hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | November 15, 2019

Hoboken & Jersey City Real Estate Trends | November 15, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

“Why rent when you can own?”

We have all heard this slogan, but for many people renting is the best option. Some of us are not planning on being here for an extended period of time or have just moved the area and want to get used to a new neighborhood before committing to home ownership.

For many others, the biggest barrier to home ownership is the down payment. The rents are high in this area. People can often afford the rents as they have sufficient income, but due to the high cost and other monthly expenses it is hard to save money.

Traditionally, home buyers were required to put down 20% of a home’s purchase price. But in today’s mortgage market there are various programs available with much lower requirements.

If home ownership is something you strive for talk to a local real estate professional and mortgage broker who will be able to guide you in the right direction and help you achieve your goal.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
3 new listings. The average price is $491,333 and the average price per sq/ft is $687.
Sold Properties:
2 properties closed. The average price was $460,000 and the average price per sq/ft was $736.

2-Bedrooms
New Listings:
7 new listings. The average price is $751,271 and the average price per sq/ft is $628.
Sold Properties:
4 properties closed. The average price was $722,250 and the average price per sq/ft was $751.

3-Bedrooms
New Listings:
7 new listings. The average price is $1,063,985 and the average price per sq/ft is $678.
Sold Properties:
1 sold property. The price was $885,000 and the price per sq/ft was $612.

4+ Bedrooms
New Listings:
2 new listings.
Sold Properties:
2 properties closed. The average price was $1,967,500 and the average price per sq/ft was $883.

Single-Family Homes
New Listings:
1 five-bedroom listed for $3,200,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $517,833 and the average price per sq/ft is $829.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
14 new listings. The average price is $1,167,270 and the average price per sq/ft is $1,041.
Sold Properties:
No sold properties.

3-Bedrooms
New Listings:
1 new listing. The price is $999,900 and the price per sq/ft is $518.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
1 five-bedroom home listed for $2,695,000.
Sold Listings:
On four-bedroom sold for $877,500.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
4 new listings. The average price is $265,750 and the price per sq/ft is $479.
Sold Properties:
2 sold properties. The average price was $265,000 and the average price per sq/ft was $520.

2-Bedrooms
New Listings:
6 new listings. The average price is $621,000 and the average price per sq/ft is $467.
Sold Properties:
1 sold property. The price was $360,000 and the price per sq/ft was $480.

3-Bedrooms
New Listings:
1 new listing. The average price is $449,000 and the price per sq/ft is $468.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
Two three-bedroom home listed for $549,000 and $600,000 and a six-bedroom home listed for $1,350,000.
Sold Properties:
One three-bedroom sold for $877,5000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $367,250 and the average price per sq/ft is $485.
Sold Properties:
5 sold properties.  The average price was $278,200 and the average price per sq/ft was $373.

2-Bedrooms
New Listings:
4 new listings. The average price is $297,250 and the average price per sq/ft is $338.
Sold properties:
No sold properties.

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

Single-Family Homes:
New Listings:
One three-bedroom home listed for $695,000 and a four-bedroom home listed for $589,000.
Sold Properties:
One three-bedroom sold for $196,000.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
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 been on the rise recently, and that was likely behind a major surge in mortgage application volume last week.  This often happens at the start of a rising rate cycle, as borrowers realize rates may have hit bottom and rush to get in before they move even higher.

Total mortgage application volume rose 9.6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.  Refinance demand, which is most sensitive to small rate moves, increased 13% from the previous week and was 188% higher than a year ago, when interest rates were 114 basis points higher.  Homebuyers may also have been pushed off the fence by a potential rising rate environment. Mortgage applications to purchase a home rose 5% for the week and were a sharp 15% higher than one year ago.

Mortgage rates were volatile in October and are now at their highest level in three months and could move steadily higher, given the increase in bond yields. Mortgage rates loosely follow the yield on the 10-year Treasury.

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

ALSO OF INTEREST:

Cooking Thanksgiving Dinner in a Very Small Apartment (NYTimes.com)

No Place Like a Decluttered Home for the Holidays (realtor.com)

Plans Underway to Redevelop the Malibu (JerseyDigs.com)

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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.