hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | May 4, 2018

Hoboken & Jersey City Real Estate Trends | May 4, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
11 new listings. The average price is $559,999 and the average price per sq/ft is $811.
Sold Properties:
9 properties closed. The average price was $500,333 and the average price per sq/ft was $745.

2-Bedrooms
New Listings:
21 new listings. The average price is $708,223 and the average price per sq/ft is $697.
Sold Properties:
10 properties closed. The average price was $1,121,289 and the average price per sq/ft was $823.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,367,000 and the average price per sq/ft is $842.
Sold Properties:
1 sold property. The price was $1,300,000 and the price per sq/ft was $992.

4-Bedrooms
New Listings:
2 new listings. The average price is $1,537,500 and the average price per sq/ft is $684.
Sold Properties:
3 sold properties. The average price was $2,031,666 and the average price per sq/ft was $826.

Single-Family Homes
1 new four-bedroom homes listed for $1,195,000.
Sold Listings:
No sold listings

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
18 new listings. The average price is $669,433 the average price per sq/ft is $858.
Sold Properties:
4 properties closed. The average price was $680,972 and the average price per sq/ft was $854.

2-Bedrooms
New Listings:
16 new listings. The average price is $809,624 and the average price per sq/ft is $790.
Sold Properties:
6 properties closed. The average price was $840,832 and the average price per sq/ft was $714.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,386,333 and the average price per sq/ft is $822.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
Two new three-bedroom homes listed for $1,099,000 and $1,840,000 and one five-bedroom home listed for $654,100.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $245,000 and the price per sq/ft is $369.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
2 new listings. The average price is $307,000 and the average price per sq/ft is $431.
Sold Properties:
2 properties closed. The price was $489,000 and the price per sq/ft was $378.

3-Bedrooms
New Listings:
8 new listings. The average price is $670,750 and the average price per sq/ft is $480.
Sold Properties:
1 sold property. The price was $355,000 and the average price per sq/ft was $300.

Single-Family Homes:
New Listings:
Two three-bedroom homes listed for $529,000 and $659,00 and one four-bedroom listed for $650,000.
Sold Properties:
One three-bedroom homes sold for $300,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $217,475 and the average price per sq/ft is $371.
Sold Properties:
2 sold listings. The average price was $302,500 and the average price per sq/ft was $473.

2-Bedrooms
New Listings:
4 new listings. The average price is $245,000 and the average price per sq/ft is $353.
Sold properties:
3 sold listings. The average price was $340,5000 and the price per sq/ft was $330.

3-Bedrooms
New Listings:
No new listings.
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 four-bedroom sold for $325,000.

BERGEN-LAFAYETTE:
New Listings:
One new four-bedroom listed for $118,800.
Sold Properties:
A four-bedroom sold for $340,000.

(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:

Mortgage rates have continued to move higher over the past week, with some lenders now a quarter percentage point higher than 2018’s best levels. Volatility in the bond market, which mortgage rates follow, is likely to continue for the foreseeable future, as various economic reports are due out over the coming days. However, despite higher mortgage rates, the critical shortage of homes for sale continues to drive home prices higher nationwide. Based on a 3-month running average of home sales, home prices nationally were 6.7 percent higher than their peak in July 2006. This does not account for inflation. Prices are increasing more sharply in the nation’s largest metropolitan markets, as we’ve seen locally.

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

ALSO OF INTEREST:

Hoboken Arts & Music Fest—Sunday, May 6

Jersey City Ranked Among Top Ten Cities for Recent Grads (JerseyDigs.com)

Homeownership Rate Rises for First Time Since 2004 (WSJ)

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