hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | June 14, 2019

Hoboken & Jersey City Real Estate Trends | June 14, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Mortgage rates dropped to their lowest level in 2 years this week, leading to a surge in mortgage applications. Rates have been falling steadily for a few weeks now, which means that buyers are starting to get serious about purchasing.  If you are considering buying a home now is a good time to lock in on your rate and to start seriously looking.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
11 new listings. The average price is $576,962 and the average price per sq/ft is $712.
Sold Properties:
2 properties closed. The average price was $442,500 and the average price per sq/ft was $629.

2-Bedrooms
New Listings:
15 new listings. The average price is $780,260 and the average price per sq/ft is $675.
Sold Properties:
7 sold properties. The average price was $1,021,714and the average price per sq/ft was $814.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,150,000 and the average price per sq/ft is $616.
Sold Properties:
3 sold properties. The average price was $1,421,666 and the average price per sq/ft was $857.

4-Bedrooms
New Listings:
1 new listing. The price is $2,275,000 and the price per sq/ft is $848.
Sold Properties:
1 sold property.  The price was $1,800,000 and the price per sq/ft was $812.

Single-Family Homes
One new 5-bedroom home listed for $2,349,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
8 new listings. The average price is $573,486 and the average price per sq/ft is $798.
Sold Properties:
6 properties closed. The average price was $ 709,000and the average price per sq/ft was $821.

2-Bedrooms
New Listings:
8 new listings. The average price is $876,037 and the average price per sq/ft is $747.
Sold Properties:
6 properties closed. The average price was $887,989 and the average price per sq/ft was $753.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,137,497 and the average price per sq/ft is $860.
Sold Properties:
No sold properties.

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

Single-Family Homes
New Listings:
One new two-bedroom home listed for $875,000 and a four-bedroom home listed for $1,495,000.
Sold Listings:
1 two-bedroom home sold for $799000 a three-bedroom sold for 1,587,500 and a six-bedroom home sold for $1,100,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listing. The price is $263,000 and the price per sq/ft is $378.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
1new listing. The price is $369,000 and the price per sq/ft is $492.
Sold Properties:
1 sold property. The price was $585,000 and the price per sq/ft was $487.

3-Bedrooms
New Listings:
8 new listings. The average price is $718,750 and the average price per sq/ft is $477.
Sold Properties:
No sold properties.

4-Bedrooms
New Listings:
1 new listing. The price is $650,000 and the price per sq/ft is $340.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
1 two-bedroom home listed for $529,000.
Sold Properties:
1 three-bedroom home sold for $575,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $234,800 and the average price per sq/ft is $412.
Sold Properties:
3 sold properties. The average price is $227,666 and the average price per sq/ft is $276.

2-Bedrooms
New Listings:
1 new listings. The price is $314,000 and the price per sq/ft is $353.
Sold properties:
2 sold properties. The average price was $345,000 and the average price per sq/ft was $352.

3-Bedrooms
New Listings:
1 new listings. The price is $879,000 and the price per sq/ft is $399.
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 six-bedroom home listed for $325,000.
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:

Mortgage rates dropped to their lowest level in nearly two years, so total mortgage applications surged 26.8% in just one week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 41% higher than a year ago.  Refinances, which are most rate-sensitive, led the surge, jumping a remarkable 47% week to week and 97% annually. That pushed the refinance share of total mortgage application volume to 49.8% from 42.2%. It is nothing short of a refinancing boom, with applications now up 63% in the four weeks as rates have fallen 28 basis points over that time.

Mortgage applications to purchase a home, which hadn’t gained much traction on falling rates, finally jumped 10% weekly and annually. Buyers don’t usually react immediately to weekly rate drops, but since rates have been falling for a few weeks now, it may have pushed more potential buyers off the fence.

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

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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.