hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | September 13, 2019

Hoboken & Jersey City Real Estate Trends | September 13, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

With our Fall market gaining momentum now is a great time to get out and start looking at new homes.  If you want to be in your new place before the holidays you should start looking in earnest.

According to Realtor.com, the average home buyers will visit 10 homes over 10 weeks’ time before they find “the one.”  In our areas, we tend to move a bit faster than the national average, with buyers taking around 4-6 weeks. Some may fall in love with the first place they see, while others need to check out multiple properties.

The average closing takes 45-60 days from the time you have an accepted offer to closing.  So if you start looking today and it takes you about 4 weeks to find your new home you will move in just in time to host Thanksgiving!

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $578,478 and the average price per sq/ft is $753.
Sold Properties:
4 properties closed. The average price was $481,000 and the average price per sq/ft was $787.

2-Bedrooms
New Listings:
15 new listings. The average price is $763,759 and the average price per sq/ft is $726.
Sold Properties:
3 properties closed. The average price was $821,500 and the average price per sq/ft was $664.

3-Bedrooms
New Listings:
7 new listings. The average price is $1,245,868 and the average price per sq/ft is $755.
Sold Properties:
1 property closed. The price was $1,400,000 and the price per sq/ft was $661.

4-Bedrooms
New Listings:
5 new listings. The average price is $1,781,999 and the average price per sq/ft is $775.
Sold Properties:
No properties closed.

Single-Family Homes
New Listings:
One three-bedroom home listed for $699,000 and a four-bedroom listed for $2,350,000.
Sold Listings:
No sold properties.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
11 new listings. The average price is $599,000 and the average price per sq/ft is $802.
Sold Properties:
4 properties closed. The average price was $612,972 and the average price per sq/ft was $826.

2-Bedrooms
New Listings:
10 new listings. The average price is $1,216,300 and the average price per sq/ft is $938.
Sold Properties:
5 properties closed. The average price was $1,215,600 and the average price per sq/ft was $909.

3-Bedrooms
New Listings:
1 new listing. The price is $1,079,000 and average price per sq/ft is $559.
Sold Properties:
1 property closed.  The price was $1,215,000 and the price per sq/ft was $952.

Single-Family Homes
New Listings:
Two three-bedroom homes listed for $750,000 and $1,199,000.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listing. The price is $309,000 and the price per sq/ft is $432.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
5 new listings. The average price is $364,600 and the average price per sq/ft is $383.
Sold Properties:
1 sold property. The price was $370,000 and the average price per sq/ft was $399.

3-Bedrooms
New Listings:
7 new listings. The average price is $727,857 and the average price per sq/ft is $482.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
Four three-bedroom homes listed from $475,000 to $899,000
Sold Properties:
One three-bedroom home sold for $575,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $237,450 and the average price per sq/ft is $445.
Sold Properties:
2 sold properties. The average price is $232,5000 and the average price per sq/ft is $398.

2-Bedrooms
New Listings:
1 new listing. The price is $228,000 and the price per sq/ft is $398.
Sold properties.
No sold properties.

3-Bedrooms
New Listings:
3 new listings. The average price is $474,666 and the average price per sq/ft is $293.
Sold Properties:
No sold properties

Single-Family Homes:
New Listings:
Two three-bedroom homes listed for $299,000 and $479,000.
Sold Properties:
One tow-bedroom home sold for $400,000

BERGEN-LAFAYETTE:
New Listings:
One four-bedroom home listed for $398,000.
Sold Properties:
One five-bedroom home sold for $550,000.

(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:

According to the Mortgage Bankers Association’s seasonally adjusted index, homebuyers are taking advantage of lower mortgage rates and a slow summer for sellers.  This has caused an increase in mortgage applications. Total mortgage application volume rose 2% last week compared with the previous week. Volume was up 69% compared with the same week one year ago, when interest rates were much higher. The week’s results included an adjustment for the Labor Day holiday.

Lower mortgage rates, combined with more moderate home prices and sellers whom have to keep their home on the market longer, are all bringing buyers back to the market. Mortgage applications to purchase a home increased 5% for the week and were 9% higher than the same week one year ago. More homes usually come on the market after the Labor Day holiday, marking an end of the summer slump. We’ll see what Fall 2019 brings, as consumer confidence in the economy has been waning.

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

ALSO OF INTEREST:

Small Bathroom Decorating Ideas (apartmenttherapy.com)

Home Upgrades to Attract Millennial Buyers (realtor.com)

First Street Block Party in Hoboken — Saturday, September 14

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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 2015-2018, 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.