hOMES: Weekly Insight Into Hoboken, Jersey City, & Weehawken Real Estate Trends | February 7, 2020

Hoboken, Jersey City, & Weehawken Real Estate Trends | February 7, 2020
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Across the board, from Realtors to mortgage brokers, people are reporting higher than normal activity. Has the Spring market already started? It certainly feels like it.

There are a couple of reasons for this, the main one being that interest rates are low and buyers want to take advantage of them. The other reasons include the fact that a lot of people held off last year waiting for rates and prices to stabilize. Last but not least, the warmer weather has more buyers out and about.

The weather this weekend still above normal, so now might be the time to check out the homes across our various areas.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
10 new listings. The average price is $562,880 and the average price per sq/ft is $764.
Sold Properties:
5 properties closed. The average price was $423,880 and the average price per sq/ft was $742.

2-Bedrooms
New Listings:
12 new listings. The average price is $828,057 and the average price per sq/ft is $696.
Sold Properties:
5 properties closed. The average price was $566,000 and the average price per sq/ft was $669.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,275,800 and the average price per sq/ft is $643.
Sold Properties:
1 sold property. The price was $999,000 and the price per sq/ft was $695.

4+ Bedrooms
New Listings:
No new listings.
Sold Properties:
2 sold properties. The average price was $224,500 and the average price per sq/ft was $803.

Single-Family Homes
One new three-bedroom home listed for $1,100,000 and two new five-bedroom homes listed for $2,800,000 and $2,950,000
Sold Listings:
One three-bedroom home sold for $1,225,000 and a four-bedroom home sold for $2,060,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $580,500 and the average price per sq/ft is $747.
Sold Properties:
1 sold property. The price was $644,000 and the price per sq/ft was $883.

2-Bedrooms
New Listings:
9 new listings. The average price is $829,111 and the average price per sq/ft is $834.
Sold Properties:
3 sold properties. The average price was $751,000 and the average price per sq/ft was $751.

3-Bedrooms
New Listings:
1 new listing. The price is $1,175,000 and the price per sq/ft is $729.
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 $319,500 and the average price per sq/ft is $469.
Sold Properties:
1 sold property. The price was $565,000 and the price per sq/ft was $424.

2-Bedrooms
New Listings:
6 new listings. The average price is $505,150 and the average price per sq/ft is $470.
Sold Properties:
2 sold properties. The average price was $289,000 and the price per sq/ft was $395.

3-Bedrooms
New Listings:
3 new listings. The average price is $606,000 and the average price per sq/ft is $500.
Sold Properties:
1 sold property. The price was $505,000 and the price per sq/ft was $429.

Single-Family Homes:
New Listings:
Two three-bedroom homes listed for $429,000 and $469,000.
Sold Properties:
Two three-bedroom homes sold for $615,000 and $650,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4new listings. The average price is $314,500 and the price per sq/ft is $464.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
1 new listing. The price is $320,000 and the price per sq/ft is $401.
Sold properties:
2 sold properties. The average price was $481,000 and the average price per sq/ft was $401.

3-Bedrooms
New Listings:
1 new listing. The price is $350,000 and the price per sq/ft was $175.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One two-bedroom home listed for $669,000 and a four-bedroom home listed for $649,000.
Sold Properties:
One four-bedroom home sold for $475,000 and a five-bedroom home sold for $495,000.

BERGEN-LAFAYETTE:
New Listings:
Tow three-bedroom homes listed for $429,000 and $469,000, a four-bedroom home listed for $625,000 and a five-bedroom home listed for $399,000.
Sold Properties:
No sold listings.

WEEHAWKEN:
Studio/ 1-Bedrooms
New Listings:
No new listings. .
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
3 new listings. The average price is $1,272,296 and the average price per sq/ft is $762.
Sold Properties:
2 sold properties. The average price was $710,000 and the average price per sq/ft was $581.

3-Bedrooms
New Listings:
1 new listing. The price was $1,315,000 and the price per sq/ft is $788.
Sold Properties:
No sold properties.

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

(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:

After a week where we saw mortgage rates trend down due to economic concerns over the coronavirus, we are now seeing a complete reversal.   Overall, this has kept rates near their lowest levels of the past 4 months.   But, the sharp uptick over the past couple of days has leveled off the rate market.   Mortgage applications to purchase a home decreased 10% from one week earlier, but were 11% higher annually. Today’s buyers are facing a tight and increasingly pricey housing market. The supply of homes for sale fell to a record low at the end of last year, and price gains, which had been easing a bit, have reaccelerated again.

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

ALSO OF INTEREST:

Waiting for House Prices to Drop? You May Be Waiting a Long Time… (Realtor.com)

10 Things You No Longer Need in Your Home After Turning 30 (ApartmentTherapy)

Possible New Light Rail Stop in Uptown Hoboken

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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.