hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | August 17, 2018

Hoboken & Jersey City Real Estate Trends | August 17, 2018
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

83 new listings this week across all our areas—still very active, but we should see a bit of a slow down over the next couple of weeks before we gear up for our Fall market.

Next week we will discuss what you need to do to get your home “showcase” ready.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $507,482 and the average price per sq/ft is $809.
Sold Properties:
6 properties closed. The average price was $419,000 and the average price per sq/ft was $652.

2-Bedrooms
New Listings:
13 new listings. The average price is $969,461 and the average price per sq/ft is $761
Sold Properties:
6 properties closed. The average price was $1,244,000 and the average price per sq/ft was $983.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,112,333 and the average price per sq/ft is $653.
Sold Properties:
2 sold properties. The average price was $1,474,000 and the price per sq/ft was $846.

4/5-Bedrooms
New Listings:
1 new listing. The price is $2,149,000 and the price per sq/ft is $821.
Sold Properties:
No sold listings.

Single-Family Homes
One new five-bedroom listed for $1,699,000.
Sold Listings:
No sold listings

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
11 new listings. The average price is $643,172 the average price per sq/ft is $781.
Sold Properties:
4 properties closed. The average price was $699,850 and the average price per sq/ft was $866.

2-Bedrooms
New Listings:
18 new listings. The average price is $787,588 and the average price per sq/ft is $752.
Sold Properties:
8 properties closed. The average price was $844,000 and the price per sq/ft was $730.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,146,333 and the average price per sq/ft is $748.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
Two new four-bedroom homes listed for $899,000 and $1,850,000
Sold Properties:
No sold properties.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $319,450 and the average price per sq/ft is $442.
Sold Properties:
5 properties closed. The average price was $214,300 and the average price pre sq/ft was $393

2-Bedrooms
New Listings:
3 new listings. The average price is $387,962 and the average price per sq/ft is $454.
Sold Properties:
2 properties closed. The average price was $400,000 and the average price per sq/ft was $455.

3-Bedrooms
New Listings:
4new listings. The average price is $612,472 and the average price per sq/ft is $441.
Sold Properties:
5 properties sold. The average price was $541,800 and the average price per sq/ft was $492.

Single-Family Homes:
New Listings:
One two-bedroom home listed for $399,000.
Sold Properties
One three-bedroom home sold for $385,000 and a six-bedroom home sold for $985,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $302,450 and the average price per sq/ft is $442.
Sold Properties:
5 sold listings. The average price was $214,000 and the average price per sq/ft was $593.

2-Bedrooms
New Listings:
6 new listings. The average price is $506,066 and the average price per sq/ft is $325.
Sold Properties:
1 sold listing. The price was $540,000 and the price per sq/ft was $687.

3-Bedrooms
New Listings:
2 new listings. The average price is $513,500 and the average price per sq/ft is $403.
Sold Properties:
No sold listings.

Single-Family Homes:
New Listings:
A four-bedroom listed for $625,000.
Sold Properties:
No sold listings.

BERGEN-LAFAYETTE:
New Listings:
Two new two-bedroom homes listed for $275,000 and $429,000 and a four bedroom home listed for $435,000.
Sold Properties:
No sold listings.

(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 several years of home values appreciation, the market appears to have found a limit to what people can afford. Sellers are finally responding by increasingly lowering prices.

According to a new report from Zillow, approximately 14 percent of all listings in June saw a price cut—that’s up from a recent low of 11.7 percent at the end of 2016. Additionally, home price growth is slowing in nearly half of the 35 largest U.S. metropolitan markets.

Rising mortgage rates and affordability are behind the change. As the housing market recovered from its epic crash in the last decade, home prices began to gain slowly. And then they suddenly took off in the last few years. The simple reason was supply and demand. As millennials aged into their home-buying years, homebuilders did not and are still not meeting the rising demand. In addition, millions of single-family homes lost to foreclosure were purchased by investors and turned into single-family rentals, further depleting the for-sale housing stock. The market was thus suffering a critical shortage, just as demand was taking off. Prices had nowhere to go but up, until now.

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

ALSO OF INTEREST:
Rental Tips for College Students (Realtor.com)

Ten Sources for Good, Cheap Rugs (ApartmentTherapy.com)

Hoboken Prepares for Serious Traffic Issues

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