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

Hoboken Real Estate Trends | July 7, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Whereas most of America took some time off this week to celebrate July 4^th the Hoboken and Jersey City real estate market certainly did not, with 24 new listings in Hoboken and 18 in Downtown Jersey City. In years past, the summer was the time when the real estate market took a breather and slowed down, but this is no longer the case. So if you are thinking of buying or selling now is as good a time as any to do so.   Take the first step and speak to a professional Realtor who will guide you through the process.

Here’s a look at this week’s numbers for Hoboken and Downtown Jersey City:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
10 new listings. The average price is $631,999 and the average price per sq/ft is $750.
Sold Properties:
7 properties closed. The average price was $479,857 and the price per sq/ft was $743.

2-Bedrooms
New Listings:
13 new listings. The average price is $775,705 and the average price per sq/ft is $697.
Sold Properties:
5 properties closed. The average price was $847,780 and the average price per sq/ft was $674.

3-Bedrooms
New Listings:
4 new listings. The average price is $1,125,998 and the average price per sq/ft is $795.
Sold Properties:
3 sold listings. The average price was $1,416,000 and the average price per sq/ft was $895.

Single-Family Homes
New Listings:
No new listings.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
11 new listings. The average price is $564,126 and the average price per sq/ft is $831.
Sold Properties:
2 properties closed. The average price was $694,250 the average price per sq/ft was $786.

2-Bedrooms
New Listings:
4 new listings. The average price is $1,314,498 and the average price per sq/ft is $1,024.
Sold Properties:
4 properties closed. The average price was $625,000 and the average price per sq/ft was $778.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,324,944 and the average price per sq/ft is $853.
Sold Properties:
1 property closed. The price was $667,000 and the price per sq/ft was $614.

Single-Family Homes
New Listings:
4 new listings. 2 three-bedroom homes for $1,600,000 and $2,350,000 and 2 five-bedroom homes for $1,749,000 and $2,199,000

Sold Listings:
1 sold listing. 1 three-bedroom home sold for $1,165,000.

(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:
The upward pressure on rates has continued into this week, as the bond market has continued to sell off. Whether or not this will continue will depend not only on what the equity markets do, but also what happens in the current political climate. Things like tax reform and healthcare impact consumers and analysts’ confidence, resulting in direction for the markets. For now, homebuyers have to prepare for upward trending rates. It does not appear that we will see a spike, but rather a steady climb up.

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

ALSO OF INTEREST: Just moved into your new home? 10 things to check before you unpack (Realtor.com)

New Plan for Neumann Leathers Building (City of Hoboken)

New Ferry Service Coming to Harborside? (JerseyDigs.com)

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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.