hOMES: Weekly Insight Into Hoboken, Jersey City, & Weehawken Real Estate Trends | February 21, 2020

Hoboken, Jersey City, & Weehawken Real Estate Trends | February 21, 2020
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

We are edging closer to our Spring Market, with some great new properties hitting the market this week making it feel like we are already there. If you are planning on buying in one of our areas this season, now is the time to get ready.

The first step is to find out exactly how much you can afford. Start by figuring out how much your down payment will be—20% is optimal but there are numerous programs available that allow for less than that. When working on these numbers, remember to take into account closing costs (typically 2% of the purchase price). These are funds you need to have on hand in addition to your down payment.

Also start getting your paperwork in order. A mortgage company is going to require the last 2 years of tax returns, bank statements and investment funds.

Talk with a mortgage person.  They will be able to provide you with the most up-to-date information on rates and affordability.

Most importantly, find a professional realtor to help you find your dream home!

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $519,475 and the average price per sq/ft is $728.
Sold Properties:
3 properties closed. The average price was $567,666 and the average price per sq/ft was $764.

2-Bedrooms
New Listings:
12 new listings. The average price is $828,057 and the average price per sq/ft is $696.
Sold Properties:
5 properties closed. The average price was $566,000 and the average price per sq/ft was $669.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,320,600 and the average price per sq/ft is $742.
Sold Properties:
No sold properties.

4+ Bedrooms
New Listings:
No new listings.
Sold Properties:
No sold properties.

Single-Family Homes
One new four-bedroom home listed for $1,500,000 and a new five-bedroom home listed for  $2,299,000
Sold Listings:
No sold homes.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
12 new listings. The average price is $621,602 and the average price per sq/ft is $828.
Sold Properties:
2 sold properties. The average price was $470,250 and the average price per sq/ft was $728.

2-Bedrooms
New Listings:
11 new listings. The average price is $754,427 and the average price per sq/ft is $735.
Sold Properties:
5 sold properties. The average price was $955,100 and the average price per sq/ft was $801.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,544,980 and the average price per sq/ft is $971.
Sold Properties:
1 sold property. The price was $1,090,000 and the price per sq/ft was $706.

Single-Family Homes
New Listings:
One new three-bedroom home listed for $1,100,000.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
No new listings.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
8 new listings. The average price is $489,487 and the average price per sq/ft is $499.
Sold Properties:
No sold properties.

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

Single-Family Homes:
New Listings:
One three-bedroom home listed for $699,000.
Sold Properties:
No sold properties.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
3 new listings. The average price is $251,333 and the average price per sq/ft is $354.
Sold Properties:
3 sold properties. The average price is $310,000 and the average price per sq/ft is $438.

2-Bedrooms
New Listings:
4 new listings. The average price is $358,255 and the average price per sq/ft is $371.
Sold properties:
No sold properties.

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

Single-Family Homes:
New Listings:
One five-bedroom home listed for $429,000 and a two-bedroom home listed for $549,000.
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
Sold Properties:
One three-bedroom home sold for $385,000

WEEHAWKEN:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price per sq/ft is $266,375 and the average price per sq/ft is $379.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
3 new listings. The average price is $1,145,666 and the average price per sq/ft is $751.
Sold Properties:
1 sold property. The price was $1,120,000 and the price per sq/ft was $748.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
One sold property. The price was $1,220,000 and the price per sq/ft was $730.

Single-Family Homes
No new listings.
Sold Listings:
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 application volume decreased 6.4% from the previous week, according to the Mortgage Bankers Association.  Refinance demand had been driving the volume of mortgage applications up, but refinance applications decreased 8% for the week, according to the MBA’s seasonally adjusted tally.   Mortgage rates began falling more than a month ago as fears of the coronavirus hit financial markets. Mortgage rates loosely follow the yield of the 10-year Treasury. But, last week the 30-year fixed mortgage rate increased 5 basis points.  Mortgage applications to purchase a home fell 3% last week but were 10% higher than a year ago. Low inventory of affordable homes continues to be a problem.

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

ALSO OF INTEREST:

Check Out Jon Bon Jovi’s 15-Acre Middletown Mansion (realtor.com)

Hudson County AirBnB Owners Bring in $75 Million in Revenue (JerseyDigs.com)

Hoboken to Host Events for Tribeca Film Festival

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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.