hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | September 28, 2018

Hoboken & Jersey City Real Estate Trends | September 28, 2018
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

The Federal reserve raised interest rates this week by a quarter of a percent this week. While it does not directly affect the mortgage rate, it will likely have a knock-on effect on spending power and will have an impact.

Next week, we’ll take a more in-depth look at the interest rates mean for the market.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $660,063 and the average price per sq/ft is $781.
Sold Properties:
3 properties closed. The average price was $427,667 and the average price per sq/ft was $603.

2-Bedrooms
New Listings:
29 new listings. The average price is $870,511 and the average price per sq/ft is $749.
Sold Properties:
9 properties closed. The average price was $669,444 and the average price per sq/ft was $685.

3-Bedrooms
New Listings:
2 new listings. The average price is $2,109,683 and the average price per sq/ft is $1,058.
Sold Properties:
1 sold property. The price was $1,875,000 and the price per sq/ft was $613.

4-Bedrooms
New Listings:
3 new listings. The average price is $2,133,331 and the average price per sq/ft is $849.
Sold Properties:
No sold properties.

Single-Family Homes
No new single family homes.
Sold Listings:
1 five-bedroom home closed for $2,999,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
12 new listings. The average price is $667,533 the average price per sq/ft is $818.
Sold Properties:
4 properties closed. The average price was $626,500 and the average price per sq/ft was $792.

2-Bedrooms
New Listings:
20 new listings. The average price is $930,744 and the average price per sq/ft is $787.
Sold Properties:
4 properties closed. The average price was $829,999 and the average price per sq/ft was $793.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,129,333 and the average price per sq/ft is $699.
Sold Properties:
1 property closed. The price was $1,386,000 and the average price per sq/ft was $953.

Single-Family Homes
New Listings:
3 new three-bedroom homes listed from $868,800 to $1,115,000.
Sold Listings:
One three-bedroom home sold for $1,750,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
No new listings.
Sold Properties:
3 sold listings. The average price was $325,666 and the average price per sq/ft was $381.

2-Bedrooms
New Listings:
3 new listings. The average price is $626,333 and the average price per sq/ft is $514.
Sold Properties:
2 sold property. The price was $328,000 and the average price per sq/ft was $408.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
2 properties closed. The average price was $710,000 and the average price per sq/ft was $481.

Single-Family Homes:
New Listings:
Two three-bedroom homes listed for $599,000 and $699,000 and one four- bedroom home listed for $349,000.
Sold Properties:
No sold properties.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
1 new listing. The price is $149,000 and the price per sq/ft is $362.
Sold Properties:
2 sold listings. The average price was $218,500 and the price per sq/ft is $401.

2-Bedrooms
New Listings:
No new listings.
Sold properties:
3 sold listings. The average price was $347,966 and the average price per sq/ft was $404.

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

Single-Family Homes:
New Listings:
Two new three-bedroom home listed for $459,000 and $479,000.
Sold Properties:
One four-bedroom sold for $625,000.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
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:

Interest rates for home loans have reached 7 year highs this week. However, this may be what’s getting borrowers back to their brokers — fear that rates could move significantly higher in the coming months. Buyers who might have been thinking rates could move even lower may now be reacting to a new surge in rates, thinking they’d better get in now while the getting is still relatively good. Mortgage applications for purchases were pretty slow all summer, but have gained on an weekly basis for the past five weeks. Whether or not the upward trend in mortgage rates will continue, and how this impacts our local market is something we will see play out this Fall.

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

ALSO OF INTEREST:

NJTransit to Buy More Buses (JerseyDigs.com)

Going Off The Grid (Realtor.com)

Hoboken Arts & Music Fest — SUNDAY, SEPTEMBER 30th

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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.