hOMES: Your Weekly Insight into Hoboken Real Estate Trends | JUNE 3-9, 2016

Hoboken Real Estate Trends | June 3-9, 2016

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

33 new listings this week, 27 condos and 4 single-family homes. Although we are still in the midst of the Spring market, people are asking if we will see a shift in pricing when we move into the Summer months—which are traditionally slower months in real estate here in Hoboken.
Whereas we might not see as many new places hit the market during the Summer, we are still experiencing a chronic shortage in inventory—especially in the “mid-range” one- and two-bedroom market.
By mid-range, I am referring to anything under $1,000,000. There are currently only 90 condos available in that range: 5 studios, only 25 one-bedroom units and 60 two-bedroom units.
Add that to the fact that rates are now hovering at the lower levels of where they have been all year and the likelihood of any significant changes in the near future would appear to be slim.

Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price $541,414 and the average price per sq/ft was $667.
Sold Properties:
4 properties closed. The average price $616,000 and the average price per sq/ft was $694.

2-Bedrooms
New Listings:
19 new Listings. The average price was $896,568 and the average price per sq/ft was $716.
Sold Properties:
9 properties closed. The average price was $899,777 and the average price per sq/ft was $771.

3-Bedrooms
New Listings:
3 new listings. The average price was $930,000 and the average price per sq/ft was $695.
Sold Properties:
No sold properties this week.

Single-Family Homes
4 new single-family homes listed, a 3-bedroom for $3,500,000, a 4-bedroom for $2,696,000 and 2 -5 bedroom homes for $3,100,000 and $4,000,000.

(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

Despite all signs from the Fed pointing to at least one more increase in overnight lending rates this year, we’ve seen mortgage rates rally this week. Rates are now hovering at the lower levels of where they have been in 2016. This is due to slowing job growth, as reported in last week’s Jobs report. This is also due to traders’ distrust of the market. There is too much uncertainty in the market at the current time for the bond market to sell-off, and for mortgage rates to spike substantially.   Everyone is taking a wait and see approach for now. Whether they are looking for further guidance from the Fed, or tracking oil prices, or the strength of the dollar, etc… it is obvious that the market is looking for something to give it direction.

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

ALSO OF INTEREST:

Don’t Call US Brooklyn—The Real Deal looks at the NJ Real Estate Identity (therealdeal.com)

PATH to Suspend 33rd Street Train on Weekends from August-December (hMAG.com)

Hoboken Arts & Music Festival—SUNDAY (HobokenInc.com)

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Ann Wycherley is an award-winning realtor with over 15 years of solid real estate experience in the Hoboken market.

She has been recognized by the New Jersey Realtors Circle of Excellence for many years, having earned the Gold Level of Excellence for 2015 and awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past four years running (2012-2015), which represents the premium level of achievement within the Century 21 organization.