hOMES: Weekly Insight Into Hoboken and Jersey City Real Estate Trends | August 25, 2017

Hoboken Real Estate Trends | August 25, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

My family and I have just returned from a fabulous vacation to Oregon, where we witnessed the total solar eclipse.
For the “event” we were staying on a farm that was going to have 99% coverage, but our incredibly gracious hosts insisted that we drive to another spot 5 miles away to experience 100% coverage. Unfamiliar with the details, I thought it wouldn’t be a big deal—but now having witnessed “totality” I see that even that 1% made a huge difference. It was an incredible experience.
It also reminded me that for any major event—be it an eclipse, or buying or selling your home—we should all strive for the 100% we deserve. When you take the monumental step to either buy or sell, you should have a Realtor that is completely committed and prepared to give you 100%. When you are ready to make the move, take the time to do a bit of legwork in the beginning. Find an agent with whom you connect—someone who will work well with you, and effectively guide you through the process.
When you put in the effort to seek totality in your agent search, you’ll hopefully find someone willing to give you their total commitment in what can be an amazing and rewarding experience.

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $764,500 and the average price per sq/ft is $826.
Sold Properties:
3 properties closed. The average price was $703,000 and the price per sq/ft was $723.

2-Bedrooms
New Listings:
10 new listings. The average price is $732,799 and the average price per sq/ft is $689.
Sold Properties:
7 properties closed. The average price was $866,428 and the average price per sq/ft was $750.

3-Bedrooms
New Listings:
1 new listing. The price is $1,550,000 and the price per sq/ft is $678.
Sold Properties:
1 sold listing. The average price was $1,750,000 the average price per sq/ft was $678.

4-Bedrooms
New Listings:
No new listings
Sold Properties:
No new listings.

Single-Family Homes
New Listings:
1 four bedroom home listed for $2,1,99,000.
Sold Listings:
1 bedroom home sold for $1,400,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $721,222 and the average price per sq/ft is $838.
Sold Properties:
1 property closed. The price was $920,000 the price per sq/ft was $1,005.

2-Bedrooms
New Listings:
3 new listings. The average price is $1,186,000 and the average price per sq/ft is $930.
Sold Properties:
2 properties closed. The average price was $932,500 and the average price per sq/ft was $891.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,575,000 and the average price per sq/ft is $1,125.
Sold Properties:
3 properties closed. The average price was $1,282,999 and the average price per sq/ft was $798.

Single-Family Homes
New Listings:
1 new two-bedroom listed for $869,000.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
No new listings this week
Sold Properties:
1 sold property. The price was $627,000 and the price per sq/ft was $451.

2-Bedrooms
New Listings:
1 new listing. The price is $299,999 and the price per sq/ft is $363.
Sold Properties:
1 property closed. The price was $395,000 and the price per sq/ft was $235.

3-Bedrooms
New Listings:
1 new listing. The price is $429,000 and the price per sq/ft is $352.
Sold Properties:
3 properties closed. The average price was $627,000 and the average price per sq/ft was $380.

Single-Family Homes:
New Listings:
3 three-bedroom homes ranging from $579,000 to $750,000 and 1 four-bedroom listed for $709,000.
Sold Properties:
1 three-bedroom closed for $670,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $332,000 and the average price per sq/ft is $555.
Sold Properties:
1 properties sold. The average price was $324,000 and the average price per sq/ft was $541.

2-Bedrooms
New Listings:
1 new listing. The price is $277,500 and the price per sq/ft is $324.
Sold properties:
1 properties sold . The average price was $405,000 and the average price per sq/ft was $237.

3-Bedrooms
New Listings:
1 new listing. The price is $465,000 and the price per sq/ft is $237.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
2 new three –bedroom homes listed for $349,900 for $549,900 and 1 two-bedroom home listed for $449,000.
Sold Properties:
1 three bedroom home sold for $525,000.

(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:

We’ve seen stocks bounce back at the beginning of this week, as geopolitical tensions have eased for now. Geopolitical risk is one of the most intuitive market movers for bonds and mortgage rates.   Anything that creates uncertainty about the future of our economy, or the world itself, leads to investors putting their money into safe havens like government bonds or cash. This trend can help mortgage rates.  But, when this reverses, you start to see upward pressure on rates.
Despite the volatility in the Equity markets over the last few weeks, we’ve seen stability in the mortgage rate market. Mortgage rates have traded in an incredibly tight range for an extended period of time. Movement of .125% to .25% on rates for most mortgage products has become the norm. The questions now: “When will rates pop?”, or “Will rates go up at all”? Despite multiple increases in Prime by the Fed, mortgage rates have remained steady.
With trading volume in the markets set to decrease at the end of summer, all we can do is watch and see what the final third of the year will bring.

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

ALSO OF INTEREST:

THE ‘BOKEN TO THE ‘BURBS: A Cautionary Farewell (hMAG.com)

Highlands to the Heights: Jersey City & Hoboken Water Sources (JerseyDigs.com)

Hurricane Preparedness for Homeowners (Realtor.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.