hOMES: Weekly Insight Into Hoboken and Downtown Jersey City Real Estate Trends | MARCH 31, 2017

Hoboken Real Estate Trends | March 31, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

The Spring market is starting to heat up, with 30 new listings in Hoboken and 20 new listings in Downtown Jersey City.

There are still more buyers than active properties, which is keeping the prices buoyant and we are still seeing a lot of bidding wars—with one particular 1-bedroom condo receiving EIGHT offers.

Lots of significant news this week on development projects impacting Hoboken and Jersey City areas—see more details in the “Also of Interest” section below.

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $461,500 and the average price per sq/ft is $678.
Sold Properties:
3 properties closed. The average price was $607,666 and the price per sq/ft was $759.

2-Bedrooms
New Listings:
14 new listings. The average price is $872,057 the average price per sq/ft is $729.
Sold Properties:
8 properties closed. The average price was $745,625 and the average price per sq/ft was $698.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,483,133 and the average price per sq/ft is $909.
Sold Properties:
3 properties closed. The average price was $1,396,333 and the price per sq/ft was $746.

4-Bedrooms
New Listings:
1 new listing. The price is $2,495,000 and the average price per sq/ft is $859.
Sold Properties:
No closed properties this week.

Single-Family Homes
New Listings:
One 3-bedroom for $1,490,000 and two 4-bedroom homes listed for $2,850,000 and $2,860,000
Sold Listings:
One 3-bedroom sold for $1,042,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
11 new listings. The average price is $586,698 and the average price per sq/ft is $856.
Sold Properties:
No closed properties this week.

2-Bedrooms
New Listings:
5 new listings. The average price is $828,400 the average price per sq/ft is $608.
Sold Properties:
2 properties closed. The average price was $725,000 and the average price per sq/ft was $599.

3-Bedrooms
New Listings:
4 new listings. The average price is $1,802,249 the average price per sq/ft is $1,076
Sold Properties:
1 property closed. The price was $1,391,000 and the average price per sq/ft was $869.

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:

US Equity Markets are mixed so far this week, as the UK has formally started the Brexit process. This has caused bond yields to rise, as risk appetite for these financials instruments has improved. This has caused mortgage rates to remain stable, and at their lowest points of the last month. Whether or not this stability in the mortgage market continues is a question. Consumer confidence hit a high point in March, so we’ll see how much of an impact that has on the markets once investors digest any info or response that comes along with Brexit.

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

ALSO OF INTEREST:
Jersey City’s Boom Continues With 37,000 Units Planned, 9,000 Under Construction (Jersey Digs)

HOBOKEN HILTON: City Moves Ahead on Plans for Post Office Redevelopment, Includes New Waterfront Hotel

*****************
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.