hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | April 26, 2019

Hoboken & Jersey City Real Estate Trends | April 26, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

April is nearly behind us and we are seeing activity in all our local markets.  There are plenty of properties to choose from.  In Hoboken, there are 73 one-bedroom condos, 124 two-bedroom condos, 46 three-bedrooms and 14 four-bedrooms condos currently on the market.  Downtown Jersey City has similar inventory, with 121 one-bedrooms, 117 two-bedrooms and 31 three/four-bedrooms available.  There is less inventory in the Heights and Journal Square, but there are still plenty on options.  If you are planning on purchasing this year now is the time to get out and start seeing the wonderful variety of homes available in all our areas.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $446,750 and the average price per sq/ft is $716.
Sold Properties:
2 properties closed. The average price was $396,250 and the price per sq/ft was $881.

2-Bedrooms
New Listings:
21 new listings. The average price is $822,990 and the average price per sq/ft is $726.
Sold Properties:
5 properties closed. The average price was $850,600 and the average price per sq/ft was $690.

3-Bedrooms
New Listings:
2 new listings. The average price is $2,087,500 and the average price per sq/ft is $1,192.
Sold Properties:
3 sold properties. The average price is $1,409,916 and the average price per sq/ft is $713.

4-Bedrooms
New Listings:
No new listings. .
Sold Properties:
No properties closed.

Single-Family Homes
One tw0-bedroom home listed for $1,350,000, a three-bedroom home listed for $1,750,000, two four bedroom homes listed for $1,850,000 and $1,950,000 and a five-bedroom homes listed for $1,699,000.
Sold Listings:
One four-bedroom home sold for $1,987,500.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $557,761 and the average price per sq/ft is $699.
Sold Properties:
3 properties closed. The average price was $616,966 and the average price per sq/ft was $875.

2-Bedrooms
New Listings:
16 new listings. The average price is $768,556 and the average price per sq/ft is $693.
Sold Properties:
4 properties closed. The average price was $722,750 and the average price per sq/ft was $855.

3-Bedrooms
New Listings:
1 new listing. The price is $1,075,000 and the price per sq/ft is $709.
Sold Properties:
1 property closed. The price was $1,475,000 and the price per sq/ft was $817.

Single-Family Homes
New Listings:
One new two-bedroom home listed for $865,000 and a three-bedroom listed for $899,000.
Sold Listings:
No sold properties.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
3 new listings. The average price is $316,000 and the average price per sq/ft is $523

Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
6 new listings. The average price is $488,333 and the average price per sq/ft is $440
Sold Properties:
No sold properties.

3-Bedrooms
New Listings:
1 new listing. The price is $684,000 and the average price per sq/ft is $522.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One two-bedroom home listed for $545,000 and two four-bedroom homes listed for $475,000 and $559,000.
Sold Properties:
No sold listings.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $310,700 and the average price per sq/ft is $401.
Sold Properties:
3 sold properties.  The average price is $321,666 and the average price per sq/ft is $408.

2-Bedrooms
New Listings:
1 new listing. The price is $559,000 and the price per sq/ft is $621.
Sold properties:
2 sold listings. The average price was $371,950 and the average price per sq/ft was $399.

3-Bedrooms
New Listings:
1 new listing. The price is $830,000 and the price per sq/ft is $485.
Sold Properties:
1 sold property. The price was $685,000 and the price per sq/ft was $293.

Single-Family Homes:
New Listings:
4 two-bedroom homes listed for $475,000 to $500,000.
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
One three- bedroom home listed for $479,000 a seven- bedroom home listed for $649,000.
Sold Properties:
One four-bedroom home sold for $455,000 and a five-bedroom home 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:

Homebuyers had been brushing off the slight rise in rates during recent weeks, but as those rates move even higher, purchasers are now pulling back.   Mortgage rates have hit their highest point in the last 30 days.  Overall mortgage application volume fell 7.3% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.  Recent home sales reports are showing just how sensitive today’s buyers are. Sales of existing homes in March, which are based on closings and therefore contracts signed in January and February, were disappointing. Sales of newly built homes, however, were stronger than expected, but those numbers are based on contracts signed in March, not closings.  Mortgage rates took a steep dive in March, and that likely juiced sales. With rates now higher again, sales could falter.

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

ALSO OF INTEREST:
Hoboken to Accommodate 990 PreK Students for 2019-2020

Hotel Plan Moves Forward in NW Hoboken (JerseyDigs.com)

$1 Ohio Home Puts the Buck in the Buckeye State (realtor.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.