hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | May 18, 2018

Hoboken & Jersey City Real Estate Trends | May 18, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

There were a total of 106 new listings this week, an indication that the Spring market is in full swing.

Yes, interest rates are rising but the market is still very active, with numerous properties receiving multiple offers. If you are planning on purchasing a new home I would strongly advise you to talk to your mortgage broker to review your options.

For example, maybe an adjustable rate mortgage with a lower rate would suit your needs better if you are planning on buying a place that is not going to be your “forever home”.

As always, working with a professional Realtor who can explain your options to you is always the best route.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
15 new listings. The average price is $531,399 and the average price per sq/ft is $787.
Sold Properties:
4 properties closed. The average price was $564,000 and the average price per sq/ft was $734.

2-Bedrooms
New Listings:
26 new listings. The average price is $934,188 and the average price per sq/ft is $729.
Sold Properties:
8 properties closed. The average price was $1,137,125 and the average price per sq/ft was $889.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,401,612 and the average price per sq/ft is $756.
Sold Properties:
2 sold properties. The average price was $1,089,250 and the price per sq/ft was $776.

4-Bedrooms
New Listings:
2 new listings. The average price is $2,241,750 and the average price per sq/ft is $760.
Sold Properties:
No sold properties

Single-Family Homes
New Listings:
One four-bedroom homes listed for $3,000,000 and 4 new five-bedroom homes listed ranging from $1,925,000 to $3,100,000.
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:
12 new listings. The average price is $550,083 the average price per sq/ft is $810.
Sold Properties:
8 properties closed. The average price was $616,608 and the average price per sq/ft was $611.

2-Bedrooms
New Listings:
12 new listings. The average price is $792,495 and the average price per sq/ft is $766.
Sold Properties:
3 properties closed. The average price was $692,000 and the average price per sq/ft was $761.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,131,000 and the average price per sq/ft is $602.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
Two new three-bedroom homes listed for $1,175,,000 and $1,750,000
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $387,000 and the price per sq/ft is $464.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
7 new listings. The average price is $410,999 and the average price per sq/ft is $397.
Sold Properties:
2 properties closed. The price was $276,200 and the price per sq/ft was $379.

3-Bedrooms
New Listings:
1 new listing. The price is $599,000 and the price per sq/ft is $473.
Sold Properties:
No sold listings.

Single-Family Homes:
New Listings:
1 six-bedroom home listed for $995,000.
Sold Properties:
One four-bedroom homes sold for $629,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $363,614 and the average price per sq/ft is $442.
Sold Properties:
1 sold listing. The price was $210,000 and the price per sq/ft was $320.

2-Bedrooms
New Listings:
2 new listings. The average price is $436,850 and the average price per sq/ft is $432.
Sold properties:
1 sold listing. The price was $445,000 and the price per sq/ft was $425.

3-Bedrooms
New Listings:
2 new listings. The average price is $474,000 and the average price per sq/ft is $465.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
A three-bedroom home listed for $585,000 and a two-bedroom home listed for $540,000.
Sold Properties:
One three-bedroom sold for $900,000 and a five-bedroom sold for $420,000.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
Sold Properties:
A three-bedroom sold for $399,000.

(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 hit a seven-year high this past Tuesday, after a major sell-off in the bond market. Mortgage rates loosely follow the yield on the 10-year Treasury. The sell-off came after a stronger-than-expected retail sales report. However, the momentum first started when interest rates broke through their most recent high, resulting in one of the heaviest selling days of the year to date.   Buyers struggling to afford today’s steep home prices are increasingly turning to adjustable-rate mortgages (ARMs) because they offer lower rates, but unfortunately those rates are on the rise right now as well.

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

ALSO OF INTEREST:
120th Annual Hoboken Memorial Day Parade—Wednesday

Deal Reached to Move Katyn Monument, Renovate Exchange Place (JerseyDigs.com)

Giving the Illusion of Space with Mirror Design (apartmenttherapy.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.