hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | August 24, 2018

Hoboken & Jersey City Real Estate Trends | August 24, 2018
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

The end of Summer is drawing near, which means the Fall real estate market is just around the corner.  If you are thinking about putting your home on the market in the near future, here are some ways to prepare.

• Declutter:
  The rule of thumb is to reduce everything by a third.  This means 1/3 of the items in your closets, on your bookshelves and all your drawers and kitchen cabinets.  Most of us have a lot more than we ever need or use, but if you don’t want to throw items out or donate them consider renting a storage unit.  Most storage places will do a 3 month contract.
• Depersonalize:
  Remove the family photos, wall art from the kids and magnets off the fridge.
• Paint:
  Once you remove the clutter, the walls will be in worse shape than you think.  A fresh coat of paint will make everything appear clean and new. Go with neutral colors—no bold, statement colors or stark white.
• Accessorize:
  Get some throw pillows and throw rugs and pick up new matching towels and shower curtains for the bathroom and a couple of accent pieces.
• Check the lighting:
  Make sure all rooms are well lit, not just with a central light but with well placed lamps as well.  Make sure all the lights are in working order.
• Clean:
  Hire a professional cleaning service.  Have a deep clean done right before you list.  Make sure you clean the windows too.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $587,000 and the average price per sq/ft is $751.
Sold Properties:
8 properties closed. The average price was $405,000 and the average price per sq/ft was $727.

2-Bedrooms
New Listings:
8 new listings. The average price is $811,000 and the average price per sq/ft is $745.
Sold Properties:
10 properties closed. The average price was $833,979 and the average price per sq/ft was $707.

3-Bedrooms
New Listings:
1 new listing. The price is $849,000 and the price per sq/ft is $635.
Sold Properties:
6 sold properties. The average price was $1,315,833 and the average price per sq/ft was $741.

4/5-Bedrooms
New Listings:
2 new listings. The average price is $2,399,000 and the average price per sq/ft is $786.
Sold Properties:
No sold listings.

Single-Family Homes
One new four-bedroom listed for $2,450,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $680,765 the average price per sq/ft is $932.
Sold Properties:
4 properties closed. The average price was $588,999 and the average price per sq/ft was $850.

2-Bedrooms
New Listings:
8 new listings. The average price is $1,102,348 and the average price per sq/ft is $986.
Sold Properties:
4 properties closed. The average price was $985,750 and the price per sq/ft was $786.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,419,500 and the average price per sq/ft is $980.
Sold Properties:
1 sold property. The price was $1,180,000 and the price per sq/ft was $629.

Single-Family Homes
New Listings:
Two new three-bedroom homes listed for $450,000 and $1,700,000
Sold Properties:
No sold properties.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New Listings:
3 new listings. The average price is $249,000 and the average price per sq/ft is $322.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
1 new listing. The price is $575,000 and the average price per sq/ft is $410.
Sold Properties:
1 property closed. The price was $345,000 and the e price per sq/ft was $500.

3-Bedrooms
New Listings:
1 new listing. The price is $675,000 and the price per sq/ft is $557.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
No new listings.
Sold Properties:
No sold properties.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $299,500 and the average price per sq/ft is $421.
Sold Properties:
1 sold listing. The price was $219,000 and the price per sq/ft was $389.

2-Bedrooms
New Listings:
8 new listings. The average price is $451,375 and the average price per sq/ft is $556.
Sold Properties:
1 sold listing. The price was $395,000 and the price per sq/ft was $243.

3-Bedrooms
New Listings:
1 new listing. The price is $200,000 and the price per sq/ft is $284.
Sold Properties:
No sold listings.

Single-Family Homes:
New Listings:
No new listings.
Sold Properties:
3 sold single family homes ranging from $307,000 to $1,196,988.

BERGEN-LAFAYETTE:
New Listings:
One new three-bedroom home listed for $319,000.
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:

America’s Most Expensive Neighborhoods (realtor.com)

Citigroup Plans Private Ferry Service b/t Manhattan & JC (JerseyDigs.com)

Moving Pack Hacks (ApartmentTherapy.com)

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