hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | July 12, 2019

Hoboken & Jersey City Real Estate Trends | July 12, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

As we pass the midpoint of the year, I thought it would be a good idea to take a look back at what has sold in our markets over the past 6 months…

HOBOKEN:
Studio/ 1-Bedrooms
106 properties closed. The average price was $531,847 and the average price per sq/ft was $720. Average days on the market was 39.

2-Bedrooms
222 properties closed. The average price was $876,427 and the average price per sq/ft was $712. Average days on the market was 39.

3-Bedrooms
71 properties closed. The average price was $1,285,549 and the average price per sq/ft was $764. Average days on the market was 31.

4+ Bedrooms
17 properties closed. The average price was $1,904,441 and the average price per sq/ft was $765. Average days on the market was 32.

Single-Family Homes
14 single-family homes sold. The average price is $2,009,678.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
115 properties closed. The average price was $563,045 and the average price per sq/ft was $749. Average days on the market was 50.

2-Bedrooms
127 properties closed. The average price was $878,073 and the average price per sq/ft was 759. Average days on the market was 47.

3-Bedrooms
28 properties closed. The price was $1,081,241 and the price per sq/ft was $691. Average days on the market was 39.

Single-Family Homes
20 single family homes sold. The average price was $1,145,150.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
23 properties closed. The average price was $294,804 and the price per sq/ft was $448. Average days on the market was 40.

2-Bedrooms
29 properties closed. The average price was $295,804 and the average price per sq/ft was $448. Average days on the market was 42.

3-Bedrooms
Sold Properties:
47 properties closed. The average price was $619,417 and the average price per sq/ft was $454. Average days on the market was 43.

Single-Family Homes:
27 single-family homes sold. The average price was $546,370.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
49 properties closed. The average price was $293,143 and the average price per sq/ft is $383. Average days on the market was 43.

2-Bedrooms
34 properties closed. The average price was $400,975 and the average price per sq/ft was $397. Average days on the market was 41.

3-Bedrooms
23 properties closed. The average price was $539,804 and the average price per sq/ft was $346. Average days on the market was 44.

Single-Family Homes:
27 single-family homes sold. The average price was $526,214.

BERGEN-LAFAYETTE:
13 single-family homes sold. The average price was $401,842.

(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:

Total mortgage application volume increased 1.3% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 40% higher than a year ago, largely because lower mortgage rates are strengthening the refinance market.

Rates have fallen in three of the last four weeks and are now at the lowest level since September 2017. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.06% from 4.14%, with points decreasing to 0.35 from 0.38 (including the origination fee) for loans with a 20% down payment. That is 78 basis points lower than a year earlier.

This coincided with the Federal Reserve saying last Wednesday that it does not expect any rate cuts this year, but did forecast one for 2020.

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

ALSO OF INTEREST:

Housing Slowdown Coming to an End (realtor.com)

Expensive Renovations May Not Boost Your Sale (Realtor Magazine)

PATH Upgrades Will Increase Capacity (JerseyDigs)

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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.