hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | October 11, 2019

Hoboken & Jersey City Real Estate Trends | October 11, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Whilst looking at past columns we came across one from this time last year which said the interest rates were at 4.74%.  One year later the rates are around 3.75% – 3.82%, almost a full point lower.  Prices are also softer than they were a year ago, so if you are considering getting into your new home before the end of the now is the time to start looking in earnest.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
10 new listings. The average price is $470,078 and the average price per sq/ft is $715.
Sold Properties:
2 properties closed. The average price was $360,000 and the average price per sq/ft was $661.

2-Bedrooms
New Listings:
11 new listings. The average price is $750,309 and the average price per sq/ft is $696.
Sold Properties:
3 properties closed. The average price was $771,333 and the average price per sq/ft was
$643.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,033,950 and the average price per sq/ft is $620.
Sold Properties:
5 sold properties. The average price was $1,363,600 and the average price per sq/ft was $694.

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

Single-Family Homes
New Listings:
A four-bedroom home listed for $2,050,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
11 new listings. The average price is $576,444 and the average price per sq/ft is $785
Sold Properties:
4 properties closed. The average price was $598,575 and the average price per sq/ft was
$841.

2-Bedrooms
New Listings:
18 new listings. The average price is $865,027 and the average price per sq/ft is $811.
Sold Properties:
6 properties closed. The average price was $967,000 and the average price per sq/ft was
$804.

3-Bedrooms
New Listings:
3 new listings. The average price is $1086,629 and the average price per sq/ft is $670.
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:
1 new listing. The price is $490,000 and the price per sq/ft is $577.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
15 new listings. The average price is $530,000 and the average price per sq/ft is $512.
Sold Properties:
2 sold properties. The average price was $355,500 and the average price per sq/ft was
$374.

3-Bedrooms
New Listings:
1 new listing. The price is $719,000 and the price per sq/ft is $553.
Sold Properties:
5 properties closed. The average price was $760,580 and the average price per sq/ft was $551.

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

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
3 new listings. The average price is $316,000 and the average price per sq/ft is $515.
Sold Properties:
3 sold properties. The average price was $204,333 and the average price per sq/ft was $416.

2-Bedrooms
New Listings:
7 new listings. The average price is $450,152 and the price per sq/ft is $411.
Sold properties:
1 sold property. The price was $320,000 and the price per sq/ft is $312.

3-Bedrooms
New Listings:
4 new listings. The average price is $549,000 and the average price per sq/ft is $448.
Sold Properties:
1 sold property.  The price was $671,000 and the price per sq/ft was $524.

Single-Family Homes:
New Listings:
No new properties.
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
No new properties.
Sold Properties:
One four-bedroom closed for $385,000.

(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:

An unexpected decline in mortgage interest rates had homeowners calling their lenders last week, looking to save money on their monthly payments.  Refinance demand surged, pushing total mortgage application volume up 5.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. 

“U.S. Treasury rates moved sharply lower last week, as data showing weakness in the services sector was a sign that slowing economic growth is not confined to the manufacturing sector,” said Joel Kan, associate vice president of economic and industry forecasting at the MBA. “This in turn caused a flight to safety by investors, resulting in mortgage rates dropping across the board.” 

Mortgage applications to purchase a home, which are less rate-sensitive week to week, decreased 1% from one week earlier but were 10% higher than the same week one year ago.

“Despite low rates, the cloudier economic outlook and ongoing market uncertainty may be keeping some potential homebuyers away from the market this fall,” Kan said.

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

ALSO OF INTEREST:
Jersey City Reworks Food Truck Ordinance (JerseyDigs.com)

Inexpensive Living Room Upgrades (apartmenttherapy.com)

RECYCLE & PROTECT from BrandingShorts on Vimeo.

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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.