hOMES: Weekly Insight Into Hoboken and Downtown Jersey City Real Estate Trends | JUNE 16, 2017

Hoboken Real Estate Trends | June 16, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

This week the numbers remain consistent, with 28 new listings in Hoboken and 20 in downtown Jersey City. The Jersey City listings are edging ever higher on a price per sq/ft basis, something that would have been unheard of 5 years ago.

There has been a lot of talk lately about where the next “hot” market is going to be. Although we focus mainly on Hoboken and Downtown Jersey City, next week we will delve into the surrounding areas and see where you might consider jumping on in, and where you may have already missed the boat…

Here’s a closer look at this week’s numbers in our area:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
13 new listings. The average price is $627,261 and the average price per sq/ft is $839.
Sold Properties:
3 properties closed. The average price was $533,333 the average price per sq/ft was $866.

2-Bedrooms
New Listings:
7 new listings. The average price is $745,271 and the average price per sq/ft is $687.
Sold Properties:
5 properties closed. The average price was $899,000 and the average price per sq/ft was $757.

3-Bedrooms
New Listings:
6 new listings. The average price is $1,064,330 and the average price per sq/ft is $658.
Sold Properties:
2 properties closed. The average price was $1,085,000 and the average price per sq/ft was $757.

Single-Family Homes
New Listings:
2 four-bedroom homes listed for $1,975,000 and $2,727,000.
Sold Properties:
2 three-bedroom homes sold for $1,455,000 and $1,675,000 and 1 four bedroom sold for $2,595,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
11 new listings. The average price is $651,836 and the average price per sq/ft is $813.
Sold Properties:
7 properties closed. The average price was $607,528 and the price per sq/ft was $850.

2-Bedrooms
New Listings:
7 new listings. The average price is $886,428 and the average price per sq/ft is $756.
Sold Properties:
1 properties closed. The price was $1,070,000 and the average price per sq/ft was $914.

3-Bedrooms
New Listings:
1 new listing. The price is $1,050,000 and the price per sq/ft is $744.
Sold Properties:
1 sold listing. The price was $1,525,000 the price per sq/ft was $732.

Single-Family Homes
New Listings:
1 three-bedroom listed for $1,2000,000.
Sold Properties:
1 three-bedroom sold for $1,550,000.

(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 Federal Reserve raised its benchmark rate (otherwise known as Prime) to 1.25%, up from 1.00%. This is the third time the Fed has raised this rate in the past 6 months. It is also a sign that the Fed is staying the course in its plan to wind down the stimulus program it has been implementing for the past nine years. How this ultimately impacts mortgage rates remains to be seen. The initial reaction has been stability, with mortgage rates not really doing anything. Whether or not this continues will depend on how analysts and traders digest the data from the Fed, and how that drives the markets moving forward.

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

ALSO OF INTEREST:
MO’ BOKEN: Hoboken Named as the Fastest-Growing City in New Jersey

Massive Build-Up of Units on Hoboken/Jersey City Border (JerseyDigs.com)

City of Hoboken Cultural Affairs and Recreational Programs — Summer 2017

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Ann Wycherley is an award-winning realtor with over 15 years of solid real estate experience in the Hoboken and Jersey City 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 2016, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past five years running (2012-2016), which represents the premium level of achievement within the Century 21 organization.