hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | July 19, 2019

Hoboken & Jersey City Real Estate Trends | July 19, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

A few new listings this week to add to a number of great properties on the market as we settle in for the summer.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $519,187 and the average price per sq/ft is $801.
Sold Properties:
6 properties closed. The average price was $519,033 and the average price per sq/ft was $699.

2-Bedrooms
New Listings:
8 new listings. The average price is $744,099 and the average price per sq/ft is $755.
Sold Properties:
5 sold properties. The average price was $670,000 and the average price per sq/ft was $624.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,292,166 and the average price per sq/ft is $772.
Sold Properties:
2 sold properties. The average price was $1,227,500 and the average price per sq/ft was $790.

Single-Family Homes
No new listings.
Sold Listings:
Two four -bedroom homes closed for $1,625,000 and $2,000,000.

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

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
21 new listings. The average price is $768,275 and the average price per sq/ft is $902.
Sold Properties:
4 properties closed. The average price was $616,750 and the average price per sq/ft was $854.

2-Bedrooms
New Listings:
17 new listings. The average price is $948,405 and the average price per sq/ft is $844.
Sold Properties:
4 properties closed. The average price was $721,250 and the average price per sq/ft was $742.

3-Bedrooms
New Listings:
6 new listings. The average price is $1,374,148 and the average price per sq/ft is $780.
Sold Properties:
2 sold properties. The average price is $932,500 and the average price per sq/ft is $695.

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:
No new listings.
Sold Properties:
2 sold properties. The average price was $344,500 and the average price per sq/ft was $454.

2-Bedrooms
New Listings:
5 new listings. The average price is $348,400 and the average price per sq/ft is $454.
Sold Properties:
1 sold property. The price was $484,000 and the price per sq/ft was $538.

3-Bedrooms
New Listings:
3 new listings. The average price is $705,666 and the average price per sq/ft is $366.
Sold Properties:
No sold properties.

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

Single-Family Homes:
New Listings:
Two three-bedroom home listed for $465,000 and $595,000.
Sold Properties:
Two two-bedroom homes sold for $235,000 and $329,900 and a three-bedroom homes sold for $469,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $355,500 and the average price per sq/ft is $469.
Sold Properties:
1 sold property. The  price was $180,000 and the price per sq/ft was 567.

2-Bedrooms
New Listings:
5 new listings. The average price per sq/ft is $314,360 and the average price per sq/ft is $372.
Sold properties:
2 sold properties. The average price was $310,000 and the average price per sq/ft was $286.

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

Single-Family Homes:
New Listings:
Two three-bedroom homes listed for $489,000 and $99,000 an one four-bedroom home listed for $547,000.
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
One four-bedroom home listed for $445,000.
Sold Properties:
One eight-bedroom home sold for $675,000.

(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:

Interest rates rose last week to their highest level in a month.

Total mortgage application volume decreased 1.1% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index, but it was 36% higher than a year ago, thanks to a strong and stable refinance market.  Mortgage applications to refinance, which are usually very rate-sensitive, actually increased 2% for the week and were 87% higher than a year ago, when interest rates were approximately 65 basis points higher.  Mortgage applications to purchase a home fell 4% for the week but were 7% higher than a year ago. Buyers are now facing a tightening supply situation once again. The inventory of homes for sale was rising strongly in the second half of last year, but the gains have been shrinking and inventory is already lower annually in some major metropolitan markets.

Mortgage rates have continued to move higher this week and could rise further even if the Federal Reserve cuts interest rates.

 

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

ALSO OF INTEREST:

Housing Slowdown Coming to an End (realtor.com)

Hoboken City Council Pushes for Immediate Action on Scooters (Hudson County View)

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.