hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | November 16, 2018

Hoboken & Jersey City Real Estate Trends | November 16, 2018
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

I hope everyone has recovered from the commute yesterday.

Although there were plenty of horror stories, people who live outside our areas seemed to fair even worse.  We choose to live in the Hoboken/Jersey City area for convenience and proximity to work.  Days like yesterday showed us that the ability to have several modes of transportation to choose from is something that we should not take for granted.

Also, though we were all woefully under prepared for this storm we—unlike most of our suburban friends—could walk to the store for milk, or had a range of local restaurants and bars to offer us shelter from the storm.  These are among a multitude of reasons why we should be thankful for city living.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $699,949 and the average price per sq/ft is $858.
Sold Properties:
2 properties closed. The average price was $454,997 and the price per sq/ft was $851.

2-Bedrooms
New Listings:
16 new listings. The average price is $709,937 and the average price per sq/ft is $653.
Sold Properties:
3 properties closed. The average price was $603,000 and the average price per sq/ft was $655.

3-Bedrooms
New Listings:
5 new listings.  The average price is $1,283,4999 and the average price per sq/ft is $786.
Sold Properties:
3 properties closed. The average price was $1,464,266 and the average price per sq/ft was $859.

4-Bedrooms
New Listings:
1 new listings. The price is $1,899,999 and the  price per sq/ft is $712.
Sold Properties:
1 sold property. The price was $1,970,000 and the price per sq/ft was $748.

Single-Family Homes
2 new three-bedroom homes listed for $849,900 and a$1,650,000 one four-bedroom home listed for $1,799,000 and a five-bedroom home listed for $1,749,000.
Sold Listings:
No sold properties.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
12 new listings. The average price is $600,691 and the average price per sq/ft is $817.
Sold Properties:
3 properties closed. The average price was $573,333 and the average price per sq/ft was $795.

2-Bedrooms
New Listings:
9 new listings. The average price is $900,432 and the average price per sq/ft is $729.
Sold Properties:
4 properties closed. The average price was $839,750 and the average price per sq/ft was $751.

3-Bedrooms
New Listings:
3 new listings. The average price is $764,300 and the average price per sq/ft is $610
Sold Properties:.
3 sold listings.  The average price was $1,018,333 and the average price per sq/ft was $719.

Single-Family Homes
New Listings:
One new three-bedroom home listed for $899,000 and one new four-bedroom listed for $1,699,000.
Sold Listings:
One three-bedroom sold for $1,599,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2new listings. The average price is $285,750 and the price per sq/ft is $389.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
3 new listings. The average price is $424,633 and the average price per sq/ft is $464.
Sold Properties:
4 sold properties. The average price was $488,750 and the average price per sq/ft was $427.

3-Bedrooms
New Listings:
6 new listings. The average price is $647,666 and the average price per sq/ft is $464.
Sold Properties:
1 sold property. The price was $656,000 and the price per sq/ft was $520.

Single-Family Homes:
New Listings:
Two new two-bedroom homes listed for $379,000 and $579,000.  One four-bedroom home listed for $600,000.
Sold Properties:
One four-bedroom sold for $705,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $361,800 and the average price per sq/ft is $452.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
3 new listings. The average price is $345,866 and the price per sq/ft is $334.
Sold properties:
No sold properties.

3-Bedrooms
New Listings:
8 new listings. The average price is $633,749 and the average price per sq/ft is $439.
Sold Properties:
1 sold listing. The price was $502,200 and the average price per sq/ft was $378.

Single-Family Homes:
New Listings:
One new three-bedroom home listed for $450,000 and a four-bedroom home listed for $549,900.
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
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 rates have moved slightly higher this week, as bond markets have been weakening. There will likely be more volatility later this week, as the Monthly Jobs’ Report is set to come out on Friday. Fixed mortgage rates loosely follow the yield on the 10-year Treasury. Total mortgage application volume fell 2.5 percent week over week, according to the Mortgage Bankers Association’s seasonally adjusted index. This is 16% lower than a year ago, when mortgage rates were nearly a full percentage point lower. Home sales have been slowing over the past few months, but there was a slight uptick in signed contracts to buy existing homes in September. We’ll see if that is a trend that continues, or if it was homebuyers coming off the sidelines due to the fear of interest rates continuing to rise.

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

ALSO OF INTEREST:

Decorate Your Rental for the Holidays—WITHOUT Losing Your Security Deposit (realtor.com)

NJ Liquor License Reform Bill Moves Forward (JerseyDigs)

Thanksgiving Food Drive for Hyacinth AIDS Foundation—Monday, November 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.