hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | March 29, 2019

Hoboken & Jersey City Real Estate Trends | March 29, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

It seems that as soon as the hour sprang forward the mortgage rates started to fall back, with this week seeing the biggest one-week decline in rates in over a decade.

We are now seeing rates below 4% for the first time in a long time, with some experts predicting further drops. This will make homes more affordable for potential buyers, which is good for both buyers and sellers. If you have an adjustable rate or if you have a HELOC now might be the time to consider refinancing to a fixed rate.

Meanwhile, it was another busy week, with 109 new listings across our various neighborhoods.

Here’s a look at what’s currently available in our areas:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
19 new listings. The average price is $565,141 and the average price per sq/ft is $760.
Sold Properties:
3 sold properties. The average price was $649,166 and the average price per sq/ft was $738.

2-Bedrooms
New Listings:
21 new listings. The average price is $796,661 and the average price per sq/ft is $716.
Sold Properties:
5 properties closed. The average price was $631,698 and the average price per sq/ft was $732.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,349,000 and the average price per sq/ft is $692.
Sold Properties:
1 sold property. The price was $1,200,000 and the price per sq/ft was $709.

4+-Bedrooms
New Listings:
1 new listings. . The price is $1,899,000 and the price per sq/ft is $885.
Sold Properties:
1 sold property.  The price was $1,915,000 and the price per sq/ft was $731.

Single-Family Homes
New Listings:
Two three-bedroom homes listed for $1,449,000 and $1,800,000.
Sold Listings:
No sold properties.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
13 new listings. The average price is $556,538 and the average price per sq/ft is $803.
Sold Properties:
3 sold listings. The average price was $612,000 and the average price per sq/ft was $797.

2-Bedrooms
New Listings:
16 new listings. The average price is $8873,026 and the average price per sq/ft is $766.
Sold Properties:
4 sold listings. The average price was $812,250 and the average price per sq/ft was $771.

3-Bedrooms
New Listings:
5 new listings. The average price is $996,600 and the average price per sq/ft is $712.
Sold Properties:
2 sold properties. The average price was $984,500 and the average price per sq/ft was $772.

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

Single-Family Homes
New Listings:
2 two-bedroom homes listed for $799,000 and one two-bedroom home $875,000. A four-bedroom home listed for $1,649,000.
Sold Listings:
One four-bedroom home sold for $950,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listings.  The price is $799,000 and the price per sq/ft is $690.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
6 new listings. The average price is $483,339 and the average price per/sq ft is $482.
Sold Properties:
No sold properties.

3-Bedrooms
New Listings:
6 new listings. The average price is $668,314 and the average price per sq/ft is $465.
Sold Properties:
1 sold property. The price was $740,511 and the price per sq/ft was $569.

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

Single-Family Homes:
New Listings:
Two three-bedroom homes listed for $639,000 and $649,000.
Sold Properties:
1 three-bedroom home sold for $482,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
1 new listing. The price is $452,000 and the price per sq/ft is $638.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
6 new listing. The average price is $444,983 and the price per sq/ft is $448.
Sold properties:
No sold properties.

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

Single-Family Homes:
New Listings:
One new two-bedroom home listed for $475,000
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
Two three-bedroom homes listed for $349,000 and $499,000.  A four-bedroom home listed for $800,000 and a six-bedroom home listed for $349,000.
Sold Properties:
No sold properties.

(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:

Mortgage applications have surged over the past week, as fixed mortgage rates have hit their lowest point in over 12 months.  However, the main reason behind this the sharp increase in refinance applications.  The supply of homes for sale at the lower end of the market is still tight, which is holding back a huge increase in purchase volume.   As the market gets busier this spring, and more buyers look to take advantage of lower mortgage rates, we should see a substantial pick up.  Homes are also staying on the market on average two days longer than during February 2018. This is the largest annual increase since January 2015 and the first annual increase in February since 2011. February generally marks the start of the spring housing market.

 

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

ALSO OF INTEREST:
Best and Worst Real Estate Markets for Affordability (realtor.com)

Artist Redesigns Her Grandparents Condo (Apartment Therapy)

Stevens Set to Break Ground on New Towers (JerseyDigs.com)

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