hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | March 2, 2018

Hoboken & Jersey City Real Estate Trends | March 2, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

There’s been a lot of talk recently about rising interest rates

Over the past few months rates have steadily increased, with the average 30-year fixed going from 3.95% in December to 4.28%. A month ago, the average rate on a 30-year fixed mortgage was slightly lower, at 4.23 percent.

To put this in real terms, the increase in rates means that your monthly payments will obviously be higher. On an average loan size of $450,000 in our marketplace, this would cost an additional $65-$95/more in interest each month. This means certain buyers might have to lower their price range to compensate for higher monthly payments.

Rates for mortgages are in a constant state of flux, but, overall, they are very low by historical standards—the average interest rate 10 years ago was 5.97%. If you are considering buying, work closely with your mortgage broker to understand how rates changes affect your individual spending power and take their advice on when to “lock in” a rate.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $690,857 the average price per sq/ft is $829.
Sold Properties:
5 properties closed. The average price was $551,400 and the average price per sq/ft was $647.

2-Bedrooms
New Listings:
13 new listings. The average price is $820,446 and the average price per sq/ft is $735.
Sold Properties:
5 properties closed. The average price was $688,200 and the average price per sq/ft was $684.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,087,500 and the average price per sq/ft is $773.
Sold Properties:
4 properties closed. The average price was $1,532,500 and the average price per sq/ft was $772.

4-Bedrooms
New Listings:
1 new listing. The price is $1,788,000 and the average price per sq/ft is $673.
Sold Properties:
1 property closed. The average price was $1,725,000 and the average price per sq/ft was $929.

Single-Family Homes
New Listings:
3 new single family homes listed. One two-bedroom home for $999,000 and two five –bedroom homes for $1,999,000 and $2,699,000.
Sold Listings:
One five-bedroom home closed for $3,050,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
13 new listings. The average price is $587,300 and the average price per sq/ft is $833.
Sold Properties:
3 properties closed. The average price was $680,000 the average price per sq/ft was $882.

2-Bedrooms
New Listings:
7 new listings. The average price is $987,628 and the average price per sq/ft is $768.
Sold Properties:
3 properties closed. The average price was $851,666 and the average price per sq/ft was $758.

3-Bedrooms
New Listings:
7 new listings. The average price is $1,770,000 and the average price per sq/ft is $755.
Sold Properties:
2 properties closed. The average price was $1,135,750 and the average price per sq/ft was $787.

4-Bedrooms
New Listings:
4 new listings. The average price is $1,647,250 and the average price per sq/ft is $660.
Sold Properties:
1 property closed. The price was $1,100,000 and the average price per sq/ft was $461.

Single-Family Homes
New Listings:
Two new listings. One four-bedroom home listed for $,1,890,000 and one five- bedroom home listed for $2,199,000.
Sold Listings:
One five-bedroom home sold for $1,560,000

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
3 new listings. The average price is $395,000 and the average price per sq/ft is $462.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
4 new listings. The average price is $491,249 and the average price per sq/ft is $552.
Sold Properties:
4 sold listings. The average price was $366,250 and the average price per sq/ft is $406.

3-Bedrooms
New Listings:
3 new listings. The average price is $506,000 and the average price per sq/ft is $321.
Sold Properties:
1 sold properties. The price was $600,000 and the average price per sq/ft was $461.

Single-Family Homes:
New Listings:
Two four- bedroom homes listed for $480,000 and $689,000.
Sold Properties:
One four-bedroom home closed for $525,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $269,600 and the average price per sq/ft is $416.
Sold Properties:
2 sold listings. The average price was $166,260 and the average price per sq/ft was $270.

2-Bedrooms
New Listings:
3 new listing. The average price is $330,633 and the price per sq/ft is $300.
Sold properties:
2 sold listings. The average price was $424,000 and the average price per sq/ft was $497.

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

Single-Family Homes:
New Listings:
1 new listings. A five-bedroom home for $549,000
Sold Properties:
One three-bedroom closed for $215,000.

BERGEN-LAFAYETTE:
New Listings:
Two new single family homes. A three-bedroom listed for $250,000 and a four-bedroom listed for $379,000.
Sold Properties:
One three-bedroom home closed for $345,000

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:
Treasury prices pulled back this week, driving yields higher, after Federal Reserve Chairman Jerome Powell said his outlook on the economy had strengthened, a remark investors took as a sign the central bank may be more aggressive than expected in raising interest rates this year. This keeps continued pressure on mortgage rates, as they’ve stayed on a course to move higher. We’ve seen rates move .25-.375% higher over the past month. To put this into real numbers, on an average loan size of $450,000 in our marketplace, this would cost the consumer an additional $65-$95/more in interest each month.

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

ALSO OF INTEREST:
Hoboken Moving Forward to Acquire Union Dry Dock (City of Hoboken)

Plan for 27-Story/450 Unit Tower in Journal Square (JerseyDigs.com)

St. Francis Church “Wing & A Prayer” Chicken Wing Contest

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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 for 2015 and 2016, 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.