hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | July 27, 2018

Hoboken & Jersey City Real Estate Trends | July 27, 2018
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

As the 2^nd quarter GDP numbers were released today I thought it would be a good idea to do a review of our markets and look at what has sold to-date this year.

A couple of interesting facts—Hoboken and Downtown Jersey City are very similar with both sales prices and price per sq/ft. There is also a significant lack of larger three-four bedroom homes available across the board.

Here’s a more detailed look at these numbers:

HOBOKEN:
Studio/ 1-Bedrooms:
148 properties closed. The average price was $513,192 and the price per sq/ft was $726.
2-Bedrooms:
265 properties closed. The average price was $869,195 and the average price per sq/ft was $732.
3-Bedrooms:
62 properties closed. The average price was $1,366,994 and the average price per sq/ft was $774.
4/5-Bedrooms:
21 properties closed. The average price was $1,906,214 and the average price per sq/ft was $728.
Single-Family Homes:
22 single family homes closed, the average price was $1,845,356. (this includes some smaller 3 bedroom homes, when these are removed the average price is $2,002,967.)

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms:
117 properties closed. The average price was $556,738 and the price per sq/ft was $773.
2-Bedrooms:
114 properties closed. The average price was $866,046 and the price per sq/ft was $749.
3-Bedrooms:
25 properties closed. The price was $ $1,15,479 and the average price per sq/ft was $761.
Single-Family Homes:
13 single-family homes closed, the average price was $1,390,769.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms:
28 properties closed. The average price was $281,642 and the price per sq/ft was $726.
2-Bedrooms:
54 properties closed. The average price was $427,229 and the average price per sq/ft was $411.
3-Bedrooms:
31 properties closed. The average price was $585,472 and the average price per sq/ft was $412.
4/5-Bedrooms:
6 properties closed. The average price was $714,483 and the average price per sq/ft was $381.
Single-Family Homes:
37 single-family homes closed, the average price was $541,202.

JOURNAL SQUARE:
Studio/ 1-Bedrooms:
53 properties closed. The average price was $289,356 and the price per sq/ft was $379.
2-Bedrooms:
40 properties closed. The average price was $414,222 and the average price per sq/ft was $405.
3-Bedrooms:
11 properties closed. The average price was $392,986 and the average price per sq/ft was $331
Single-Family Homes:
38 single-family homes closed, the average price was $541,202.

BERGEN-LAFAYETTE:
Single-Family Homes:
24 single family homes closed. The average price was $348,562

(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:

Sales of both existing and newly built homes fell in June, the latter to the lowest level since last year. Prices continue to rise, but the gains are slowing. Mortgage applications to purchase both new and existing homes have been falling steadily, and mortgage rates are rising again this week. Much of the slowdown is being tied to overheated prices.

Even in the hottest markets, there is a limit to affordability, and that limit is clearly now being hit. Homeownership is still well below the peak of the housing boom in 2005 and a full percentage point below the 50-year average.

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

ALSO OF INTEREST:
The Cost Of Selling Without A Real Estate Agent (Realtor.com)

Emerson Radio Factory on Jersey City/Hoboken Border Approved for Redevelopment (JerseyDigs.com)

Hoboken Seeks Input on Rebuild By Design Aesthetics (HobokenNJ.gov)

*****************
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.