hOMES: Weekly Insight Into Hoboken, Jersey City, & Weehawken Real Estate Trends | February 28, 2020

Hoboken, Jersey City, & Weehawken Real Estate Trends | February 28, 2020
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Mortgage rates have dropped again this week amid fears of a widespread outbreak of the Coronavirus. The reason rates have fallen is because they tend to follow the direction of the 10-year Treasury note, which is at it’s lowest recorded level.

According to Mortgage News Daily the 30 year fixed mortgage fell to 3.23%, an 8 year low.

How low will they go?

According to Bankrate.com, not much lower—but if you are considering locking in a mortgage rate or refinancing now is the time to speak with a mortgage broker or banker.

Here are this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $531,800 and the average price per sq/ft is $804
Sold Properties:
2 properties closed. The average price was $481,500 and the average price per sq/ft was $717.

2-Bedrooms
New Listings:
12 new listings. The average price is $924,075 and the average price per sq/ft is $720.
Sold Properties:
4 properties closed. The average price was $856,250 and the average price per sq/ft was $587.

3-Bedrooms
New Listings:
8 new listings. The average price is $1,238,623 and the average price per sq/ft is $762.
Sold Properties:
1 sold property. The price was $950,000 and the average price per sq/ft was $524.

4+ Bedrooms
New Listings:
2 new listings. The average price is $2,442,500 and the average price per sq/ft is $889.
Sold Properties:
No sold properties

Single-Family Homes
New Listings:
Three new three-bedroom homes listed for $1,650,000, $1,850,000 and $2,775,000. Two four-bedroom homes listed for $1,500,000 and $2,500,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
13 new listings. The average price is $799,000 and the average price per sq/ft is $781.
Sold Properties:
6 sold properties. The average price was $653,500 and the average price per sq/ft was $822.

2-Bedrooms
New Listings:
7 new listings. The average price is $975,714 and the average price per sq/ft is $781.
Sold Properties:
3 sold properties. The average price was $799,966 and the average price per sq/ft was $716.

3-Bedrooms
New Listings:
1 new listing. The price is $995,000 and the price per sq/ft is $694.
Sold Properties:
3 sold properties. The average price was $1,106,665 and the average price per sq/ft was $716. 

Single-Family Homes
New Listings:
No new properties.
Sold Listings:
Two three-bedroom homes sold for $900,000 and $1,130,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $264,000 and the average price per sq/ft is $556.
Sold Properties:
1 sold property. The price is $288,000 and the price per sq/ft is $464,000.

2-Bedrooms
New Listings:
6 new listings. The average price is $591,816 and the average price per sq/ft is $398.
Sold Properties:
1 sold property. The price was $500,000 and the price per sq/ft was $500.

3-Bedrooms
New Listings:
4 new listings. The average price is $757,975 and the average price per sq/ft is $471.
Sold Properties:
4 sold properties. The average price is $757,250 and the average price per sq/ft is $503.

Single-Family Homes:
New Listings:
One five-bedroom home listed for $699,000.
Sold Properties:
One two-bedroom home sold for $385,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listing. The price is $312,000 and the price per sq/ft is $469.
Sold Properties:
2 sold properties. The price was $390,000 and the price per sq/ft was $499.

2-Bedrooms
New Listings:
4 new listings. The average price is $636,500 and the average price per sq/ft is $608.
Sold properties:
No sold properties.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
1 sold property The price was $180,000 and the price per sq/ft was $338.

Single-Family Homes:
New Listings:
One four-bedroom home listed for $465,000 and two four-bedroom homes listed for $559,000 and $999,999.
Sold Properties:
One new three-bedroom home sold for $475,000.

BERGEN-LAFAYETTE:
New Listings:
Two four- bedroom homes listed for $455,000 and $550,000 and two five-bedroom homes listed for $455,000 and $549,000
Sold Properties:
No sold listings.

WEEHAWKEN:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $527,000 and the average price per sq/ft is $553.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
2 new listings. The average price is $349,000 and the average price per sq/ft is $425.
Sold Properties:
5 sold properties. The average price was $825,000 and the average price per sq/ft was $528.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
2 sold properties. The average price was $1,110,000 and the price per sq/ft was $650.

Single-Family Homes
New Listings:
One new five-bedroom home listed for $1,000,000.
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:

Hoboken Gets $14 Million Grant to Help Build NW Resiliency Park

NY Waterway May Be Staying in Weehawken (Hudson County View)

Hoboken/Jersey City Chefs Nominated for Beard Awards (HobokenGirl.com)

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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.

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