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

Hoboken Real Estate Trends | July 21, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

There are 20 new listings in Hoboken and 17 in Downtown Jersey City—a healthy amount of listings for this time of the year.

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $531,111 and the average price per sq/ft is $781.
Sold Properties:
6 properties closed. The average price was $506,333 and the price per sq/ft was $675.

2-Bedrooms
New Listings:
7 new listings. The average price is $695,285 and the average price per sq/ft is $702.
Sold Properties:
7 properties closed. The average price was $737,142 and the average price per sq/ft was $721.

3-Bedrooms
New Listings:
2 new listings. The average price is $562,000 and the average price per sq/ft is $535.
Sold Properties:
2 sold listings. The average price was $1,609,500 and the average price per sq/ft was $889.

4-Bedrooms
New Listings:
1 new listing. The is price is $2,295,000 and the price per sq/ft is $691.
Sold Properties:
2 sold listings. The average price was $1,914,000 and the average price per sq/ft was $791.

Single-Family Homes
New Listings:
1 new listing. A four-bedroom home listed for $3,499,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $656,231 and the average price per sq/ft is $805.
Sold Properties:
2 properties closed. The average price was $487,500 the average price per sq/ft was $665.

2-Bedrooms
New Listings:
9 new listings. The average price is $806,444 and the average price per sq/ft is $724.
Sold Properties:
4 properties closed. The average price was $802,249 and the average price per sq/ft was $805.

3-Bedrooms
New Listings:
1 new listings. The price is $1,056,500 and the price per sq/ft is $654.
Sold Properties:
1 property closed. The price was $1,317,000 and the price per sq/ft was $674.

Single-Family Homes
New Listings:
1 new listings. One four-bedroom home for $1,799,000.
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:

Mortgage rates have experienced increased volatility over the past week. This was expected given the calendar of events and economic data. Fortunately, despite the volatility, we have seen mortgage rates trade within a tight range. Meaning, in most scenarios rates are un-changed. Investors are particularly interested in inflation data at the moment, as it seems to be the Fed’s biggest hang-up when it comes to removing “accommodation” (a broad term that refers to the level of the Fed Funds Rate and the Fed’s bond buying policies).

A removal of accommodation could take the form of a Fed rate hike, or a decrease in the amount of bonds the Fed is currently buying as a part of its reinvestment policy. The Fed has increasingly signaled that it will soon announce such a reduction, and they’ve already laid out the framework to do so. Lackluster inflation data means the Fed is less likely to flip the switch on those plans in an upcoming meeting. And, the longer it looks like the Fed will continue buying the amount of bonds it’s currently buying, the better rates will do.

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

ALSO OF INTEREST:

808 Pavonia to Bring More Culture to Journal Square (Jersey Digs)

Refinancing Red Flags – Myths That May Cost You Money (Realtor.com)

STREET MEAT, STREET CRED: St. Ann’s Feast 2017

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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.