hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | June 22, 2018

Hoboken & Jersey City Real Estate Trends | June 22, 2018
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

In this column we give a lot of statistics, one of which is price per sq/ft. But although price per sq/ft is a good barometer of market value, there are numerous other factors that influence price.

Location is a key factor in pricing a home. In our area, the closer you are to public transportation the more money you can demand.

The condition of the unit, the age of the property and amenities offered are all key factors. It is important to take into account all aspects of a property when you are buying and selling.

As always, a good Realtor will be able to give you professional advice and will take into account all of these points when advising you on how to price your property to sell or how to make a good offer on a property you want to call home.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
15new listings. The average price is $580,059 and the average price per sq/ft is $740.
Sold Properties:
4 properties closed. The average price was $528,750 and the average price per sq/ft was $808.

2-Bedrooms
New Listings:
22 new listings. The average price is $863,854 and the average price per sq/ft is $763.
Sold Properties:
10 properties closed. The average price was $958,089 and the average price per sq/ft was $839.

3-Bedrooms
New Listings:
14 new listings. The average price is $1,538,535 and the average price per sq/ft is $743.
Sold Properties:
3 sold properties. The average price was $1,160,166 and the price per sq/ft was $699.

Single-Family Homes
No new listings.
Sold Listings:
1 three-bedroom home closed for $1,600,000 and a seven-bedroom home sold for $2,495,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $657,405 the average price per sq/ft is $834.
Sold Properties:
6 properties closed. The average price was $569,833 and the average price per sq/ft was $805.

2-Bedrooms
New Listings:
15 new listings. The average price is $852,399 and the average price per sq/ft is $776.
Sold Properties:
6 properties closed. The average price was $682,500 and the average price per sq/ft was $644.

3-Bedrooms
New Listings:
1 new listing. The price is $999,885 and the price per sq/ft is $726.
Sold Properties:
1 sold property. The price was $1,100,000 and the price per sq/ft is $912.

Single-Family Homes
New Listings:
Two new three-bedroom homes listed for $1,075,000 and $1,099,000 . One four-bedroom listed for $1,499,000.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $324,999 and the price per sq/ft is $417.
Sold Properties:
2 properties closed. The price was $188,000 and the price pre sq/ft was $304.

2-Bedrooms
New Listings:
4 new listings. The average price is $596,249 and the average price per sq/ft is $380.
Sold Properties:
3 sold properties. The average price was $254,667 and the average price per sq/ft is $307.

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

Single-Family Homes:
New Listings:
2 new two-bedroom homes listed for $375,000 and $525,000 and 3 three-bedroom homes listed for $538,000, $559,000 and $795,000.
Sold Properties:
2 two-bedroom homes sold for $350,000 and $420,000 and a four-bedroom home sold for $527,500.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
1 new listings. The price is $279,000 and the average price per sq/ft is $394.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
5 new listings. The average price is $425,179 and the average price per sq/ft is $368.
Sold properties:
1 sold listing. The price was $445,000 and the price per sq/ft was $372.

3-Bedrooms
New Listings:
1 new listing. The price is $199,999 and the price per sq/ft is 373.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
1 two-bedroom home listed for $450,000 , a three-bedroom listed for $489,000, two five-bedroom homes listed for $489,000 and $849,000.
Sold Properties:
One three-bedroom sold for $299,000

BERGEN-LAFAYETTE:
New Listings:
One two-bedroom home listed for $525,000, a three-bedroom listed for $500,000, two four-bedroom homes listed for $549,000 and $650,000.
Sold Properties:
A three-bedroom sold for $166,000.

(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:

U.S. home sales unexpectedly fell in May, as a lack of inventory on the market pushed house prices to a record high.

Home sales have been largely flat thus far in 2018, as strong demand depletes the supply of properties on the market. This has caused house prices to rise faster than wages. Supply has been especially tight at the lower end of the market, which accounts for a large portion of the housing market.

With mortgage rates rising back to seven-year highs, purchasing a home has become even more expensive for first-time buyers. Housing demand is being driven by the lowest unemployment rate in 18 years. But, continued upward pressure on mortgage rates will have undoubtedly have an impact on the housing market.

Mortgage rates are likely to rise further after the Federal Reserve increased interest rates last week for a second time this year and forecast two more rate hikes before the end of 2018.

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

ALSO OF INTEREST:
Zoning Board Denies Developers Looking to Replace Church in the Heights (JerseyDigs.com)

BUY THIS ISLAND… or these other ones (Realtor.com)

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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.