hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | January 26, 2018

Hoboken & Jersey City Real Estate Trends | January 26, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Getting ready for the Spring market?

In our area the Spring market tends to heat up sooner than most other places, so if you are considering buying or selling now is the time to start preparing. If you are a seller, you should starting readying your home. It’s now time to do all the de-cluttering and small home repairs necessary so that your home will be “show ready”. If you are a buyer, you should speak to a mortgage representative so that you know how much you can afford.

If you are a buyer or a seller you should work with a local, qualified real estate agent.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
10 new listings. The average price is $515,550 the average price per sq/ft is $760.
Sold Properties:
1property closed. The price was $480,000 and the price per sq/ft was $764.

2-Bedrooms
New Listings:
9 new listings. The average price is $852,877 and the average price per sq/ft is $749.
Sold Properties:
4 properties closed. The average price was $813,750 and the average price per sq/ft was $711.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,699,500 and the average price per sq/ft is $801.
Sold Properties:
2 properties closed. The average price was $1,421,000 and the average price per sq/ft was $833.

4-Bedrooms
New Listings:
2 new listings. The average price is $2,405,000 and the average price per sq/ft is $836.
Sold Properties:
No sold properties.

Single-Family Homes
2 new single family homes listed. One two-bedroom home for $1,400,000 and one five-bedroom for $3,000,000.
Sold Listings:
One three-bedroom closed for $711,240 and two five-bedrooms closed for $1,849,000 and $2,995,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
12 new listings. The average price is $643,082 and the average price per sq/ft is $906.
Sold Properties:
3 properties closed. The average price was $609,000 the average price per sq/ft was $840.

2-Bedrooms
New Listings:
6 new listings. The average price is $864,831 and the average price per sq/ft is $842.
Sold Properties:
3 properties closed. The average price was $743,333 and the average price per sq/ft was $766.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,221,331 and the average price per sq/ft is $911.
Sold Properties:
2 properties closed. The average price was $1,160,000 and the average price per sq/ft is $678.

4-Bedrooms
New Listings:
1 new listing. The price is $1,790,000 and the price pre sq/ft is $793.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
No new listings.
Sold Listings:
One three-bedroom home sold for $1,425,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listings. The price is $212,500 and the price per sq/ft is $322.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
2 new listings. The average price is $393,333 and the average price per sq/ft is $409.
Sold Properties:
No sold properties.

3-Bedrooms
New Listings:
7 new listings. The average price is $527,285 and the average price per sq/ft is $354.
Sold Properties:
1 sold property. The price is $755,000 and the price per sq/ft was $444.

Single-Family Homes:
New Listings:
Two three-bedroom homes listed for $399,000 and $635,000.
Sold Properties:
No sold properties.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
No new listings
Sold Properties:
1 property sold. The price was $135,000 and the price per sq/ft is $246.

2-Bedrooms
New Listings:
No new listings.
Sold properties:
One sold property. The price was $707,000 and the price per sq/ft was $460.

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

Single-Family Homes:
New Listings:
A  four-bedroom home listed for $349,000
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
One three-bedroom home listed for $319,000 and a four-bedroom home listed for $659,000.
Sold Properties:
Two three-bedroom homes closed for $579,000 and $519,000

(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:

Many analysts feel this year in real estate will be more competitive than ever, with the supply of homes for sale at record lows and rising mortgage rates threatening to make the situation even worse. President’s Day is considered the start of the busiest season for housing, so we can expect to see a rise in inventory in a few weeks. There are 10% fewer homes for sale nationally compared with a year ago, and in the hottest markets, where prices are appreciating fastest, there are up to 40 percent fewer homes for sale, according to Zillow. Low supply last year caused home prices, which were rising already, to accelerate, and that continues now.

Now mortgage rates, which sat near record lows for the bulk of 2017, are suddenly rising. The average rate on the popular 30-year fixed is up a quarter of a percentage point since the start of this year to around 4.25 percent, according to Mortgage News Daily. The expectation is that they will continue to move higher as the Federal Reserve raises rates and investors move away from the bond market. We’ll see where the next few weeks bring!

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

ALSO OF INTEREST:
Demystifying the Jersey City Reval (JerseyDigs.com)

7 Home Pricing Myths Busted (Realtor.com)

Hoboken MutzFest Returns—SUNDAY

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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.