hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | June 8, 2018

Hoboken & Jersey City Real Estate Trends | June 8, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Online privacy and who has access to your information has been a hot topic as of late, so I thought it would be a good idea to let you know what happens when you enter your information on certain real estate websites, namely Zillow.

As we have discussed previously, Zillow is a great site for photographs, but the data it provides can be very misleading particularly when it comes to “zestimates”, which has lead to several lawsuits against the company.

Zillow, like most other websites is in the business of making money. Zillow makes the majority of it’s money from real estate agents, as many individual agents pay a heavy premium to be a “premier agent” on their site—often thousands of dollars per month. So when you click on a property that interests you and the site asks if you would like to “contact the agent” it is one of these agents that you are linked to.

Many people believe that they are put in touch with the listing agent, but this is not the case. Zillow is basically selling your information to the highest bidder. Once you initiate contact with that agent, you will be continuously linked to them—regardless of what property you ask for information on.

Whether that’s of concern is up to the individual. But whenever you’re doing anything online—particularly something as substantial as shopping for real estate, where so many factors come into play—it’s important to know who is getting your information so that you can get an idea of what they’re potentially doing with it.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
16 new listings. The average price is $536,981 and the average price per sq/ft is $758.
Sold Properties:
5 properties closed. The average price was $553,000 and the average price per sq/ft was $759.

2-Bedrooms
New Listings:
20 new listings. The average price is $892,846 and the average price per sq/ft is $774.
Sold Properties:
9 properties closed. The average price was $1,244,611 and the average price per sq/ft was $895.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,263,500 and the average price per sq/ft is $799.
Sold Properties:
4 sold properties. The average price was $1,060,500 and the price per sq/ft was $708.

4/5-Bedrooms
New Listings:
1 new listing. The price is $1,690,200 and the price per sq/ft is $665.
Sold Properties:
1 property closed. The price was $2,525,000 and the price pre sq/ft was $983.

Single-Family Homes
1 new six-bedroom home listed for $3,500,000 and 2 new five-bedroom homes listed ranging from $1,925,000 to $2,449,000.
Sold Listings:
1 three-bedroom home closed for $1,625,000

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $1,004,888 the average price per sq/ft is $893.
Sold Properties:
4 properties closed. The average price was $658,000 and the average price per sq/ft was $897.

2-Bedrooms
New Listings:
20 new listings. The average price is $953,361 and the average price per sq/ft is $867.
Sold Properties:
6 properties closed. The average price was $800,562 and the average price per sq/ft was $653.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,070,399 and the average price per sq/ft is $778.
Sold Properties:
1 property sold. The price was $1,389,000 and the price per sq/ft was $978.

4/5-Bedrooms
New Listings:
1 new listing. The price is $2,350,000 and the price per sq/ft is $671.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
Three new three-bedroom homes listed for $925,000, $1,199,000 and $1,399,000 . One four-bedroom listed for $1,650,000 and one five-bedroom listed for $2,350,000.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listing. The price is $239,000 and the price per sq/ft is $371.
Sold Properties:
1 sold listing. The price was $225,000 and the price pre sq/ft was $407.

2-Bedrooms
New Listings:
10 new listings. The average price is $400,299 and the average price per sq/ft is $421.
Sold Properties:
2 properties closed. The price was $520,000 and the average price per sq/ft was $389

3-Bedrooms
New Listings:
1 new listing. The price is $604,900 and the price per sq/ft is $605.
Sold Properties:
1 sold listing. The price was $267,750 and the price pre sq/ft was $243.

Single-Family Homes:
New Listings:
Three three-bedroom homes listed for $538,000, $550,000 and $829,000.
Sold Properties:
No sold properties.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $296,600 and the average price per sq/ft is $407.
Sold Properties:
1 sold listing. The price was $212,000 and the price per sq/ft was $309.

2-Bedrooms
New Listings:
2 new listings. The average price is $599,000 and the average price per sq/ft is $595.
Sold properties:
4 sold listings. The average price was $449,250 and the price per sq/ft was $394.

3-Bedrooms
New Listings:
2 new listings. The average price is $304,500 and the average price per sq/ft is $256.
Sold Properties:
1 sold property. The price was $267,750 and the price per sq/ft was $243.

Single-Family Homes:
New Listings:
Three three-bedroom home listed for $499,000, $549,000 and $599,000 and a two-bedroom home listed for $699,000.
Sold Properties:
One three-bedroom sold for $475,000 and two four-bedroom homes old for $510,000 and $805,000.

BERGEN-LAFAYETTE:
New Listings:
One new two-bedroom home listed for $605,000.
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:

After declining for a month, mortgage applications finally increased last week from the previous week, up approximately 4.1%.  Mortgage rates have been on the rise throughout 2018, and moved sharply higher in early April. There has been a slight pullback in rates recently, beginning a few weeks ago.
Mortgage rates loosely follow the yield on the 10-year Treasury bond. Mortgage applications to purchase a home were 9 percent higher than a year ago, which is a positive sign for the home-buying market.
Homebuyers today are facing a short supply of homes for sale, as well as increasing sales prices. Higher mortgage rates were only adding to the pain, so the brief drop may have gotten some potential buyers off the fence.  Unfortunately, mortgage rates began moving higher again at the end of last week, which has continued into this week. Rates are expected to move steadily higher this year, despite temporary fluctuations.

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

ALSO OF INTEREST:

BAG BAN: Hoboken & Jersey City Move to Sack Plastic

Mortgage Rates Fall to 7-Week Low (Realtor.com)

How to Save Money on Your Mortgage (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.