hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | September 14, 2018

Hoboken & Jersey City Real Estate Trends | September 14, 2018
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Last week we discussed the fact that there had been several price reductions since Labor Day. In total, there were 85 price changes across the board. Most of these were in the $25K to $50K price range, but there were some more significant price changes in the higher end market—with a couple of places reducing by $100K or more.

Does this signify a softening of the market? Not necessarily. The main reason for these reductions is to kickstart properties that have been available for over 60 days. The Fall market sees more active buyers and it is a way to entice potential buyers into revisiting a property. Or it is to reset the property in a lower price bracket to include more buyers.  Some of these units were simply overpriced to begin with.

Although rates are slated to continue to rise, overall inventory levels are low. Hoboken only has 265 active condos listed on the MLS, with only 184 units priced under $1mill.

According to Amy Owens of KW Realty, who services Glen Ridge and Montclair, they are not seeing prices come down in the suburbs as they are also suffering from a shortage of inventory. Until we see a change in supply versus demand, will we not see any significant shift in the market.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $626,570 and the average price per sq/ft is $828.
Sold Properties:
4 properties closed. The average price was $583,375 and the average price per sq/ft was $755.

2-Bedrooms
New Listings:
28 new listings. The average price is $817,132 and the average price per sq/ft is $755.
Sold Properties:
3 properties closed. The average price was $645,000 and the average price per sq/ft was $657.

3-Bedrooms
New Listings:
10 new listings. The average price is $1,452,095 and the average price per sq/ft is $823.
Sold Properties:
1 sold property. The price was $1,600,000 and the price per sq/ft was $800.

4-Bedrooms
New Listings:
3 new listings. The average price is $2,265,000 and the average price per sq/ft is $815.
Sold Properties:
No sold properties.

Single-Family Homes
1 new three-bedroom home listed for $1,755,000, one four-bedroom home listed for $2,495,000 and one five-bedroom home listed for $2,399,000.
Sold Properties:
1 three-bedroom home closed for $1,725,000 and a five-bedroom home sold for $2,050,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
13 new listings. The average price is $648,299 the average price per sq/ft is $807.
Sold Properties:
4 properties closed. The average price was $545,475 and the average price per sq/ft was $881.

2-Bedrooms
New Listings:
20 new listings. The average price is $726,869 and the average price per sq/ft is $739.
Sold Properties:
3 properties closed. The average price was $835,000 and the average price per sq/ft was $677.

 3-Bedrooms
New Listings:
4 new listings. The average price is $1,199,749 and the average price per sq/ft is $707.
Sold Properties:
No sold properties.

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

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listings. The average price is $610,000 and the price per sq/ft is $399.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
4 new listings. The average price is $543,000 and the average price per sq/ft is $402.
Sold Properties:
1 sold property. The price was $344,000 and the average price per sq/ft was $313.

3-Bedrooms
New Listings:
7 new listings. The price is $580,022 and the price per sq/ft is $390.
Sold Properties:
2 property closed. The average price was $680,000 and the price pre sq/ft was $394.

Single-Family Homes:
New Listings:
Two new three-bedrooms listed for $425,000, one three-bedroom listed for $725,000 and a five-bedroom listed for $989,000.
Sold Properties:
One three-bedroom sold for $428,000. Two four-bedroom homes sold for $690,000 and $675,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $353,500 and the average price per sq/ft is $476.
Sold Properties:
1 sold listing. The price was $161,000 and the price per sq/ft is $315.

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

3-Bedrooms
New Listings:
4 new listings. The average price is $839,222 and the average price per sq/ft is $573.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
No new listings.
Sold Properties:
One three-bedroom sold for $699,000.

BERGEN-LAFAYETTE:
New Listings:
One four-bedroom listed for $550,000.
Sold Properties:
A four-bedroom sold for $380,000.

(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 application volume fell 1.8 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Overall mortgage volume is 18 percent lower than exactly one year ago. Mortgage purchase volume has been weak throughout all of 2018, as affordability constraints hit demand. Home prices continue to increase, albeit at a slower pace than last year. Prices have already surpassed their 2006 peaks. Also, lending today is much stricter than in years past which plays a major role in overall, mortgage volume.

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

ALSO OF INTEREST:
Simple Steps for Decluttering Your Closets (ApartmentTherapy.com)

Hoboken Arts & Music Festival — September 30th

New Parking Rules Coming to Jersey City Heights (JerseyDigs.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.