hOMES: Weekly Insight Into Hoboken and Downtown Jersey City Real Estate Trends | APRIL 21, 2017

Hoboken Real Estate Trends | April 21, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

We had 44 new listings in Hoboken this week, which brings the total number of available condos in Hoboken up to 121—with 74 listings priced under $1,000,000. In Downtown Jersey City there were 17 new listings, bringing the total number on condos to 98—with only 62 priced under $1,000,000.

The major inventory shortage is in the “mid-range” 2-bedroom category. Traditionally the mid-range for a 2 bedroom condo would be $600,000 – $800,000. Right now there are 13 such properties available in Hoboken, and only two in Downtown Jersey City. With developers focusing on larger, 3-plus bedroom units, the availability of these type of units will remain scarce and the prices will surely continue to rise.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
18 new listings. The average price is $641,764 and the average price per sq/ft is $737.
Sold Properties:
4 properties closed. The average price was $467,000 and the price per sq/ft was $678.

2-Bedrooms
New Listings:
15 new listings. The average price is $813,926 the average price per sq/ft is $724.
Sold Properties:
2 properties closed. The average price was $978,500 and the average price per sq/ft was $856.

3-Bedrooms
New Listings:
8 new listings. The average price is $1,326,125 and the average price per sq/ft is $714.
Sold Properties:
1 property closed. The price was $925,000 and the price per sq/ft was $663.

Single-Family Homes
New Listings:
3 four-bedroom homes listed for $1,725,000, $1,760,000 and $2,299,000
Sold Listings:
No properties closed this week.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $558,500 and the average price per sq/ft is $701.
Sold Properties:
1 property closed. The price was $775,000 and the price per sq/ft was $775

2-Bedrooms
New Listings:
9 new listings. The average price is $1,026,666 and the average price per sq/ft is $875.
Sold Properties:
2 properties closed. The average price was $810,000 and the average price per sq/ft was $660.

3-Bedrooms
New Listings:
1 new Listings. The price is $730,000 and the price per sq/ft is $608
Sold Properties:
3 properties closed. The price was $ 1,353,666 and the average price per sq/ft was $814.

Single-Family Homes
New Listings:
3 three-bedroom homes listed for $1,200,000, $1,250,000 and $1,400,000
Sold Listings:
1 small four-bedroom home closed for $670,000

(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:

Mortgage rates have continued to hold at their lowest points of 2017, as geopolitical risks weigh on the domestic and overseas markets. Investors are unsure of where to head in this volatile time—and anytime investors are unsure, there will be a flight to safety. This has enabled the US Treasury markets to remain stable and hold the rally it has had over the past couple of weeks; thus keeping mortgage rates down. Whether or not this trend continues remains to be seen, but at the moment there is nothing pointing to a major change.

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

ALSO OF INTEREST:
Existing Home Sales Hit Highest Numbers Since Recession (realtor.com)

Storage Ideas for Small Spaces (ApartmentTherapy.com)

Shake Shack Zoning Drama Continues to Broil

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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 for 2015 and 2016, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past five years running (2012-2016), which represents the premium level of achievement within the Century 21 organization.