hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | October 4, 2019

Hoboken & Jersey City Real Estate Trends | October 4, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Fall weather is firmly in place, and the Fall Market is well underway. Take a look at what’s currently available in our markets…

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
24 new listings. The average price is $524,428 and the average price per sq/ft is $751.
Sold Properties:
3 properties closed. The average price was $637,000 and the average price per sq/ft was $780.

2-Bedrooms
New Listings:
25 new listings. The average price is $811,917 and the average price per sq/ft is $734.
Sold Properties:
6 properties closed. The average price was $771,250 and the average price per sq/ft was
$715.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,798,400 and the average price per sq/ft is $913.
Sold Properties:
2 sold properties. The average price was $1,617,500 and the average price per sq/ft was $952.

4+ Bedrooms
New Listings:
3 new listings. The average price is $2,114,294 and the average price per sq/ft is $874.
Sold Properties:
No properties closed.

Single-Family Homes
New Listings:
a two-family home listed for $1,280,000 and two four-bedroom homes listed for
$1,625,000 and $2,550,000
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
13 new listings. The average price is $792,491 and the average price per sq/ft is $802.
Sold Properties:
5 properties closed. The average price was $508,900 and the average price per sq/ft was
$754.

2-Bedrooms
New Listings:
10 new listings. The average price is $894,168 and the average price per sq/ft is $768.
Sold Properties:
4 properties closed. The average price was $613,750 and the average price per sq/ft was
$748.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,019,499 and the average price per sq/ft is $742.
Sold Properties:
1 sold property. The price was $1,080,000 and the price per sq/ft was $784.

Single-Family Homes
New Listings:
One three-bedroom homes listed for $1,149,000.
Sold Listings:
1 three-bedroom sold for $955,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listing. The price is $299,000 and the price per sq/ft is $418.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
2 new listings. The average price is $424,499 and the average price per sq/ft is $333.
Sold Properties:
3 sold properties. The average price was $345,000 and the average price per sq/ft was
$389.

3-Bedrooms
New Listings:
6 new listings. The average price is $661,083 and the average price per sq/ft is $475.
Sold Properties:
2 properties closed. The average price was $730,000 and the average price per sq/ft was $471.

Single-Family Homes:
New Listings:
One four -bedroom homes listed for $650,000
Sold Properties:
One four-bedroom sold for $600,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
3 new listings. The average price is $301,000 and the average price per sq/ft is $449.
Sold Properties:
1 sold property.  The price was $450,000 and the price per sq/ft was $576.

2-Bedrooms
New Listings:
7 new listings. The average price is $499,571 and the price per sq/ft is $370.
Sold properties:
2 sold properties. The average price is $305,000 and the average price per sq/ft is $286.

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

Single-Family Homes:
New Listings:
One two-bedroom homes listed for $599,000 and a five-bedroom home
listed for $520,900.
Sold Properties:
One three-bedroom sold for $475,000 and a five-bedroom sold for $529,888.

BERGEN-LAFAYETTE:
New Listings:
Five homes listed from $299,000 to $499,000.
Sold Properties:
One three-bedroom closed for $310,000.

(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:

Mortgage applications to purchase a home rose just 1% for the week but were 10% higher annually. The fall housing market is benefiting from lower rates but suffering from a lack of homes for sale, especially at entry-level prices.

While the number of purchase applications was 10% higher annually, the dollar volume of those applications was nearly 17% higher, suggesting that the action in the purchase market is at a higher price than a year ago. Sales of homes priced at the lower end of the market fell in August compared with last year, according to the National Association of Realtors, but sales of homes priced above $500,000 saw big gains. There is simply more for sale in the move-up market than at the entry level, and buyers there are less sensitive to small changes in mortgage rates.

Mortgage rates started this week even lower, but that could change with the release of the all-important monthly employment report on Friday as well as other economic data in the days before then.

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

ALSO OF INTEREST:

Paying for Home Renovations with a HELOC—Home Equity Line of Credit (realtor.com)

New Project Planned on Hoboken/Jersey City Border (JerseyDigs)Fall Harvest Music Festival – Riverview Park / JCHeights

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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.