hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | May 3, 2019

Hoboken & Jersey City Real Estate Trends | May 3, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

With Easter and Passover holidays behind us, typically the Spring market finds its second gear.

That seems to be the case as May gets underway, with 112 new listings this week. With mortgage rates helping (see below), we may continue to see a relatively dynamic market as summer eventually approaches.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
13 new listings. The average price is $620,307 and the average price per sq/ft is $811.
Sold Properties:
7 properties closed. The average price was $481,571 and the price per sq/ft was $713.

2-Bedrooms
New Listings:
27 new listings. The average price is $765,259 and the average price per sq/ft is $700.
Sold Properties:
9 properties closed. The average price was $787,833 and the average price per sq/ft was $667.

3-Bedrooms
New Listings:
6 new listings. The average price is $1,030,500 and the average price per sq/ft is $724.
Sold Properties:
No sold properties..

4-Bedrooms
New Listings:
6 new listings. The average price is $1,909,833 and the price per sq/ft is $785.
Sold Properties:
No properties closed.

Single-Family Homes
One three-bedroom home listed for $899,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $671,776 and the average price per sq/ft is $825.
Sold Properties:
7 properties closed. The average price was $559,428 and the average price per sq/ft was $800.

2-Bedrooms
New Listings:
11 new listings. The average price is $907,409 and the average price per sq/ft is $796.
Sold Properties:
3 properties closed. The average price was $1,043,833 and the average price per sq/ft was $860.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,350,000 and the average price per sq/ft is $698.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
One new two-bedroom home listed for $825,000 and a three-bedroom listed for $799,000
Sold Listings:
A three-bedroom sold for $765,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
3 new listings. The average price is $304,000 and the average price per sq/ft is $429.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
7 new listings. The average price is $408,100 and the average price per sq/ft is $481.
Sold Properties:
3 sold properties. The average price was $573,333 and the average price per sq/ft was $426.

3-Bedrooms
New Listings:
3 new listings. The average price is $677,966 and the average price per sq/ft is $497.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One two-bedroom home listed for $499,000 and one three-bedroom listed for $499,000.
Sold Properties:
No sold listings.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $324,633 and the average price per sq/ft is $410.
Sold Properties:
3 sold properties. The average price is $345,333 and the average price per sq/ft is $515.

2-Bedrooms
New Listings:
7 new listings. The average price is $345,571 and the price per sq/ft is $353.
Sold properties:
3 sold listings. The average price was $531,333 and the average price per sq/ft was $390.

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

Single-Family Homes:
New Listings:
Two three-bedroom homes listed for $499,000 and $799,000.
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
One three-bedroom home listed for $479,000 a seven- bedroom home listed for $649,000.
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:

While it has been a slower than normal start to the Spring real estate market, home shoppers did sign 3.8% more contracts to buy existing homes in March compared with February. This is according to the National Association of Realtors’ Pending Home Sales Index. While this increase was higher than what analysts had predicted, it is still 1.2% lower than where we were in March 2018. This was also the 15th straight month of year over year declines.

The good news for homebuyers, as well as those consumers looking to refinance, is that mortgage rates have remained extremely favorable. While rates are not at their lowest point of the year, they are lower than where they were at the beginning of 2019. This has helped keep monthly payments at an affordable level. Now that we are seeing an increase in inventory, albeit a marginal increase, this should give prospective buyers more options.

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

ALSO OF INTEREST:
Whole Foods Northeast HQ and Market Coming to Jersey City (JerseyDigs.com)

Hoboken Approves New Contract With SUEZ to Bolster Water Infrastructure

Hoboken Arts & Music Festival POSTPONED Until May 19

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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.