hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | June 7, 2019

Hoboken & Jersey City Real Estate Trends | June 7, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Summer is right around the corner but if you are looking to take advantage of the Spring market in our area now is the perfect time to do so.

House prices have indeed softened, and interest rates have stabilized, making homes more affordable across the board. If you are not yet shore-bound, take the time this weekend to visit some of the great homes available in the area.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
10 new listings. The average price is $524,949 and the average price per sq/ft is $743.
Sold Properties:
8 properties closed. The average price was $485,812 and the average price per sq/ft was $706.

2-Bedrooms
New Listings:
19 new listings. The average price is $893,100 and the average price per sq/ft is $728.
Sold Properties:
13 sold properties. The average price was $748,815 and the average price per sq/ft was $707.

3-Bedrooms
New Listings:
12 new listings. The average price is $1,527,250 and the average price per sq/ft is $861.
Sold Properties:
5 sold properties. The average price was $1,688,800 and the average price per sq/ft was $863.

4-Bedrooms
New Listings:
1 new listing. The price is $2,599,000 and the price per sq/ft is $780.
Sold Properties:
No properties closed.

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

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $698,888 and the average price per sq/ft is $933.
Sold Properties:
7 properties closed. The average price was $664,642 and the average price per sq/ft was $866.

2-Bedrooms
New Listings:
21 new listings. The average price is $1,036,265 and the average price per sq/ft is $902.
Sold Properties:
4 properties closed. The average price was $874,400 and the average price per sq/ft was $713.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,054,333 and the average price per sq/ft is $816.
Sold Properties:
1 sold property.  The price was $1,199,000 and the price per sq/ft was $712.

4-Bedrooms
New Listings:
1 new listing. The price is $1,100,000 and the price per sq/ft is $545.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
One new three-bedroom home listed for $1,100,000.
Sold Listings:
3 three-bedroom homes sold for $801,500, $1,199,000 and $1,985,000 and a four-bedroom home sold for $1,499,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listing. The  price is $561,200 and the price per sq/ft is $661.
Sold Properties:
1 sold property. The price was $275,000 and the average price per sq/ft was $339.

2-Bedrooms
New Listings:
6 new listings. The average price is $714,780 and the average price per sq/ft is $551.
Sold Properties:
2 sold properties. The average price was $300,000 and the average price per sq/ft was $452.

3-Bedrooms
New Listings:
4 new listings. The average price is $565,750 and the average price per sq/ft is $518.
Sold Properties:
No sold properties.

4-Bedrooms
New Listings:
3 new listings. The average price is $634,333 and the average price per sq/ft is $412.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
1 two-bedroom home listed for $425,000 and a 3 three-bedroom home listed for $625,000.
Sold Properties:
No sold listings.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $351,750 and the average price per sq/ft is $417.
Sold Properties:
3 sold properties. The average price is $290,050 and the average price per sq/ft is $407.

2-Bedrooms
New Listings:
1 new listings. The price is $391,000 and the price per sq/ft is $381.
Sold properties:
No sold properties.

3-Bedrooms
New Listings:
1 new listings. The price is $535,000 and the price per sq/ft is $301.
Sold Properties:
No sold properties

Single-Family Homes:
New Listings:
One four-bedroom home listed for $449,000, and a five-bedroom home listed for $359,000.
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
A five-bedroom home listed for $550,000 and a six-bedroom home listed for $679,000.
Sold Properties:
No sold properties.

(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:

Total mortgage application volume increased 1.5% last week from the previous week, and 12% from a year earlier.  This is according to the Mortgage Bankers Association’s seasonally adjusted index. The increase in applications was pretty much completely driven by refinances.  Refinances are highly rate-sensitive, and the recent downturn in rates added about 2 million more borrowers to the pool of those who could benefit from a refinance, according to Black Knight, a mortgage software and analytics company.  However, mortgage applications to purchase a home were down 2% for the week and were barely 0.5% higher than a year ago. High home prices, and lack of quality inventory continue to sideline buyers, especially first-time buyers.

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

ALSO OF INTEREST:

Splurge or Save: Home Decor Tips When Listing Real Estate (NJ Realtors)

Five Reasons You Need a Realtor (Forbes.com)

Hoboken Approves New Budget

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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.