I touched on this briefly last week, but while looking at this week’s available listings I came across an interesting statistic. There are currently 174 condos available in Hoboken. Of these, 58 of them are listed over $1,000,000. Another 4 are listed at $999,000 or above. In other words over 1/3 of the available condos in Hoboken are high-end, luxury units.
Not only is this indicative of the increasing prices in the area, it is also a reflection on the shifting demographics. Traditionally speaking, when couples decided to grow their families they looked to move to the suburbs. But many families are now looking to stay, choosing a shorter commute over a larger space. Developers have seen this shift and are building 3-4 bedroom homes to accommodate larger families. These larger homes come with a much larger price tag. As The New York Times pointed out last year, Hoboken is a great place to raise a family.
But don’t worry—although only one square mile, Hoboken can still accommodate the post-collegiate crowd, one- and two-bedroom home buyers and empty-nesters; this is just another great facet to the town we all love to call home.
28 new listings this week.
6 new listings. The average price $630,333 and the average price per sq/ft was $758.
5 properties closed. The average price $577,000 and the average price per sq/ft was $693.
18 new Listings. The average price was $790,261 and the average price per sq/ft was $686.
6 properties closed. The average price was $681,583 and the average price per sq/ft was $647.
3 new listings. The average price was $865,966 and the average price per sq/ft was $614.
No sold properties this week.
1 new single-family listed, a small 3-bedroom for $675,000.
(Information provided by Hudson County MLS)
Mortgage Market in Review
Mortgage rates have started to rise over the past couple of weeks, as we have seen a decent bounce in the Equity markets. The question now is whether or not this is the start of a continual trend, or if we will see rates come back in like they did the last time this happened. We will need to stay tuned to see what type of guidance the markets give us, as well as the Fed.
CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…
ALSO OF INTEREST:
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.