hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | October 18, 2019

Hoboken & Jersey City Real Estate Trends | October 18, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

There is talk of a softening in the market.  Yes, the market is slower and prices are down, yet experts warn of a shortage in inventory in the near future.  Next week we will take a more detailed look at prices now compared to a year ago.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $519,180 and the average price per sq/ft is $757.
Sold Properties:
4 properties closed. The average price was $432,000 and the average price per sq/ft was $629.

2-Bedrooms
New Listings:
17 new listings. The average price is $852,575 and the average price per sq/ft is $743.
Sold Properties:
3 properties closed. The average price was $696,333 and the average price per sq/ft was $693.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,283,000 and the average price per sq/ft is $714.
Sold Properties:
3 sold properties. The average price was $1,278,333 and the average price per sq/ft was $767.

4+ Bedrooms
New Listings:
No new listings.
Sold Properties:
No properties closed.

Single-Family Homes
New Listings:
No new listings.
Sold Listings:
One four-bedroom closed for $1,610,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
17 new listings. The average price is $961,405 and the average price per sq/ft is $961.
Sold Properties:
6 properties closed. The average price was $610,749 and the average price per sq/ft was $828.

2-Bedrooms
New Listings:
11 new listings. The average price is $1,139,627 and the average price per sq/ft is $744.
Sold Properties:
3 properties closed. The average price was $809,000 and the average price per sq/ft was $691.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,124,999 and the average price per sq/ft is $747.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
One three-bedroom home listed for $1,099,000.
Sold Listings:
1 four-bedroom sold for $1,250,000.

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

2-Bedrooms
New Listings:
3 new listings. The average price is $505,666 and the average price per sq/ft is $541.
Sold Properties:
No sold properties

3-Bedrooms
New Listings:
3 new listings. The average price is $709,000 and the average price per sq/ft is $532.
Sold Properties:
1 property closed. The price was $750,000 and the price per sq/ft was $576.

Single-Family Homes:
New Listings:
One two-bedroom home listed for $479,000 a three-bedroom home listed for $429,000 and a five-bedroom home listed for $589,000.
Sold Properties:
No sold properties.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
No new listings.
Sold Properties:
3 sold properties. The average price was $250,833 and the average price per sq/ft was $430. 

2-Bedrooms
New Listings:
2 new listings. The average price is $369,500 and the average price per sq/ft is $430.
Sold properties:
3 sold properties. The average price is $248,333 and the average price per sq/ft is $342.

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

Single-Family Homes:
New Listings:
Two three-bedroom homes listed for $549,000 and $650,000 and a four-bedroom home listed for $750,000.
Sold Properties:
Two four-bedroom homes sold for $775,000 and $982,000.

BERGEN-LAFAYETTE:
New Listings:
One three- bedroom home listed for $449,000 and a five-bedroom home listed for $600,000.
Sold Properties:
One five-bedroom sold for $310,000.

(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:

Anyone out hunting for an affordable home today knows that the pickings are slim – and they are about to get slimmer.  Housing inventory hit a record low about two years ago, but a lull in home sales over the past year helped build back much-needed supply, especially in the mid-priced range. Then a sharp drop in mortgage rates over the last few months brought demand back and depleted that supply dramatically.

National housing inventory fell 2.5% annually in September, a sharper decline than August’s 1.8% decrease, according to realtor.com. Supply has always been leanest on the low end, as investors have been very active in that price range since the foreclosure crisis.  Demand also surged in the move-up market, causing supplies there to fall as well. The supply of homes priced between $200,000 and $750,000, which make up 60% of the market, flat-lined in September, after 18 months of strong inventory growth. Supply is now expected to decline in the months ahead.

 

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

ALSO OF INTEREST:
More Input Needed on Hoboken Yards Redevelopment Project

Jersey City Bike Lanes to Connect Bergen-Lafayette & Downtown (Hudson County View)

How Long Does it Take to Close on a Home? (apartmenttherapy.com)

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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.