hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | September 29, 2017

Hoboken & Jersey City Real Estate Trends | September 29, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

There are 64 new listings in our area this week.

The main thing to note is that several 3- and 4-bedroom condos listed. Traditionally, once couples decided to either start or expand their family they looked to the suburbs—but nowadays more and more families are deciding to stay, choosing a shorter commute and more time with family over additional space.

Developers are aware of this trend and are building larger units to accommodate larger families. Over the coming months, look to see more 3- or 4-bedrooms, giving buyers more options and helping them to stay in the area that we are lucky to call home.

Now a closer look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
10 new listings. The average price is $664,195 and the average price per sq/ft is $839.
Sold Properties:
5 properties closed. The average price was $591,437 and the average price per sq/ft was $734.

2-Bedrooms
New Listings:
12 new listings. The average price is $789,152 and the average price per sq/ft is $698.
Sold Properties:
14 properties closed. The average price was $763,973 and the average price per sq/ft was $696.

3-Bedrooms
New Listings:
6 new listings. The average price is $991,006 and the average price per sq/ft is $643.
Sold Properties:
1 property closed. The price was $1,449,900 and the price per sq/ft was $990.

4-Bedrooms
New Listings:
2 new listings. The average price is $1,687,004 and the average price per sq/ft is $656.
Sold Properties:
No sold properties.

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

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $579,379 and the average price per sq/ft is $681.
Sold Properties:
4 properties closed. The average price was $652,222 the average price per sq/ft was $784.

2-Bedrooms
New Listings:
5 new listings. The average price is $906,399 and the average price per sq/ft is $770.
Sold Properties:
4 properties closed. The average price was $946,874 and the average price per sq/ft was $746.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,496,000 and the average price per sq/ft is $816.
Sold Properties:
1 sold property. The price was $1,575,000 and the price per sq/ft was $808.

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

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New Listings:
3 new listings. The average price is $246,333 and the price per sq/ft is $403.
Sold Properties:
1 sold listing. The price was $160,723 and the price per sq/ft was $305.

2-Bedrooms
New Listings:
5 new listings. The average price is $479,800 and the average price per sq/ft is $430.
Sold Properties:
2 properties closed. The average price was $325,950 and the average price per sq/ft was $254.

3-Bedrooms
New Listings:
1 new listing. The price is $639,000 and the average price per sq/ft is $410.
Sold Properties:
No sold listings.

Single-Family Homes:
New Listings:
1 two-bedroom listing for $525,000.
Sold Properties:
No sold listings.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $226,975 and the price per sq/ft is $336.
Sold Properties:
5 properties sold. The average price is $282,400 and the average price per sq/ft is $388.

2-Bedrooms
New Listings:
2 new listings. The average price is $481,500 and the average price per sq/ft is $342.
Sold Properties:
1 sold listing. The price was $120,000 and the average price per sq/ft was $181.

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:
1 new 2-bedroom listed for $599,000
Sold Properties:
No sold properties this week.

BERGEN-LAFAYETTE:
New Listings:
2 new four-bedroom homes listed for $275,000 and $349,000.
Sold Properties:
No sold properties 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:

Bond prices have declined over the past week causing an upward trend in mortgage rates. This started the day after the Federal Reserve signaled another potential rate hike to the overnight lending rate (Prime) in December. It is very common that we see a potential rate hike priced into the markets well before the actual increase occurs. So, for the time being, analysts expect continued pressure on bonds, and a move upward in mortgage rates.

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

ALSO OF INTEREST:
Hoboken Weighs Eminent Domain on Union Dry Dock (City of Hoboken)

Kushner’s One Journal Square Approved After Scale-Down (JerseyDigs.com)

How to Help Puerto Rico (NJ4PR.org)

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