hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | October 19, 2018

Hoboken & Jersey City Real Estate Trends | October 19, 2018
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Buyers pay attention—if you have been sitting on the fence deciding whether or not to buy, now is the time to take that step.

The current rate of 4.74% is, historically speaking, low. Experts agree that rates are going to continue to rise and will soon be above 5%. Meanwhile, prices have softened. If you have been waiting for the “perfect storm,” the wait is over.

Sellers—although you may no longer be in a position to list your property and take your pick of offers, homes are still selling if they are properly priced and expertly marketed. We are not looking at a massive downturn. As the Wall Street Journal indicates, it will be more of a “gentler slowdown.”

Ours remains a vibrant and dynamic real estate market. Speak with your real estate professional to determine how you can make the most of it.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $514,699 and the average price per sq/ft is $694.
Sold Properties:
2 properties closed. The average price was $399,500 and the price per sq/ft was $624.

2-Bedrooms
New Listings:
15 new listings. The average price is $772,060 and the average price per sq/ft is $784.
Sold Properties:
7 properties closed. The average price was $712,928 and the average price per sq/ft was $679.

3-Bedrooms
New Listings:
9 new listings. The average price is $1,447,332 and the average price per sq/ft is $792.
Sold Properties:
2 properties closed. The average price was $1,062,500and the average price per sq/ft was $667.

4-Bedrooms
New Listings:
No new listings.
Sold Properties:
3 properties closed. The average price was $2,250,000 and the average price per sq/ft was $738.

Single-Family Homes
1 new five-bedroom home listed for $2,895,000.
Sold Listings:
1 five-bedroom home sold for $1,725,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $562,464 and the average price per sq/ft is $806.
Sold Properties:
7 properties closed. The average price was $590,285 and the average price per sq/ft was $790.

2-Bedrooms
New Listings:
11 new listings. The average price is $683,434 and the average price per sq/ft is $735.
Sold Properties:
3 properties closed. The average price was $951,337 and the average price per sq/ft was $639.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,289,000 and the average price per sq/ft is $908.
Sold Properties:
No sold listings.

Single-Family Homes
New Listings:
One new two-bedroom home listed for $799,000.
Sold Listings:
Two three-bedroom homes sold for $1,075,000 and $1,200,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $284,000 and the price per sq/ft is $408.
Sold Properties:
1 sold property. The price was $250,000 and the price per sq/ft was $473.

2-Bedrooms
New Listings:
3 new listings. The average price is $401,337 and the average price per sq/ft is $413.
Sold Properties:
1 sold property. The price was $501,000 and the price per sq/ft was $493.

3-Bedrooms
New Listings:
Six new listings. The average price is $511,359 and the average price per sq/ft is $412.
Sold Properties:
1 sold property. The price was $535,000 and the price per sq/ft was $308.

Single-Family Homes:
New Listings:
Three three-bedroom homes listed for $479,000, $739,999 and $795,000.
Sold Properties:
One four-bedroom sold for $499,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
3 new listings. The average price is $301,166 and the average price per sq/ft is $371.
Sold Properties:
5 sold properties. The average price was $251,360 and the average price per sq/ft was $393.

2-Bedrooms
New Listings:
2 new listings. The average price is $502,250 and the price per sq/ft is $469.
Sold properties:
1 sold listing. The price was $460,000 and the average price per sq/ft was $453.

3-Bedrooms
New Listings:
2 new listings. The price is $336,500 and the price per sq/ft is $267.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
Four new three-bedroom home listed for $349,000, $399,000 and $649,000
Sold Properties:
One three-bedroom sold for $475,000.

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:

Total mortgage application volume fell 7.1 percent week over week, according to the Mortgage Bankers Association’s seasonally adjusted report. There was no adjustment made for the Columbus Day holiday, in which most banks are closed. Overall mortgage volume is 15 percent lower compared with the same week one year ago. Mortgage applications to purchase a home also fell sharply, down 6 percent week over week. With potential homebuyers looking at higher home prices, and now higher rates, their affordability is getting squeezed. This is keeping some people on the sidelines, for now.

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

ALSO OF INTEREST:Developers’ Lawsuit Against The Golden Cicada Dismissed (JerseyDigs.com)

Hoboken House Tour — SUNDAY

Paving Scheduled for Hoboken’s Washington Street, from 7th-11th Streets

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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.