hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | October 12, 2018

Hoboken & Jersey City Real Estate Trends | October 12, 2018
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

FIVE FOR $500K—Let’s take a look at what you get for your $$$$$ in the five different areas we currently cover here in Hudson County:

Hoboken:

An 805 sq/ ft, one bedroom plus den condo in midtown Hoboken

 

 

Downtown:

863 sq/ft, two bedroom in the “Village” section of downtown

 

 

The Heights:

1,192 sq. ft. 2 bedroom with a private yard

 

 

 

 

Journal Square:

1,553 sq.ft , 2 bedroom condo with parking

 

 

Bergen Lafayette:

4-bedroom, single family home with parking

 

 

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $549,580 and the average price per sq/ft is $694.
Sold Properties:
1 property closed. The price was $598,350 and the price per sq/ft was $488.

2-Bedrooms
New Listings:
22 new listings. The average price is $886,031 and the average price per sq/ft is $750.
Sold Properties:
5 properties closed. The average price was $830,260 and the average price per sq/ft was $768.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,,275,057 and the average price per sq/ft is $842.
Sold Properties:
No sold properties.

4-Bedrooms
New Listings:
3 new listings. The average price is $2,064,333 and the average price per sq/ft is $781.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
1 new three-bedroom home listed for $1,625,000 and a five-bedroom home listed for $2,895,000.
Sold Listings:
No sold properties.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
21 new listings. The average price is $789,799 and the average price per sq/ft is $824.
Sold Properties:
3 properties closed. The average price was $715,000 and the average price per sq/ft was $866.

2-Bedrooms
New Listings:
23 new listings. The average price is $1,002,995 and the average price per sq/ft is $765.
Sold Properties:
3 properties closed. The average price was $773,333 and the average price per sq/ft was $765.

3-Bedrooms
New Listings:
4 new listings. The average price is $1,292,000 and the average price per sq/ft is $930.
Sold Properties:
1 property closed. The price was $999,000 and the price per sq/ft was $625.

Single-Family Homes
New Listings:
One new two-bedroom home listed for $799,000 and two three-bedroom homes listed for $925,000 and $939,000.
Sold Listings:
One five-bedroom home sold for $1,500,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
3 new listings. The average price is $247,666 and the price per sq/ft is $412.
Sold Properties:
2 sold listings. The average price was $447,500 and the average price per sq/ft was $530.

2-Bedrooms
New Listings:
3 new listings. The average price is $396,600 and the average price per sq/ft is $438.
Sold Properties:
3 sold properties. The average price was $529,666 and the average price per sq/ft was $476.

3-Bedrooms
New Listings:
Two new listings. The average price is $647,000 and the price per sq/ft is $439.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One five bedroom home listed for $450,000.
Sold Properties:
No sold properties.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
3 new listings. The average price is $223,000 and the average price per sq/ft is $456.
Sold Properties:
2 sold properties. The average price was $258,500 and the average price per sq/ft was $478.

2-Bedrooms
New Listings:
1 new listing. The price is $615,000 and the price per sq/ft is $486.
Sold properties:
4 sold listings. The average price was $358,125 and the average price per sq/ft was $442.

3-Bedrooms
New Listings:
1 new listing. The price is $529,000 and the price per sq/ft is $370.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One new three-bedroom home listed for $349,000, a four-bedroom listed for $499,000 and two five-bedroom homes listed for $399,000 and $699,000.
Sold Properties:
One five-bedroom sold for $879,000.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
Sold Properties:
Two two-bedroom homes sold for $299,000 and $460,000 and a three-bedroom home sold for $322,000.

(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:
The average rate on the 30-year fixed loan was slightly below 4 percent almost exactly one year ago. This was higher than when it was below 3.5 percent in 2016. Last week, the average 30-Year Fixed rate crossed the 5 percent mark, according to Mortgage News Daily. That is the highest it has been in approximately 8 years, and it is poised to move higher. A five-percent rate may still be historically cheap, but higher rates, combined with other challenges facing today’s housing market could cause potential buyers to pull back. Higher rates could throw cold water on today’s overheated home prices, as sellers are starting to see demand fall off in most markets. This is causing the average length of time that a house for sale sits on the market to increase.

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

ALSO OF INTEREST:

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Hobooken 5K Race to Raise Funds for Hoboken Shelter—October 27

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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.