hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | September 27, 2019

Hoboken & Jersey City Real Estate Trends | September 27, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

An article posted by CNN Business states that this week was the best week of the year for buyers looking to purchase a home, calling the last week in September the “Black Friday” of home shopping.

The reason for this, they claim, is that the Spring and Summer markets are the busier times of the year for people looking to get into their new home for the school year. As a result, demand tends to drop off in the Fall, allowing for more flexibility in pricing for available homes.

While this will apply to our specific markets to a certain degree, a large percentage of buyers in our areas are not tied to the school calendar. Although the market is slower in the Fall/Winter, we still have buyers actively looking regardless of what time of year it is.

With that in mind, I thought it would be a good time to examine all active listings currently available in our neighborhoods—breaking down the average price, price per square foot, and average number of days on the market.

Here are the stats for our areas:

HOBOKEN:
Studio/ 1-Bedrooms
Active Listings:
66 listings. The average price is $542,666. The average price per sq/ft is $762 and the average days on the market is 54.

2-Bedrooms
Active Listings:
101 listings. The average price is $817,481. The average price per sq/ft is $716 and the average days on the market is 40.

3-Bedrooms
Active Listings:
49 listings. The average price is $1,320,181. The average price per sq/ft is $750 and the average days on the market is 78.

4+ Bedrooms
Active Listings:
15 listings. The average price is $2,014,718. The average price per sq/ft is $779 and the average days on the market is 52.

Single-Family Homes
Active Listings:
There are 12 single family homes on the market.  The average price is $2,101,491 and the average days on the market is 40.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
Active Listings:
87 listings. The average price is $648,806. The average price per sq/ft is $830 and the average days on the market is 76.

2-Bedroom
Active Listings:
101 listings. The average price is $1,032,051. The average price per sq/ft is $872 and the average days on the market is 60.

3-Bedrooms
Active Listings:
18 listings. The average price is $1,268,271. The average price per sq/ft is $788 and the average days on the market is 84.

4+ Bedrooms
Active Listings:
3 listings. The average price is $1,890,000. The average price per sq/ft is $519 and the average days on the market is 98.

Single-Family Homes
Active Listings:
There are 15 single family homes on the market.  The average price is $1,329,866 and the average days on the market is 46.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
Active Listings:
10 listings. The average price is $342,550. The average price per sq/ft is $474 and the average days on the market is 45.

2-Bedrooms
Active Listings:
36 listings. The average price is $510,636. The average price per sq/ft is $481 and the average days on the market is 44.

3-Bedrooms
Active Listings:
34 listings. The average price is $696,817. The average price per sq/ft is $481 and the average days on the market is 46.

4+ Bedrooms
Active Listings:
7 listings. The average price is $697,000. The average price per sq/ft is $306 and the average days on the market is 33.

Single-Family Homes:
Active Listings:
There are 20 single family homes on the market.  The average price is $553,399 and the average days on the market is 79.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
Active Listings:
28 listings. The average price is $288,757. The average price per sq/ft is $420 and the average days on the market is 53.

2-Bedrooms
Active Listings:
30 listings. The average price is $407,716. The average price per sq/ft is $406 and the average days on the market is 69.

3-Bedrooms
Active Listings:
12 new listings. The average price is $466,249 and the average price per sq/ft is $310.

Single-Family Homes:
Active Listings:
There are 27 single family homes on the market.  The average price is $606,959 and the average days on the market is 67.

BERGEN-LAFAYETTE:
Active Listings:
There are 7 single family homes on the market.  The average price is $321,642 and the average days on the market is 33.

(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:

Higher mortgage rates over the last two weeks sent total mortgage applications into a slide, falling 10.1% last week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was still 46% higher than a year ago, when interest rates were even higher and refinancing was incredibly slow.

“U.S. Treasury yields trended downward over the course of last week, as the Federal Reserve meeting highlighted the elevated uncertainty in the economic outlook. However, despite falling yields, mortgage rates ticked up again and have risen 20 basis points over the past two weeks,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Mortgage applications to purchase a home fell 3% for the week but were a solid 9% higher than a year ago. Buyer demand has been stronger than expected as fall begins, especially because interest rates are much lower than they were last spring. High home prices and a tight supply of homes for sale, especially at the entry level, are the primary headwinds to a very strong fall market.

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

ALSO OF INTEREST:
Hoboken Arts & Music Festival – Sunday, September 29

Film Studio Coming to Jersey City (JerseyDigs)

Picking the Perfect Area Rug (ApartmentTherapy)

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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.