hOMES: Weekly Insight Into Hoboken and Downtown Jersey City Real Estate Trends | MARCH 17, 2017

Hoboken Real Estate Trends | March 17, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Happy St. Patrick’s Day!

With Spring only a week away, we are seeing an increase in activity in the market. In Hoboken, there were 35 new listings, 3 of which are already under contract. Jersey City saw 21 new listings.

Getting ready to buy? Make sure you speak to a mortgage representative and get pre-approved. Not only will it give you an idea of how much you can afford, but you will need it to put in an offer on a property. Here’s a look at stats for this week.

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
12 new listings. The average price is $651,238 and the average price per sq/ft is $806.
Sold Properties:
3 properties closed. The average price was $438,333 and the price per sq/ft was $748.

2-Bedrooms
New Listings:
15 new Listings. The average price is $739,493 the average price per sq/ft is $699.
Sold Properties:
2 properties closed. The average price was $857 and the average price per sq/ft was $713.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,138,833 and the average price per sq/ft is $793.
Sold Properties:
1 property closed. The price was $745,000 and the price per sq/ft was $562.

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

Single-Family Homes
New Listings:
Two 4-bedroom homes listed for $1,499,000 and $1,948,000 and one 5-bedroom for $3,499,000
Sold Listings:
No closed properties this week.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
10 new listings. The average price is $706,989 and the average price per sq/ft is $845.
Sold Properties:
No closed properties this week.

2-Bedrooms
New Listings:
8 new Listings. The average price is $902,749 the average price per sq/ft is $718.
Sold Properties:
3 property closed. The price was $1,084,666and the price per sq/ft was $874.

3-Bedrooms
New Listings:
3 new Listings. The average price is $1,1848,332 the average price per sq/ft is $900.
Sold Properties:
No closed properties this week.

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

(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:

As expected, the Fed raised overnight lending rates .25% this week. This has stabilized the bond market and mortgage rates. We’ve seen the Equity markets rally post the Fed announcement, but so far it is not impacting mortgage rates in a negative way. Many analysts feel that since the rate hike was expected, that is was already priced into the mortgage rate market. Now, we’ll see where the markets go, and whether or not the mortgage market will continue to be stable.

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

ALSO OF INTEREST:
Hoboken Announces 2017 Budget

10 Most ‘Irish’ Cities in America (realtor.com)

Cities v. Suburbs: Cost of Living Analysis (apartmenttherapy.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.