“4 For $400,000”
We all know that prices in Hoboken are on the rise, but I have had several clients tell me that it is nothing compared to the market in San Francisco. In fact, the market there is so crazy that a “shack” in SF recently made national headlines for selling for over $400,000.
With that in mind, let’s see what else you can get for $400k nationwide:
35 new listings this week.
8 new listings. The average price $478,500 and the average price per sq/ft was $726.
6 properties closed. The average price $551,833 and the average price per sq/ft was $685.
19 new Listings. The average price was $811,468 and the average price per sq/ft was $717.
11 properties closed. The average price was $841,545 and the average price per sq/ft was $689.
5 new listings. The average price was $1,354,800 and the average price per sq/ft was $709.
No sold properties this week.
1 new listing. Listed $2,400,000 with 2648 sq/ft . Price per sq/ft was 906
No sold properties this week.
2 new single-family homes listed—a 2-bedroom for $2,000,000 and a 7-bedroom for $3,499,000.
(Information provided by Hudson County MLS)
Mortgage Market in Review
After racing ahead for many months, the American jobs machine cooled in April as employers took their cue from other signs that economic growth was slowing by easing up on new hiring. The 160,000 increase in payrolls in April, reported by the Labor Department on Friday, came after the best two-year stretch for the job market since the tech-fueled boom of the late 1990s. The unemployment rate, which is tied to a separate survey of households, was unchanged at 5 percent.
While the Jobs Data will always have the ability to cause a big reaction, it’s also true that its influence has become decreasingly less significant for bond markets. Hey, after all, the Jobs Report has been stronger for longer than many other times in history, yet mortgage rates have remained at historically low levels.
The Fed already knows job creation is strong. If that’s all it took to hike rates, then the Fed Funds rate would be much higher. But there’s just no inflation following from those jobs in the way it historically has. The Fed is puzzled by that from an academic standpoint. Disposable income isn’t what it used to be, except for the upper half of society. That’s just not a recipe for inflation, and it’s certainly a scary thing to be seeing 7 years into a recovery/expansion for rates to be where they are. So until something changes about the broader dynamic of this particularly frustrating post-crisis recovery–until real inflation actually shows up–rates are going to have a very hard time making super scary moves higher.
CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…
ALSO OF INTEREST:
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.