hOMES: Weekly Insight Into Hoboken and Downtown Jersey City Real Estate Trends | APRIL 7, 2017

Hoboken Real Estate Trends | April 7, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

There are 25 new listings in Hoboken and 16 new listings in Downtown Jersey City.

This week, the current construction trend continued with a number of larger, new units hitting the market. Most of the new developments are focusing on larger, 3+ bedroom units to cater to those looking to raise their families in the area. This has led to a lack of “mid-range” homes, (1,000-1,200 sq/ft, two-bedroom condos) As we know, a lack in inventory leads to an increase in price, so this is why we are seeing such an increase in this particular area of the market.

Here are the stats for this week:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $498,33 and the average price per sq/ft is $777.
Sold Properties:
6 properties closed. The average price was $526,916 and the price per sq/ft was $750.

2-Bedrooms
New Listings:
7 new listings. The average price is $1,179,828 the average price per sq/ft is $732.
Sold Properties:
6 properties closed. The average price was $745,500 and the average price per sq/ft was $700.

3-Bedrooms
New Listings:
6 new listings. The average price is $1,282,333 and the average price per sq/ft is $708.
Sold Properties:
3 properties closed. The average price was $1,298,333 and the price per sq/ft was $794.

4/5-Bedrooms
New Listings:
1 new listing. The price is $1,998,000 and the average price per sq/ft is $744.
Sold Properties:
1 sold property. The price was $2,375,000 and the price per sq/ft was $1,079.

Single-Family Homes
New Listings:
3 three-bedroom homes listed for $1,099,000 to $1,879,000 for $1,490,000 and 1 five-bedroom home listed for $2,699,000
Sold Listings:
2 four-bedroom homes sold for $1,095,000 and $2,750,000

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $639,475 and the average price per sq/ft is $853.
Sold Properties:
3 properties closed. The average price was $698,000 and the average price per sq/ft was $820.

2-Bedrooms
New Listings:
6 new listings. The average price is $873,166 the average price per sq/ft is $725.
Sold Properties:
2 properties closed. The average price was $845,000 and the average price per sq/ft was $795.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,099,999 the average price per sq/ft is $686.
Sold Properties:
1 property closed. The price was $990,000 and the average price per sq/ft was $738.

4-Bedrooms
New Listings:
No new properties.
Sold Properties:
No closed properties this week.

Single-Family Homes
New Listings:
2 three-bedroom homes listed, both for $1,149,000
Sold Listings:
No closed 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:

Rates have moved to their downside of the past couple weeks. As the Equity markets have been a little rocky, the bond market has remained fairly stable. This has kept mortgages rates down, with the 30 Year Fixed conforming mortgage rate hovering in the 4.000% range. The main key to the market in the short-term is if the current Administration will get any of its agenda passed, and what type of impact that will have. In addition to that, analysts and investors will look to the Fed for future guidance on interest rates. But, this guidance will most likely be based on the markets’ reaction to the new regime’s actions. So, we’ll be in wait-and-see mode until then.

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

ALSO OF INTEREST:
How to Prepare Your House for Sale (thebalance.com)

Hoboken Grace Hosts 7th Annual Easter Egg Hunt

Hoboken Giving Away Trees to Homeowners (HobokenNJ.gov)

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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.