hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | January 11, 2019

Hoboken & Jersey City Real Estate Trends | January 11, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Although January is typically a very slow month, there are still some great properties on the market in our areas right now.

If you are ready to buy now you will avoid the additional competition from other buyers that the Spring market brings.

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

HOBOKEN:
Studio/ 1-Bedrooms
57 units available. The average price for a 1-bedroom is $590,997 with an average price per sq/ft of $793.
2-Bedrooms
89 units available. The average price for a 2-bedroom is $859,6006 with an average price per sq/ft of $750.
3-Bedrooms
34 units available.  The average price for a 3-bedroom is $1,429,782 with an average price per sq/ft of $795.
4+-Bedrooms
15 units available.  The average price for a 4-bedroom is $2,173,930 with an average price per sq/ft of $848.
Single-Family Homes
10 Single family homes are on the market with an average price of $2,312,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
88 units available.  The average price for a 1-bedroom is $600,987 with an average price per sq/ft of $815.
2-Bedrooms
105 units available.  The average price for a 2-bedroom is $923,663 with an average price per sq/ft of $805.
3-Bedrooms
18 units available .  The average price for a 3-bedroom is $1,129,905 with an average price per sq/ft of $755.
4+-Bedrooms
4 units available.  The average price for a 4-bedroom is $1,995,200 with an average price per sq/ft of $677.
Single-Family Homes
12 Single-family homes on the market with an average price of $1,279,333.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
13 units available.  The average price for a 1-bedroom is $259,322 with an average price per sq/ft of $419.
2-Bedrooms
25 units available.  The average price for a 2-bedroom is $395,539 with an average price per sq/ft of $415.
3-Bedrooms
33 units available.  The average price for a 3-bedroom is $641,336 with an average price per sq/ft of $441.
4+-Bedrooms
2 units available.  The average price for a 4-bedroom is $619,000 with an average price per sq/ft of $340.
Single-Family Homes:
15 Single–family homes on the market with an average price of  $769,259.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
31 units available.  The average price for a 1-bedroom is $323,187 with an average price per sq/ft of $407.
2-Bedrooms
17 units available.  The average price for a 2-bedroom is $466,935 with an average price per sq/ft of $498.
3-Bedrooms
10 units available.  The average price for a 3-bedroom is $545,389 with an average price per sq/ft of $366.
Single-Family Homes:
17 Single family homes on the market with an average price of  $619,98.

BERGEN-LAFAYETTE:
8 Single-family homes on the market with an average price  $344,500.

(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:

The combination of lower mortgage rates and an unusually slow end to 2018 caused mortgage applications to sharply increase thus far in 2019.  This is mainly due to a surge in refinance application, due to rates being at their lowest levels since April 2018. Refinance applications rose by 35 percent week-to-week to their highest level since July 2018. Overall mortgage application volume was still lower by nearly 22 percent than a year ago, when the average rate on the 30-year fixed mortgage was appx. 51 basis points lower.

Rates have started to trend back up slightly this week, so we’ll see if this continues.  And, if so, what impact this has on the upcoming Spring purchase market.

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

ALSO OF INTEREST:

Plans in JC Heights to Include New Supermarket on Central (JerseyDigs.com)

Hard-Learned Lessons From First-Time Homebuyers (realtor.com)

Sinatra’s Hoboken Birthplace Goes Condo

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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.