hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | November 1, 2019

Hoboken & Jersey City Real Estate Trends | November 1, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

We spoke last week about comparing the numbers for what listed and sold this time last year to this year and the  biggest take away is that the numbers are remarkably similar.

The prices in Hoboken are slightly lower on a price per sq/ft basis, but across the board things have not changed much.  The one thing that is significantly different is the mortgage rate. This time last year a 30-year fixed rate was 5.1%. Today’s rate is 3.75%.

What that means in real terms is that you afford more. Your payments are lower, so you can afford a slighter higher price. For example, if you were looking last year at a home for $750,000 for the same monthly payment you can look at a home for $875,000 right now.

HOBOKEN:
Studio/ 1-Bedrooms
New listings:
2018: The average price was $537,500 and the average price per sq/ft was $752.
2019: The average price is $411,900 and the average price per sq/ft is $751

Sold Properties:
2018: The average price was $498,000 and the average price per sq/ft was $746.
2019: The average price is $548,000 and the average price per sq/ft was $677

2-Bedrooms
New Listings:
2018: The average price was $905,035 and the average price per sq/ft is $745.
2019: The average price is $724,400 and the average price per sq/ft is $672

Sold Properties:
2018: The average price was $787,400and the average price per sq/ft was $685.
2019:The average price is $679,000 and the average price per sq/ft is $658.

3-Bedrooms
New Listings:
2018: The average price was $1,530,750 and the average price was $764.
2019:The average price is $1,199,500 and the average price per sq/ft is $667.

Sold Properties:
2018: The average price was $1,273,813 and the average price per sq/ft was $685.
2019: The average price was $1,478,000 and the average price per sq/ft was  $763

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
2018:The average price was $594,909 and the average price per sq/ft was $804.
2019: The average price is $$501,223 and the average price per sq/ft is $752.

Sold Properties:
2018: The average price was $600,800 and the average price per sq/ft was $791.
2019: The average price was $586,000 and the average price per sq/ft was $801.

2-Bedrooms
New Listings:
2018: The average price was $778,200 and the average price per sq/ft was  $669.
2019:The average price was $846,222 and the average price per sq/ft was $745.

Sold Properties:
2018:  The average price was $829,400 and the average price per sq/ft was $795.
2019:  The average price was $1,800,000 and the average price per sq/ft was $1,310

3-Bedrooms
New Listings:
2018:  The average price was $1,321,500 and the average price per sq/ft was $790.
2019: The average price is $1,099,000 and the average price per sq/ft is $657.

Sold Properties:
2018: No sold listings.
2019: No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2018:The average price was $374,000 and the price per sq/ft was $519.
2019: The average price is $378,000 and the price per sq/ft is $614.

Sold Properties:
2018:The price was $402,000 and the price per sq/ft was $383.
2019: The average price is $430,000 and the average price per sq/ft is $399.

2-Bedrooms
New Listings:
The average price is $454,950 and the average price per sq/ft is $416.

Sold Properties:
2018: The average price was $254,950 and the average price per sq/ft is $416.
2019: The average price is $481,000 and the average price per sq/ft is $412.

3-Bedrooms
New Listings:
2018:  The average price is $638,300 and the average price per sq/ft is $390.
2019: The average price is $648,816 and the average price per sq/ft is $489.

Sold Properties:
2018: The average price was $514,752 and the average price per sq/ft was $427.
2019: The average price was $585,888 and the average price per sq/ft was $494.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
2018:The average price is $399,333 and the average price per sq/ft is $465.
2019:The average price is $160,000 and the average price per sq/ft is $374.

Sold Properties:
2018: The average price was $211,250 and the average price per sq/ft was $454.
2019: The average price was $122,100 and the average price per sq/ft was $350.

2-Bedrooms
New Listings:
2018:The average price was $364,300 and the average price per sq/ft was $434.
2019: The average price is $419,000 and the average price per sq/ft is $570.

Sold properties:
2018: The average price was $220,000 and the average price per sq/ft was $276.
2019: The average price was $295,000 and the average price per sq/ft was $289.

3-Bedrooms
New Listings:
2018: The average price is $633,749 and the average price per sq/ft is $439.
2019: The average price is $621,756 and the average price per sq/ft is $424.

Sold Properties:
2018:  The average price was $502,200 and the average price per sq/ft was $378.
2019: The average price is $633,749 and the average price per sq/ft is $439.

(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:

Today, the Federal Reserve decided to cut the Prime rate by .25% for the 3rd time this year.   This cut does not impact mortgage rates directly, it has a direct impact on home equity line rates.  Recently, we’ve actually seen mortgage rates move to their highest level in nearly three months.   Whether or not this is a sign of things to come, or a market correction remains to be seen.  This has led to an uptick in refinancing, as many consumers have jumped off the fence before mortgage rates go up further.

Mortgage applications to purchase a home increased 2% for the week and were 10% higher than a year ago. Buyer demand is strong, but the supply of homes for sale is low and falling. Normally, we see home sales pick up slightly this time of year, prior to the slowdown that happens around the holidays.  Inventory is down now, but will most likely fall even more post-Thanksgiving

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

ALSO OF INTEREST:

Hoboken Artist Studio Tour — Nov. 2 & 3

Day of the Dead / Dia de los Muertos Celebration at Farms in the Heights — Nov. 3

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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 2015-2018, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past seven years running (2012-2018), which represents the premium level of achievement within the Century 21 organization.