hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | February 8, 2019

The temperatures may have fluctuated over the past weeks but thankfully mortgage rates have not. They have stabilized and are currently averaging at 4.125% for a 30-year fixed. This has led to an increase in buyer activity as it increases the affordability of monthly payments for potential buyers, which is good news for both buyers and sellers.

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

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $525,666 and the average price per sq/ft is $730.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
24 new listings. The average price is $794,945 and the average price per sq/ft is $712.
Sold Properties:
5 properties closed. The average price was $705,020 and the average price per sq/ft was $669.

3-Bedrooms
New Listings:
9 new listings. The average price is $1,248,111 and the average price per sq/ft is $730.
Sold Properties:
4 properties closed. The average price was $1,261,250 and the average price per sq/ft was $825.

4-Bedrooms
New Listings:
1 new listings. The price is $1,714,115 and the price per sq/ft is $850.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
One new 2 bedroom home listed for $950,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $622,355 and the average price per sq/ft is $795.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
15 new listings. The average price is $807,779 and the average price per sq/ft is $812.
Sold Properties:
2 properties closed. The average price was $1,077,500 and the average price per sq/ft was $838.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,199,999 and the average price per sq/ft is $536.
Sold Properties:
1 sold property.  The price was $835,000 and the price per sq/ft was $606.

Single-Family Homes
New Listings:
One new four-bedroom home listed for $2,345,000.
Sold Listings:
No sold properties.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
4 new listings. The average price is $782,750 and the average price per sq/ft is $800.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
7 new listings. The average price is $865,142 and the average price per sq/ft is $644.
Sold Properties:
No sold properties.

3-Bedrooms
New Listings:
7 new listings.  The average price is $921,428 and the average price per sq/ft is $526.
Sold Properties:
No sold properties.

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

Single-Family Homes:
New Listings:
One three-bedroom homes listed for $569,900, one four-bedroom listed for $560,000 and an eight -bedroom home listed for $1,290,000.
Sold Properties:
One three-bedroom home sold for $1,400,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
2 new listing. The average price is $292,000 and the average price per sq/ft is $371.
Sold Properties:
One sold property.  The price was $485,000 and the price per sq/ft was $492.

2-Bedrooms
New Listings:
3 new listings. The average price is $390,000 and the average price per sq/ft is $407.
Sold properties:
No sold listings.

3-Bedrooms
New Listings:
One new property.  The price is $799,000 and the price per sq/ft is $370.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One new four-bedroom home listed for $475,000 and a 2 bedroom listed for $549,000
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
One  two-bedroom home listed for $230,000 and a four-bedroom home listed for $349,999.
Sold Properties:
One three-bedroom sold for $285,000.

(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:

Overall mortgage application volume fell 2.5 percent last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was nearly 10 percent lower than a year ago.

Purchase volume pulled back the most, with those applications falling 5 percent for the week and 2 percent annually. However, I’ve been doing more pre-approvals, which is the first sign of an increase in buyers.   This is in line with what I have been hearing from many real estate agents, as they’ve been reporting a surge in potential buyer activity through open houses in the past few weeks.  Mortgage rates have been cooperating for homebuyers, as even though they started this week slightly higher, they have stabilized.  This is good news, helping the affordability of the monthly payments for potential buyers.

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

ALSO OF INTEREST:

25 Homes With the Highest Tax Rates in New Jersey (NJ.com)

LightRail Service Facing Long-term Disruption (JerseyDigs.com)

Jersey City Sends Message to Developers After Canceling Tax Break (NJTV)

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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.