hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | May 11, 2018

Hoboken & Jersey City Real Estate Trends | May 11, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Although our primary focus is the sales market, we like to give periodic updates on the rental market.

The current rental market is softer than it has been in the past, with more options and slightly lower prices. The average one-bedroom in Hoboken and Downtown Jersey City is $2300, two bedrooms are around $3100 and three-bedrooms average around $4100. Jersey City Heights and Journal Square offer less expensive options, with one bedrooms averaging around $1600-$1700, two bedrooms are approximately $1900 and three bedrooms are between $2200-$2300.

If you are looking to rent in the area it’s a good thing to be prepared. Most landlords will require proof of employment and a credit check along with 2-3 references. The credit check costs around $35 per person. The security deposit is normally around 1.5 months and if you go through a Realtor you will also pay a one month Realtor fee.

Some of the larger managed buildings offer incentives such as “one month rent free for a 13 month lease” or lower security deposits. It’s always a good idea to double check if there are any additional costs. Some of the buildings with a large amount of amenities have a yearly amenity fee due at lease signing which can be around $500-$700 and a lot of buildings have a move-in /move-out fee, which range from $200-$300.

Most tenants give notice 30-45 days before they are due to vacate so if you have a set move in date you should start looking around a month before you wish to move. Please be aware of scams. If it looks too good to be true it probably is, and NEVER give anyone any money before meeting with the agent or owner and seeing the actual property.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
21 new listings. The average price is $520,523 and the average price per sq/ft is $775.
Sold Properties:
6 properties closed. The average price was $510,166 and the average price per sq/ft was $721.

2-Bedrooms
New Listings:
21 new listings. The average price is $833,609 and the average price per sq/ft is $692.
Sold Properties:
6 properties closed. The average price was $1,340,835 and the average price per sq/ft was $1004.

3-Bedrooms
New Listings:
11 new listings. The average price is $1,810,000 and the average price per sq/ft is $869.
Sold Properties:
2 sold properties. The average price was $1,925,000 and the average price per sq/ft was $859.

4-5 Bedrooms
New Listings:
1 new listing. The price is $2,200,000 and the average price per sq/ft is $684.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
1 new three -bedroom listed for $1,195,000, a four-bedroom home listed for $2,599,000 and a five-bedroom home listed for $2,400,000.
Sold Listings:
One three-bedroom home closed for $1,635,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $728,735 the average price per sq/ft is $953.
Sold Properties:
4 properties closed. The average price was $514,375 and the average price per sq/ft was $787.

2-Bedrooms
New Listings:
33 new listings. The average price is $1,745,000 and the average price per sq/ft is $911.
Sold Properties:
6 properties closed. The average price was $840,832 and the average price per sq/ft was $714.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,571,375 and the average price per sq/ft is 1,031.
Sold Properties:
1 sold property. The price was $955,500 and the price per sq/ft was $1,076

Single-Family Homes
New Listings:
A two-bedroom home listed for $974,000 3 three-bedroom homes listed for $1,400,000, $1,650,000 and $1,840,000 and2 four bedroom homes listed for $1,999,000 and $,1949,000.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $242,450 and the price per sq/ft is $431.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
4 new listings. The average price is $573,500 and the average price per sq/ft is $519.
Sold Properties:
2 properties closed. The price was $489,000 and the price per sq/ft was $378.

3-Bedrooms
New Listings:
5 new listings. The average price is $513,979 and the average price per sq/ft is $492.
Sold Properties:
No sold listings.

Single-Family Homes:
New Listings:
A three-bedroom homes listed for $325,000 and one four-bedroom listed for $500,000.
Sold Properties:
One three-bedroom homes sold for $300,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $232,583 and the average price per sq/ft is $349.
Sold Properties:
3 sold listings. The average price was $267,933 and the average price per sq/ft was $226.

2-Bedrooms
New Listings:
6 new listings. The average price is $408,660 and the average price per sq/ft is $473.
Sold properties:
2 sold listings. The average price was $500,000 and the price per sq/ft was $415.

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

Single-Family Homes:
New Listings:
A three-bedroom home listed for $495,00, a five-bedroom home listed for $325,000 and a six-bedroom home listed for $825,000.
Sold Properties:
One four-bedroom sold for $325,000.

BERGEN-LAFAYETTE:
New Listings:
One new four-bedroom listed for $474,900
Sold Properties:
A three-bedroom sold for $450,000.

(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:

Interest rates seem to have finally stabilized for the time being, but this had little impact on the mortgage market. Total mortgage application volume fell 0.4 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. The average contract interest rate for 30-year fixed-rate mortgages is hovering right at the 4.625-4.750 percent range. Mortgage applications to purchase a home should be surging, given the high demand for housing in the heart of the spring market. Instead, they’ve been stagnant.

Affordability is weighing on the largest and youngest cohort of buyers, millennials. Home prices, nationally, made their biggest jump in four years in March and likely continued higher in April, as tight supply prompts bidding wars. Cash in this competitive market is king, so it follows that mortgage demand would weaken. And, higher mortgage rates will only continue to put pressure on those needing to borrow money. 

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

ALSO OF INTEREST:
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Mile Square Theatre Presents 7th Inning Stretch

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