hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | February 22, 2019

Hoboken & Jersey City Real Estate Trends | February 22, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

When people talk about “curb appeal” we tend to conjure up images of suburban homes with white picket fences, immaculate lawns and fabulous flower beds. However, urban areas like ours are sadly lacking in white picket fences, so curb appeal takes on a different meaning.

If you are in a condo building the curb appeal is in the hallways and common areas. I have heard people say that it doesn’t matter what the common areas look like, you don’t live in the hallway. But this is simply not the case.

The hallways are the first thing you see when you walk into your potential new home and you want to walk into a pleasant environment. It also tends to raise a red flag to potential buyers if they are in need of repair and look shabby. It will have buyers questioning the reasons why—is it that the condo association can’t afford repairs?

If you are part of a condo association it is important to set aside funds for general upkeep.  Make sure that carpets are vacuumed and cleaned on a regular basis and replaced when necessary.  Keep the walls on a painting schedule and maintain lighting.  As in all things, first impressions last, and you always want to make a good first impression when marketing your home for sale.

Here’s a look at what’s currently available in our areas:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
15 new listings. The average price is $626,226 and the average price per sq/ft is $796.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
21 new listings. The average price is $849,095 and the average price per sq/ft is $744.
Sold Properties:
3 properties closed. The average price was $744,000 and the average price per sq/ft was $758.

3-Bedrooms
New Listings:
9 new listings. The average price is $1,271,999 and the average price per sq/ft is $729.
Sold Properties:
No sold properties.

4+-Bedrooms
New Listings:
5 new listings. The average price is $2,003,846 and the price per sq/ft is $786.
Sold Properties:
1 sold property.  The price was $1,665,000 and the price per sq/ft was $853.

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

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $615,250 and the average price per sq/ft is $867.
Sold Properties:
4 sold listings. The average price per sq/ft was $506,000 and the average price per sq/ft was $719.

2-Bedrooms
New Listings:
8 new listings. The average price is $1,334,500 and the average price per sq/ft is $911.
Sold Properties:
4 properties closed. The average price was $751,875 and the price per sq/ft was $685.

3-Bedrooms
New Listings:
1 new listing. The price is $1,199,000 and the average price per sq/ft is $671.
Sold Properties:
No sold properties.

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

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

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $280,000 and the average price per sq/ft is $412.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
3 new listings. The average price is $543,333 and the average price per sq/ft is $501.
Sold Properties:
No sold properties.

3-Bedrooms
New Listings:
6 new listings. The average price is $825,000 and the average price per sq/ft is $471.
Sold Properties:
1 sold property. The price was $590,000 and the price per sq/ft was $405.

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

Single-Family Homes:
New Listings:
One three-bedroom homes listed for $519,900 and one four-bedroom listed for $399,999.
Sold Properties:
No sold properties.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $319,950 and the average price per sq/ft is $489.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
1 new listing. The price is $579,000 and the price per sq/ft is $404.
Sold properties:
No sold properties.

3-Bedrooms
New Listings:
One new property. The price is $695,000 and the price per sq/ft is $297.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One new three-bedroom home listed for $489,000, two two-bedroom homes listed for $525,000 and $550,000 and a four-bedroom home listed for $1,314,000.
Sold Properties:
One three-bedroom home sold for $600,000.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
Sold Properties:
No sold listings.

(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:

Mortgage application volume increased 3.6 percent last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.  Applications to purchase a home increased 2 percent for the week — the first uptick in a month — a sign of optimism in the housing market.  Many realtors have reported surprise at better-than-expected traffic at open houses this month, and the new numbers seem to confirm those perceptions.  Still, overall volume was 2.3 percent lower than a year ago.   Many industry experts are still concerned about home affordability, however, which is at a 10-year low, according to the index’s data. Nationally, there continues to be a critical shortage of affordable single-family homes for sale.

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

ALSO OF INTEREST:
Not Buying A Home Is Single Biggest Millennial Mistake, Says Self-Made Millionaire (cnbc.com)

Jersey City Named Most Ethnically Diverse City in America for Third Straight Year (HobokenGirl.com)

St. Francis Hoboken Wing & A Prayer Chicken Wing Competition—Saturday, March 23

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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 2015-2017, 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.