hOMES: Your Weekly Insight into Hoboken Real Estate Trends | APR. 01-07, 2016

Hoboken Real Estate Trends | APR. 01-07, 2016

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Thirty-five new listings this week.

A number of people have asked if an “adjustment” is on the horizon regarding home prices. In other words, will the prices come down?

Current market behavior would indicate otherwise. According to NJ.com the house we highlighted two weeks ago that was listed at $6.5 million went under contract after only nine days. Meanwhile, it’s not just the high end units that are in demand—a small 1-bedroom listing on 1st and Bloomfield went under contract after only 5 days, receiving multiple offers.

Both Freddie Mac and Realtor.com say the signs are there for one of the busiest Spring markets in years.

HOBOKEN MARKET:

Studio/ 1-Bedrooms
New Listings:
8 new listings. The average price $522,000 and the average price per sq/ft was $695.
Sold Properties:
4 properties closed. The average price $579,000 and the average price per sq/ft was $675.

2-Bedrooms
New Listings:
17 new Listings. The average price was $825,000 and the average price per sq/ft was $743.
Sold Properties:
10 properties closed. The average price was $923,000 and the average price per sq/ft was $757.

3-Bedrooms
New Listings:
8 new listings. The average price was $885,000 and the average price per sq/ft was $585.
Sold Properties:
1 property closed for $999,000 and the price per sq/ft was $693.

4-Bedrooms
New Listings:
2 new listings. The average price was $2,400,000 and the average price per sq/ft was $799.
Sold Properties:
1 property closed for $2,025,000 and the price per sq/ft was $613.

Single-Family Homes
3 new house listings, ranging from $1,799,000 to $2,750,000.

(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 rates have stabilized this week, and in some cases have even retreated. This is all comes in preparation of the Monthly Jobs’ Report set to come out on Friday. This Report always has the potential to have a major influence on mortgage rates. This leaves the mortgage industry taking a wait and see approach on rates for the next few days.

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

ALSO OF INTEREST:

Why your mortgage lender needs so much paperwork

Spring is in the air, which means it’s Hoboken Festival Season…

Hoboken Arts & Music Festival—Saturday, May 1st

Hoboken Irish Festival—Saturday, May 21st (this one is close to the heart…)

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Ann Wycherley is an award-winning realtor with over 15 years of solid real estate experience in the Hoboken 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 awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past four years running (2012-2015), which represents the premium level of achievement within the Century 21 organization.