hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | April 27, 2018

Hoboken & Jersey City Real Estate Trends | April 27, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

An active Spring market often brings bidding wars and “best and final” scenarios.

When a seller receives multiple offers on a property, instead of countering each offer individually they may choose to allow all potential buyers to submit their best number and best terms by a certain date. This is known in the industry as a “best and final.”

The seller and their agent will review the offers and pick which works best for them—not just in terms of price, but other criteria as well. For instance, waiving the inspection and/or appraisal contingency could potentially give you an edge in these circumstances. Keep in mind, even after the seller agrees to an offer, whether via best and final or otherwise, nothing is binding until the attorney review period is completed.

These situations can be very stressful on a buyer, which is why we encourage buyers to work with experienced agents and consult a real estate attorney with any concerns.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
16 new listings. The average price is $528,368 the average price per sq/ft is $755.
Sold Properties:
4 properties closed. The average price was $447,250 and the average price per sq/ft was $628.

2-Bedrooms
New Listings:
11 new listings. The average price is $1,047,681 and the average price per sq/ft is $789.
Sold Properties:
12 properties closed. The average price was $879,750 and the average price per sq/ft was $758.

3-Bedrooms
New Listings:
8 new listings. The average price is $4,425,375 and the average price per sq/ft is $840.
Sold Properties:
2 sold properties. The average price was $1,250,000 and the average price per sq/ft was $873.

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

Single-Family Homes
2 new four-bedroom homes listed. One for $1,989,900 and one for $3,500,000.
Sold Listings:
No sold listings

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
12 new listings. The average price is $647,357 the average price per sq/ft is $770.
Sold Properties:
5 properties closed. The average price was $674,900 and the average price per sq/ft was $811.

2-Bedrooms
New Listings:
14 new listings. The average price is $893,849 and the average price per sq/ft is $810.
Sold Properties:
12 properties closed. The average price was $893,849 and the average price per sq/ft was $810.

3-Bedrooms
New Listings:
7 new listings. The average price is $1,217,414 and the average price per sq/ft is $769.
Sold Properties:
1 property closed. The price was $985,000 and the price per sq/ft was $996.

Single-Family Homes
New Listings:
Three new three-bedroom home listed for $1,099,000, $1,275,000 and $1,150,000.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New Listings:
1 new listing. The price is $199,000 and the price per sq/ft is $560.
Sold Properties:
2 sold listings. The average price was $262,500 and the average price per sq/ft was $458.

2-Bedrooms
New Listings:
3 new listings. The average price is $501,666 and the average price per sq/ft is $447.
Sold Properties:
1 property closed. The price was $112,000 and the price per sq/ft was $175.

3-Bedrooms
New Listings:
5 new listings. The average price is $686,400 and the average price per sq/ft is $486.
Sold Properties:
3 sold properties. The average price was $571,333 and the average price per sq/ft was $365.

Single-Family Homes:
New Listings:
One three-bedroom home listed for $449,000 and one four-bedroom listed for $580,000.
Sold Properties:
One three-bedroom homes sold for $300,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $2349,900 and the average price per sq/ft is $458.
Sold Properties:
2 sold listings. The average price was $349,500 and the average price per sq/ft was $309.

2-Bedrooms
New Listings:
7 new listings. The average price is $401,814 and the average price per sq/ft is $424.
Sold properties:
41 sold listings. The average price was $288,750 and the price per sq/ft was $388.

3-Bedrooms
New Listings:
3 new listings. The average price is $287,000 and the average price per sq/ft is $319.
Sold Properties:
1 sold property. The price was $399,000 and the price per sq/ft was $284.

Single-Family Homes:
New Listings:
A three-bedroom home listed for $585,000 and a two-bedroom home listed for $540,000.
Sold Properties:
Two three-bedroom homes sold for $585,000 and $699,000.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
Sold Properties:
A two-bedroom sold for $160,000.

(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:

Mortgage rates have continued to move higher over the past week, with some lenders now a quarter percentage point higher than 2018’s best levels.

Volatility in the bond market, which mortgage rates follow, is likely to continue for the foreseeable future, as various economic reports are due out over the coming days. However, despite higher mortgage rates, the critical shortage of homes for sale continues to drive home prices higher nationwide.

Based on a 3-month running average of home sales, home prices nationally were 6.7 percent higher than their peak in July 2006. This does not account for inflation. Prices are increasing more sharply in the nation’s largest metropolitan markets, as we’ve seen locally.

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

ALSO OF INTEREST:

Sephora Hoboken Opens on Washington Street

3rd Annual Great Jersey City Clean-Up

6 Tips for Small-Space Living (ApartmentTherapy.com)

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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 2015-2017, 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.