hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | September 20, 2019

Hoboken & Jersey City Real Estate Trends | September 20, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

With our Fall market gaining momentum now is a great time to get out and start looking at new homes. If you want to be in your new place before the holidays you should start looking in earnest.

According to Realtor.com, the average home buyers will visit 10 homes over 10 weeks’ time before they find “the one.” In our areas, we tend to move a bit faster than the national average, with buyers taking around 4-6 weeks. Some may fall in love with the first place they see, while others need to check out multiple properties.

The average closing takes 45-60 days from the time you have an accepted offer to closing. So if you start looking today and it takes you about 4 weeks to find your new home you will move in just in time to host Thanksgiving!

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
8 new listings. The average price is $566,862 and the average price per sq/ft is $747.
Sold Properties:
1 property closed. The price was $300,000 and the price per sq/ft was $619.

2-Bedrooms
New Listings:
18 new listings. The average price is $813,927 and the average price per sq/ft is $700.
Sold Properties:
13 properties closed. The average price was $864,507 and the average price per sq/ft was
$713.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,209,666 and the average price per sq/ft is $779.
Sold Properties:
1 sold property. The price was $1,962,500 and the average price per sq/ft was $632.

4+ Bedrooms
New Listings:
3 new listings. The average price is $1,616,300 and the price per sq/ft is $643.
Sold Properties:
No properties closed.

Single-Family Homes
New Listings:
a two-family home listed for $1,280,000 and two four-bedroom homes listed for
$1,625,000 and $2,550,000
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $630,998 and the average price per sq/ft is $825.
Sold Properties:
6 properties closed. The average price was $638,500 and the average price per sq/ft was
$835.

2-Bedrooms
New Listings:
12 new listings. The average price is $841,416 and the average price per sq/ft is $780.
Sold Properties:
6 properties closed. The average price was $856,750 and the average price per sq/ft was
$728.

3-Bedrooms
New Listings:
1 new listings. The average price is $899,999 and the average price per sq/ft is $769.
Sold Properties:
1 sold property. The price was $1,030,000 and the price per sq/ft was $633.

Single-Family Homes
New Listings:
One three-bedroom homes listed for $1,249,00 and a four-bedroom listed for $1,890,000.
Sold Listings:
1 three-bedroom sold for $955,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listing. The price is $575,000 and the average price per sq/ft is $432.
Sold Properties:
2 sold properties. The average price was $203,500 and the price per sq/ft was $385.

2-Bedrooms
New Listings:
6 new listings. The average price is $529,833 and the average price per sq/ft is $428.
Sold Properties:
3 sold properties. The average price was $345,000 and the average price per sq/ft was
$389.

3-Bedrooms
New Listings:
5 new listings. The average price is $737,380 and the average price per sq/ft is $453.
Sold Properties:
1 property closed. The price was $665,000 and the price per sq/ft was $439.

Single-Family Homes:
New Listings:
One three -bedroom homes listed for $495,000
Sold Properties:
One four-bedroom sold for $600,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $352,447 and the average price per sq/ft is $478.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
2 new listings. The average price is $490,000 and the price per sq/ft is $417.
Sold properties:
3 sold properties. The average price is $248,333 and the average price per sq/ft is $342.

3-Bedrooms
New Listings:
3 new listings. The average price is $676,353 and the average price per sq/ft is $397.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
Two three-bedroom homes listed for $700,000 and $850,000 and a four-bedroom home
listed for $920,000
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
One three-bedroom home listed for $399,000.
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:

Despite a spike in mortgage rates last week, strong demand from buyers easily offset the drop in
demand from those wishing to refinance. Mortgage applications to purchase a home increased
6% for the week and were a strong 15% higher annually. Buyers have been coming back to the
market in the past few weeks, despite the low supply of homes for sale. Higher interest rates
and overheated home prices this past spring held some buyers back, so increased demand may
be showing up now.

The average loan amount for purchase applications rose to the highest level since June, suggesting that most of the buying now is on the higher end of the market. The supply of homes for sale is leanest on the low end, and builders are still focused on the move-up market.

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

ALSO OF INTEREST:
Jersey City Announces Municipal Bus-Share Service

Hoboken Replacing Water Mains, Roads

Staging Small Apartments (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.