hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | December 1, 2017

Hoboken & Jersey City Real Estate Trends | December 1, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

A lot of people have concerns about the new tax bill and the effect it will have on homeowners. The bill goes before the Senate today, Friday so we should soon know what the implications will be. I will address the main changes and the potential impact next week.

Here are this week’s numbers.

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $473,500 and the average price per sq/ft is $734.
Sold Properties:
5 properties closed. The average price was $574,380 and the average price per sq/ft was $797.

2-Bedrooms
New Listings:
9 new listings. The average price is $991,900 and the average price per sq/ft is $766.
Sold Properties:
9 properties closed. The average price was $800,722 and the average price per sq/ft was $756.

3-Bedrooms
New Listings:
1 new listing. The price is $149,900 and the price per sq/ft is $952.
Sold Properties:
No sold properties.

4-Bedrooms
New Listings:
No new listings.
Sold Properties:
No sold listings.

Single-Family Homes
New Listings:
3 new listings, a three- bedroom for $1,699,000 a five-bedroom for $2,100,000 and another five-bedroom for $3,095,000
Sold properties:
No sold properties.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
18 new listings. The average price is $728,766 and the average price per sq/ft is $925.
Sold Properties:
3 properties closed. The average price was $612,666 and the average price per sq/ft was $787.

2-Bedrooms
New Listings:
20 new listings. The average price is $1,163,444 and the average price per sq/ft is $1,024
Sold Properties:
2 properties closed. The average price was $931,500 and the average price per sq/ft was $788

3-Bedrooms
New Listings:
4 new listings. The average price is $1,140,750 and the average price per sq/ft is $788.
Sold Properties:
3 properties closed. The average price was $1,766,666 and the average price per sq/ft was $934.

4-Bedrooms
New Listings:
No new listings.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
No new listings.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
3 new listings. The average price is $250,333 and the average price per sq/ft is $443.
Sold Properties:
1 sold property. The price was $142,000 and the price per sq/ft was $333.

2-Bedrooms
New Listings:
6 new listings. The average price is $555,166 and the average price per sq/ft is $525.
Sold Properties:
2 sold properties. The average price was $301,250 and the price per sq/ft was $433.

3-Bedrooms
New Listings:
2 new listings. The average price is $564,000 and the average price per sq/ft is $486.
Sold Properties:
No sold listings.

4-Bedrooms
New Listings:
1 new listing. The price is $549,000 and the price per sq/ft is $230.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
2 new listings. 2 three-bedroom homes for $425,000 and $429,000.
Sold Properties:
No sold properties.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $205,000 and the price per sq/ft is $375.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
4 new listings. The average price is $405,650 and the average price per sq/ft is $373.
Sold properties:
No sold properties.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
1 new four-bedroom home listed for $359,000.
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
Sold Properties:
No sold properties.

(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 Housing Finance Agency (FHFA) has announced that the base conforming loan limit will increase from $424,100 to $453,100 in January 2018. Due to the loan limit increase, the new high balance limit will also increase to $679,650 (150 percent of $453,100) for one-unit properties in the contiguous U.S. As a result, all but 71 counties (or county equivalent) will see a loan limit increase.

Please refer to the links below for the full articles and list of counties:

• FHFA
• Freddie Loan Limit
• Fannie Mae LL-2017-10

HUD, VA, and USDA have not announced the 2018 loan limit change yet. I will send out an additional announcement as I receive updated information.

This will increase the conforming loan limits in all of Hudson County, and really all of the northern and central New Jersey …so, good news.

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

ALSO OF INTEREST:
Holiday Gift Etiquette for Homeowners, Renters & Landlords (realtor.com)

Hoboken’s Washington Street to be Paved Next Week

Zoning Changes Could Bring Development to 14th Street Garden Center’s Doorstep (JerseyDigs.com)

*****************
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.