hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | October 13, 2017

Hoboken & Jersey City Real Estate Trends | October 13, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Now that the temperature is finally starting to drop is there any indication that prices might follow suit?

This month was definitely slower than previous Septembers, but the drop was not significant enough to foresee a change in current market trends. Basic economic principals apply—there are simply not enough condos on the market to satisfy demands.

There are only 104 condos in all of Hoboken under $1 million. Downtown Jersey City has 78 units under $1 million and the Heights has a whopping 38 units available. Journal Square, has only 67.

So, with mortgage rates remaining steady and low inventory don’t look to see any major price changes in the future.

Now a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
8 new listings. The average price is $583,474and the average price per sq/ft is $785.
Sold Properties:
4 properties closed. The average price was $648,750 and the average price per sq/ft was $828.

2-Bedrooms
New Listings:
9 new listings. The average price is $919,444 and the average price per sq/ft is $712.
Sold Properties:
6 properties closed. The average price was $735,166 and the average price per sq/ft was $608.

3-Bedrooms
New Listings:
6 new listings. The average price is $2,059,259 and the average price per sq/ft is $910
Sold Properties:
1 property closed. The price was $1,375,000 and the price per sq/ft was $799.

4-Bedrooms
New Listings:
2 new listings. The average price is $2,076,500 and the average price per sq/ft is $688.
Sold Properties:
No sold properties.

Single-Family Homes
No new listings.
Sold Properties:
No sold properties.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
8 new listings. The average price is $.347,798 and the average price per sq/ft is $743.
Sold Properties:
4 properties closed. The average price was $591,250 the average price per sq/ft was $890.

2-Bedrooms
New Listings:
7 new listings. The average price is $905,714 and the average price per sq/ft is $816.
Sold Properties:
3 properties closed. The average price was $699,666 and the average price per sq/ft was $665.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
3 properties closed. The average price was $923,000 and the average price per sq/ft was $726

4-Bedrooms
New Listings:
2 new listings. The average price is $2,076,500 and the average price per sq/ft is $688.
Sold Properties:
2 properties closed. The average price was $1,333,500 and the average price per sq/ft was $758.

Single-Family Homes
New Listings:
No new listings.
Sold Properties:
No sold properties.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
No new listings.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
2 new listings. The average price is $289,600 and the average price per sq/ft is $365.
Sold Properties:
No sold properties.

3-Bedrooms
New Listings:
1 new listings. The price is $745,000 and the average price per sq/ft is $551.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
3 two-bedroom listings ranging from $250,000-$749,000 and a five-bedroom listed for $345,000
Sold Properties:
No sold properties.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $314,000 and the price per sq/ft is $392.
Sold Properties:
2 properties sold. The average price is $326,499 and the average price per sq/ft is $654.

2-Bedrooms
New Listings:
4 new listings. The average price is $425,999 and the average price per sq/ft is $375.
Sold Properties:
No sold properties.

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

Single-Family Homes:
New Listings:
1 three-bedroom home listed for $675,000
Sold Properties:
No sold properties this week.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
Sold Properties:
No sold properties this week.

(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 Equity markets are hovering near record highs, as analysts and traders await the release of the most recent Fed minutes. These minutes give the markets guidance on what the Fed is thinking, the direction they will go on rates and what analysts and traders should anticipate.   The policy clues that are given in these minutes lay the foundation for market movement, particularly in the short term. Mortgage rates have been stable over the last few days, awaiting this guidance. We’ll soon find out what exactly Janet Yellen and the rest of the Fed directors have in store for rates, and what the reactions of the markets are in the short term.

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

ALSO OF INTEREST:

Could Hudson County Serve as Amazon’s East Coast HQ? (Realtor.com)

Hoboken City Council Moves Toward Eminent Domain on Union Dry Dock (JerseyDigs)

Hoboken’s Washington Street Redesign Temporarily Suspended

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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 for 2015 and 2016, 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.