtown Jersey City as well as the Hoboken Market. Both markets are very similar, with low inventory keeping prices buoyant. There were 28 new listings in Hoboken this week and 21 in downtown Jersey City. As we move closer to Spring, we should hopefully see inventory increase in both markets.

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
8 new listings. The average price is $654,223 and the average price per sq/ft is $839.
Sold Properties:
1 property closed. The price was $635,000 and the price per sq/ft was $863.

2-Bedrooms
New Listings:
9 new Listings. The average price is $676,987 the average price per sq/ft is $652.
Sold Properties:
4 properties closed. The average price was $907,520 and the average price per sq/ft was $708.

3-Bedrooms
New Listings:
6 new listings. The average price is $1,245,583 and the average price per sq/ft is $711.
Sold Properties:
No closed properties this week.

4-Bedrooms
New Listings:
4 new listings. The average price is $2,499,999 and the average price per sq/ft is $1,041.
Sold Properties:
No closed properties this week.

Single-Family Homes
New Listings:
1 four-bedroom home listed for $1,725,000.
Sold Listings:
3 sold single family homes. 1 four-bedroom for $1,500,000, 1 four-bedroom for $2,350,000 and a three-bedroom for $2,475,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $630,666 and the average price per sq/ft is $901.
Sold Properties:
6 properties closed. The average price was $599,433 and the price per sq/ft was $730.

2-Bedrooms
New Listings:
9 new Listings. The average price is $676,987 the average price per sq/ft is $652.
Sold Properties:
4 properties closed. The average price was $907,520 and the average price per sq/ft was $708.

3-Bedrooms
New Listings:
6 new listings. The average price is $1,245,583 and the average price per sq/ft is $623.
Sold Properties:
No closed properties this week.

(Information provided by Hudson County MLS)

CLICK HERE to learn more about these and other properties…
CLICK HERE to find out how much your property is worth in today’s market…

Mortgage Market in Review:

It is a big week for mortgage rates, as the current Fed meeting will finish Wednesday afternoon. This will give us some great insight into what the Fed is thinking in regards to increased hikes to the Prime rate over the course of 2017. We also get hit with the Monthly Jobs’ Report on Friday. This always has the potential to be a market mover. By the end of the week, we’ll have a great sense of where rates will be expected to go in the short term. Leading up to these two events, we have seen rates stabilize and remain flat. This is not uncommon when the market is waiting on data. Stay tuned.

CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…

ALSO OF INTEREST:
Housing Shortage Fuels Price Gains (realtor.com)

Small Kitchen Design Ideas (apartmenttherapy.com)

Benefit Concert for Writer Jack Silbert

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Ann Wycherley is an award-winning realtor with over 15 years of solid real estate experience in the Hoboken market.

She has been recognized by the New Jersey Realtors Circle of Excellence for many years, having earned the Gold Level of Excellence for 2015 and awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past four years running (2012-2015), which represents the premium level of achievement within the Century 21 organization.