hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | September 6, 2019

Hoboken & Jersey City Real Estate Trends | September 6, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

While it is still officially Summer, the housing market is showing it’s Fall colors early, with 124 new properties listing across our areas this week.  The low interest rates will increase affordability for buyers, and it looks like there will be an increase in properties for them to chose from.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
18 new listings. The average price is $538,927 and the average price per sq/ft is $739.
Sold Properties:
1 property closed. The  price was $610,000 and the price per sq/ft was $628.

2-Bedrooms
New Listings:
28 new listings. The average price is $775,092 and the average price per sq/ft is $719.
Sold Properties:
3 properties closed. The average price was $626,666 and the average price per sq/ft was $623.

3-Bedrooms
New Listings:
6 new listings. The average price is $1,259,500 and the average price per sq/ft is $788.
Sold Properties:
No properties closed.

4-Bedrooms
New Listings:
4 new listings. The average price is $1,789,999 and the average price per sq/ft is $801.
Sold Properties:
No properties closed.

Single-Family Homes
New Listings:
Two two-bedroom homes listed for $915,000 and $1,575,000, a  three-bedroom home listed for $1,600,000 and a five-bedroom listed for $2,800,000.
Sold Listings:
One six-bedroom home sold for $2,900,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $491,920 and the average price per sq/ft is $785.
Sold Properties:
4 properties closed. The average price was $655,500 and the average price per sq/ft was $890.

2-Bedrooms
New Listings:
16 new listings. The average price is $1,207,422 and the average price per sq/ft is $1,015.
Sold Properties:
3 properties closed. The average price was $658,333 and the average price per sq/ft was $698.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,326,817 and the average price per sq/ft is $734.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
Two three-bedroom homes listed for $949,000 and $1,250,000.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $194,999 and the average price per sq/ft is $374.
Sold Properties:
1 sold property. The price was $370,000 and the price per sq/ft was $503.

2-Bedrooms
New Listings:
8 new listings. The average price is $440,250 and the average price per sq/ft is $445.
Sold Properties:
3 sold properties. The average price was $373,833 and the average price per sq/ft was $444.

3-Bedrooms
New Listings:
3 new listings. The average price is $689,000 and the average price per sq/ft is $479.
Sold Properties:
3 sold properties The average price was $691,666 and the average price per sq/ft was $405.

Single-Family Homes:
New Listings:
One two-bedroom home listed for $375,00, a three-bedroom home listed for $759,000 and a four-bedroom home listed for $799,000.
Sold Properties:
One three-bedroom home sold for $475,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
1 new listing. The price is $408,000 and the price per sq/ft is $492.
Sold Properties:
4 sold properties. The average price is $212,500 and the average price per sq/ft is $397.

2-Bedrooms
New Listings:
2 new listings. The average price is $313,500 and the average price per sq/ft is $341.
Sold properties:
1 sold property.  The price was $480,00 and the average price per sq/ft was $334.

3-Bedrooms
New Listings:
4 new listings. The average price is $593,499 and the average price per sq/ft is $397.
Sold Properties:
No sold properties

Single-Family Homes:
New Listings:
 3 three-bedroom homes listed for $475,000, $849,000 and $1,049,000 and a four-bedroom home listed for $1,350,000.
Sold Properties:
No sold properties.

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:

Despite mortgage rates staying at a level consistent with their yearly low, mortgage demand has weakened over the past week.

Mortgage application volume decreased 3.1% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was still 62% higher compared with the same week a year ago, when interest rates were substantially higher and refinance activity was extremely low.  Overall, this is a good sign for the mortgage market.

The key now will be what type of fall purchase market we get.  With mortgage rates staying down, potential homebuyers are looking at lower payments.  But, whether or not true affordability increases depends on what type of inventory is available, and what type of prices these homes are priced at.

 

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

ALSO OF INTEREST:
Hoboken Community Center Seeks Input on Renovations

First-Time Buyer Beware: Pitfalls to Avoid When Purchasing Your Home (realtor.com)

Interior Design Hacks (apartment therapy)

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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.