hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | September 22, 2017

Hoboken & Jersey City Real Estate Trends | September 22, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Is Fall a good time to buy or sell? In our area, the answer is definitely YES.

Unlike other real estate markets, we’re not necessarily tied to the school calendar. So whereas other areas slow down after the summer, our market tends to speed up.

This is apparent with once again, with 60 new listings hitting the market this weekend alone. So if you are thinking of buying or selling don’t put it off—NOW is definitely a good time to dive into the market.

Let’s look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $577,256 and the average price per sq/ft is $787.
Sold Properties:
4 properties closed. The average price was $676,250 and the average price per sq/ft was $773.

2-Bedrooms
New Listings:
17 new listings. The average price is $801,229 and the average price per sq/ft is $734.
Sold Properties:
9 properties closed. The average price was $897,372 and the average price per sq/ft was $754.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
1 property closed. The price was $1,325,000 and the price per sq/ft was $1,060.

Single-Family Homes
New Listings:
1 four-bedroom listed for $2,099,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
13 new listings. The average price is $566,538 and the average price per sq/ft is $757.
Sold Properties:
6 properties closed. The average price was $595,918 the average price per sq/ft was $834.

2-Bedrooms
New Listings:
9 new listings. The average price is $912,222 and the average price per sq/ft is $812.
Sold Properties:
5 properties closed. The average price was $870,800 and the average price per sq/ft was $698.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,355,000 and the average price per sq/ft is $1,007.
Sold Properties:
No sold listings

Single-Family Homes
New Listings:
1 two-bedroom listed for $1,720,000.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $319,000 and the price per sq/ft is $796.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
3 new listings. The average price is $228,333 and the average price per sq/ft is $350.
Sold Properties:
2 properties closed. The average price was $301,500 and the average price per sq/ft was $361.

3-Bedrooms
New Listings:
1 new listing. The price is $699,000 and the average price per sq/ft is $554.
Sold Properties:
1 property closed. The price was $770,000 and the average price per sq/ft was $554.

Single-Family Homes:
New Listings:
1 two-bedroom listing for $330,000 and a four-bedroom listed for $499,999.
Sold Properties:
No sold listings.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
3 new listings. The average price is $238,300 and the price per sq/ft is $375.
Sold Properties:
4 properties sold. The average price is $286,250 and the average price per sq/ft is $444.

2-Bedrooms
New Listings:
2 new listings. The average price is $499,000 and the average price per sq/ft is $486.
Sold Properties:
2 sold listings. The average price was $312,500 and the average price per sq/ft is $289.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,355,000 and the average price per sq/ft is $508.
Sold Properties:
No sold listings.

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

BERGEN-LAFAYETTE:
New Listings:
No new listings.
Sold Properties:
No sold listings 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:
Mortgage rates have resumed their recent uptrend this week. The result is another push up to the highest levels in several weeks.

Context is important when it comes to this recent rate spike. The market movement that preceded it was arguably “too good,” with rates benefiting from an unusual combination of geopolitical risk surrounding North Korea and event risk surrounding Hurricanes Harvey, Irma and Maria. It’s not that markets responded to those events in unexpected ways–simply that the particular confluence of events was unexpected. In that sense, the recent rate spike simple gets us back to where we otherwise might have been, albeit in a somewhat abrupt manner.

The best candidate for the “next big thing” will be the Fed Announcement coming up on Wednesday! After moving higher over the past week and a half, rates are ready to digest the Fed’s message from a more neutral position.  Even so, it still makes more sense to stay on guard against upward pressure until and unless we see renewed momentum toward lower rates.

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

ALSO OF INTEREST:
Hoboken Arts & Music Festival — SUNDAY

New Look for Jersey City’s Harborside? (JerseyDigs.com)

DIY Fall Decor Ideas (realtor.com)

*****************
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.