hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | February 16, 2018

Hoboken & Jersey City Real Estate Trends | February 16, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

The market is starting to gain some momentum, with 78 new listings this week—the majority of these being in Hoboken and Downtown Jersey City.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $459,900 the average price per sq/ft is $699.
Sold Properties:
5 properties closed. The average price was $492,160 and the average price per sq/ft was $692.

2-Bedrooms
New Listings:
21 new listings. The average price is $784,050 and the average price per sq/ft is $701.
Sold Properties:
3 properties closed. The average price was $1,167,666 and the average price per sq/ft was $792.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,649,000 and the average price per sq/ft is $1,134.
Sold Properties:
2 properties closed. The average price was $1,412,500 and the average price per sq/ft was $912.

4-Bedrooms
New Listings:
1 new listing. The price is $1,795,000 and the average price per sq/ft is $934.
Sold Properties:
No sold listings.

Single-Family Homes
2 new single family home listed, a three-bedroom for $1,099,000 and another three-bedroom for $1,699,000.
Sold Listings:
1 sold listing. A three-bedroom home sold for $1,725,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $589,531 and the average price per sq/ft is $770.
Sold Properties:
4 properties closed. The average price was $616,250 the average price per sq/ft was $682.

2-Bedrooms
New Listings:
15 new listings. The average price is $962,953 and the average price per sq/ft is $841.
Sold Properties:
2 properties closed. The average price was $875,500 and the average price per sq/ft was $903.

3-Bedrooms
New Listings:
1 new listing. The price is $1,075,000 and the price per sq/ft is $764.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
2 new listings, a three-bedroom home for $1,150,000 and a four-bedroom home for $1,999,000.
Sold Listings:
1 sold listing. A three0bedroom home sold for $960,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listing. The price is $279,000 and the price per sq/ft is $398.
Sold Properties:
1 sold listing. The price was $240,000 and the price per sq/ft was $400.

2-Bedrooms
New Listings:
4 new listings. The average price is $344,225 and the average price per sq/ft is $401.
Sold Properties:
1 sold listing. The price was $600,000 and the price per sq/ft is $491.

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

Single-Family Homes:
New Listings:
One new four-bedroom listed for $394,000 and one three-bedroom listed for $494,000.
Sold Properties:
2 sold listings. A three-bedroom home sold for $500,093 and another three-bedroom sold for $620,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
3 new listings. The average price is $293,566 and the average price per sq/ft is $412.
Sold Properties:
1 sold listing. The price was $381,000 and the price per sq/ft was $291.

2-Bedrooms
New Listings:
4 new listings. The average price is $390,500 and the average price per sq/ft is $380.
Sold properties:
1 sold listing. The price was $525,000 and the price per sq/ft was $516.

3-Bedrooms
New Listings:
1 new listings. The price is $660,000 and the price per sq/ft is $385.
Sold Properties:
No sold listings.

Single-Family Homes:
New Listings:
2 new listings. A three-bedroom home for $425,000 and one two-bedroom home for $799,000.
Sold Properties:
No sold listings.

BERGEN-LAFAYETTE:
New Listings:
One four-bedroom home listed for $219,000.
Sold Properties:
One three bedroom home closed for $290,000.

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:

Mortgage rates have continued to trend higher, as the volatility in the Equity markets hits its highest level in quite some time. Even though equities have been selling off, the bond market has not rallied.

Normally, when we see a sell-off in the stock markets investors buy bonds. This causes a decline in mortgage rates. But, over the past week, we have seen a consistent sell-off in the both stock and bond markets. This has given investors nowhere to hide, and has led mortgage rates to increase for the fifth straight week.

Right now, rates are at their highest level since April of 2014. The markets are looking for direction, and until they get it, expect continued volatility and continued upward pressure on mortgage rates.

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

ALSO OF INTEREST:
US Home Construction Rose 9.7% in January (Realtor.com)

Indoor Garden Ideas (ApartmentTherapy)

Jersey City “Most Diverse City” in America

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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.