hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | September 7, 2018

Hoboken & Jersey City Real Estate Trends | September 7, 2018
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

This week saw an increase in the number of new listings with the Fall market starting to gain momentum, but the most notable increase this week was not the amount of new listings but the number of listings that were re-listed with price improvements. This was mainly in what would be considered the “luxury” range, those over $1,000,000.  We will take a closer look next week at market shifts across all our areas.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
18 new listings. The average price is $589,072 and the average price per sq/ft is $787.
Sold Properties:
5 properties closed. The average price was $505,800 and the average price per sq/ft was $721.

2-Bedrooms
New Listings:
34 new listings. The average price is $878,802 and the average price per sq/ft is $742.
Sold Properties:
3 properties closed. The average price was $621,666 and the average price per sq/ft was $693.

3-Bedrooms
New Listings:
12 new listings. The average price is $1,466,333 and the average price per sq/ft is $832.
Sold Properties:
3 sold properties. The average price was $1,588,333 and the price per sq/ft was $848.

4-Bedrooms
New Listings:
7 new listings. The average price is $2,137,333 and the average price per sq/ft is $678.
Sold Properties:
No sold properties

Single-Family Homes
1 new three-bedroom home listed for $952,000 and 1 new four-bedroom home listed for $2,499,000.
Sold Listings:
1 three-bedroom home closed for $1,600,000 and a seven-bedroom home sold for $2,495,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
13 new listings. The average price is $668,590 the average price per sq/ft is $855.
Sold Properties:
6 properties closed. The average price was $723,166 and the average price per sq/ft was $896.

2-Bedrooms
New Listings:
21 new listings. The average price is $926,095 and the average price per sq/ft is $801.
Sold Properties:
2 properties closed. The average price was $893,250 and the average price per sq/ft was $677.

3-Bedrooms
New Listings:
2 new listings. The average price is $1,469,666 and the average price per sq/ft is $663.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
One new two-bedroom homes listed for $949,000 , one three-bedroom home listed for $1,289,000 and one four-bedroom listed for $2,395,000.
Sold Listings:
One three-bedroom sold for $1,100,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $217,000 and the price per sq/ft is $447.
Sold Properties:
1 property closed. The price was $220,000 and the price pre sq/ft was $301.

2-Bedrooms
New Listings:
2 new listings. The average price is $397,499 and the average price per sq/ft is $408.
Sold Properties:
2 sold properties. The average price was $265,500 and the average price per sq/ft was $302.

3-Bedrooms
New Listings:
1 new listings. The price is $649,000 and the price per sq/ft is $643.
Sold Properties:
2 property closed. The average price was $617,000 and the price pre sq/ft was $359.

Single-Family Homes:
New Listings:
1 three-bedroom listed for $425,000 and a two-bedroom listed for $649,000.
Sold Properties:
One three-bedroom homes sold for $428,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
8 new listings. The average price is $282,625 and the average price per sq/ft is $521.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
3 new listings. The average price is $539,666 and the average price per sq/ft is $559.
Sold properties:
No sold listings.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
Two three-bedroom homes listed from $399,000 and $415,000 and a four-bedroom home listed for $649,000.
Sold Properties:
Two three-bedroom homes sold for $526,000 and $625,000 and a four-bedroom sold for $899,000.

BERGEN-LAFAYETTE:
New Listings:
One six bedroom listed for $425,000.
Sold Properties:
No sold listings.

(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 applications are stuck near historically low levels, as mortgage rates have been hovering near recent highs and are expected to rise further in the short term. Higher mortgage rates have weakened the affordability of most homes, as the majority of real estate markets have seen an increase in home prices. The increase in home prices has been largely due to low supply, and high demand. We will see if the Fall market brings an influx of inventory into the market, which can help level off prices.

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

ALSO OF INTEREST:

Alex Honnold Tests The Peaks of Jersey City (The New Yorker)

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Hoboken Italian Festival — Feast of the Madonna Dei Martiri

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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 2015-2017, 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.