hOMES: Weekly Insight Into Hoboken and Downtown Jersey City Real Estate Trends | MARCH 24, 2017

Hoboken Real Estate Trends | March 24, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Spring has sprung! Hopefully the Spring market will start to bring warmer weather and more active listings. Although we are seeing more listings, the good ones are being snapped up very quickly, with four of the new listings this week already under contract.

The lack of available properties and the steady increase in price have people looking slightly further afield. Other areas are getting more interest, including other parts of Jersey City such as The Heights, Journal Square, Bergen Lafayette and West Bergen. Buyers are also looking at Union City and Weehawken. Although listing are pretty thin on the ground in these areas as well, they offer more space and the price per sq ft is considerably less—but with the exception of Journal Square they do not have direct access to the PATH, which is big draw for a lot of potential buyers.

Whether you focus is Hoboken, downtown Jersey City or you plan on expanding your home search into other areas, as always be prepared. Have your pre-approval at the ready and connect with a Realtor, a professional who can guide you through the process.

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $654,483 and the average price per sq/ft is $712.
Sold Properties:
3 property closed. The average price was $516,333 and the price per sq/ft was $703.

2-Bedrooms
New Listings:
11 new listings (one already under contract). The average price is $911,445 and the average price per sq/ft is $737.
Sold Properties:
5 properties closed. The average price was $630,600 and the average price per sq/ft was $685.

3-Bedrooms
New Listings:
7 new listings. The average price is $1,254,500 and the average price per sq/ft is $745.
Sold Properties:
No closed properties this week.

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

Single-Family Homes
New Listings:
2 single-family homes listed. A three-bedroom for $1,899,000 and a four-bedroom for $2,350,000.
Sold Listings:
No closed properties this week.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $775,000 and the average price per sq/ft is $914.
Sold Properties:
5 properties closed. The price was $592,480 and the price per sq/ft was $794.

2-Bedrooms
New Listings:
10 new Listings. The average price is $857,000 and the average price per sq/ft is $663.
Sold Properties:
3 property closed. The price was $875,000 and the price per sq/ft was $660.

3-Bedrooms
New Listings:
No new listing this week.
Sold Properties:
1 property closed. The price was $2,080,000 and the price per sq/ft was $990.

4-Bedrooms
New Listings:
2 new listings. The average price is $2,322,000 and the price per sq/ft is $727.
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:

Equities markets have been selling off this week, due to concerns over whether or not the President will be able to actually get tax reform done. With the administration’s struggles in getting a new healthcare bill passed, traders are now worried that any tax reform will become unlikely. Anticipating of tax reform and eased regulations have been the backbone of the rally in the markets since the election. These new concerns are now causing a sell-off in the Equity markets. This has helped bond markets, and in turn, mortgage rates. We are seeing mortgage rates at their best point in almost a month. We’ll see how things play out, but for now, a spike in mortgage rates is not imminent.

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

ALSO OF INTEREST:
NOW OR LATER?: When is the best time to buy? (Realtor.com)

HOBOKEN SPRING FLING: Community Clean Up Project—April 29th (Hobokennj.gov)

HAPPY JACK: Musicians Band Together to Benefit Writer/DJ/All-Around Good Dude Jack Silbert—SUNDAY, MARCH 26th at MAXWELL’S

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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.