hOMES: Weekly Insight Into Hoboken and Downtown Jersey City Real Estate Trends | FEBRUARY 24, 2017

Hoboken Real Estate Trends | February 24, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Throw Back Thursday! Here are some interesting #TBT stats for you:

10 years ago, in 2007 the average mortgage interest rate was 6.3%. Today it’s 4.2%, so it is significantly cheaper to borrow money now.

But, if we take it a step further, the price per sq. ft has increased. The average price per sq. ft in 2007 for 1,2, and 3 bedrooms was $500 per sq. ft. Today it is $688 per sq. ft.

So based on these statistics, to buy a 1,000 sq ft condo in 2007 your mortgage payment (minus taxes, etc) would be $2,520 per month. Today, it would be $2,691. That’s a difference of $171 per month over a 10 year period.

With interest rates slated to rise sooner rather than later, and with demand keeping prices buoyant, now is a good time to look at buying or selling.

HOBOKEN:

Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $648,142 and the average price per sq/ft is $786.

Sold Properties:
4 properties closed. The average price was $454,875 and the price per sq/ft was $714.

2-Bedrooms
New Listings:
10 new listings. The average price is $852,490 the average price per sq/ft is $767.
Sold Properties:
2 properties closed. The average price was $1,007,500 and the average price per sq/ft was $836.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,004,666 and the average price per sq/ft is $632.
Sold Properties:
No closed properties this week.

4-Bedrooms
New Listings:
No new properties.
Sold Properties:
No closed properties this week.

Single-Family Homes
New Listings:
1 four-bedroom home listed for $2,350,000 and 1 five-bedroom for $2,499,995.

Sold Listings:
1 four-bedroom for $1,740,000.

DOWNTOWN JERSEY CITY:

Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $533,250 and the average price per sq/ft is $749.
Sold Properties:
1 property closed. The price was $445,000 and the price per sq/ft was $594.

2-Bedrooms
New Listings:
8 new Listings. The average price is $895,846 the average price per sq/ft is $712.
Sold Properties:
1 property closed. The price was $730,000 and the price per sq/ft was $644.

3-Bedrooms
New Listings:
No new properties.
Sold Properties:
No closed properties this week.

4-Bedrooms
New Listings:
No new properties.
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:

The minutes from the Fed’s February 1st meeting showed that many Fed Reserve officials were in favor of another rate hike “fairly soon”. This lead to speculation that an increase to the overnight lending rate (Prime) could happen as soon as the March Fed meeting. Initially, most analysts were predicting a rate hike at the June Fed Meeting. Thus far, this has not impacted mortgage rates. But, we will see how much momentum for a rate hike builds, and how mortgage rates respond.  If the Equity markets continue to rally and unemployment rates stay low, the Fed will be inclined to raise Prime sooner, rather than later.

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

ALSO OF INTEREST:

Hoboken Ranks as one of the Healthiest Real Estate Markets in NJ

Not buying a home could be “the single biggest mistake millennials are making.” (CNBC.com)

Tax benefits of owning a home (Realtor.com)

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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.