hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | August 9, 2019

Hoboken & Jersey City Real Estate Trends | August 9, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

The biggest news in real estate over the past week has been about interest rates. Falling bond yields have pushed mortgage rates to their lowest level in nearly three years.

The current mortgage rate is approximately 3.7%, in comparison to almost 5% last November. This has led to a big increase in the amount of people looking to refinance.

August is traditionally a slower month for home buyers, as people wait to see what comes available in the Fall market, but the lower interest rates has seen a renewed interest from buyers.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $487,331 and the average price per sq/ft is $712.
Sold Properties:
5 properties closed. The average price was $514,000 and the average price per sq/ft was $643.

2-Bedrooms
New Listings:
10 new listings. The average price is $759,898 and the average price per sq/ft is $687.
Sold Properties:
5 properties closed. The average price was $642,580 and the average price per sq/ft was $691.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,087,000 and the average price per sq/ft is $696.
Sold Properties:
2properties closed. The average price was $1,105,000 and the average price per sq/ft was $676.

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

Single-Family Homes
New Listings:
One three-bedroom home listed for $899,000.
Sold Listings:
One four-bedroom home sold for $1,850,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $634,712 and the average price per sq/ft is $762.
Sold Properties:
3 properties closed. The average price was $870,666 and the average price per sq/ft was $996.

2-Bedrooms
New Listings:
4 new listings. The average price is $830,000 and the average price per sq/ft is $996.
Sold Properties:
5 properties closed. The average price was $736,900 and the average price per sq/ft was $695.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,110,000 and the average price per sq/ft is $775.
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:
2 new listings. The average price is $293,500 and the average price per sq/ft is $532.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
3 new listings. The average price is $432,332 and the average price per sq/ft is $429.
Sold Properties:
1 sold property. The price was $349,000 and the price per sq/ft was $434.

3-Bedrooms
New Listings:
4 new listings. The average price is $686,725 and the average price per sq/ft is $525.
Sold Properties:
1 sold property. The price was $630,000 and the price per sq/ft was $504.

Single-Family Homes:
New Listings:
One three-bedroom home listed for $575,000.
Sold Properties:
One three-bedroom home sold for $385,000 and a two-bedroom home sold for $529,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $264,750 and the average price per sq/ft is $379.
Sold Properties:
2 sold properties. The average price is $194,000 and the average price per sq/ft is $350.

2-Bedrooms
New Listings:
5 new listings. The average price is $465,800 and the average price per sq/ft is $435.
Sold properties:
2 sold listings. The average price was $354,500 and the average price per sq/ft was $384.

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

Single-Family Homes:
New Listings:
A two-bedroom listed for $899,000, a three-bedroom homes listed for $575,000 and a four-bedroom home listed for $399,000.
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
A six-bedroom home listed for $635,000 a seven-bedroom home listed for $649,000.
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 have come down .125-250% over the past week. This has been due more to the trade war with China, rather than the Fed cut of the Prime rate.

This caused a sharp increase in refinance applications.  Refinance applications rose 12% for the week and a stunning 116% from one year ago. Refinances are highly sensitive to even small interest rate moves, and last week’s was significant.

Mortgage applications to purchase a home got no boost from those lower rates. They fell 2% for the week, the fourth straight decrease. This is mainly due to purchase volume reducing during the “dog days” of summer.

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

ALSO OF INTEREST:

Hoboken moves closer to a contiguous waterfront

Which Stores Do More For Your Home’s Value? (Realtor.com)

Making the Most of Urban Living Space (apartmenttherapy.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 2015-2018, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past seven years running (2012-2018), which represents the premium level of achievement within the Century 21 organization.