hOMES: Your Weekly Insight Into Hoboken Real Estate Trends | JANUARY 20, 2017
Hoboken Real Estate Trends | January 20, 2017
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty
A lot of people are wondering what way the market is going to go now that we are in the New Year. Long-term mortgage rates declined for the third week, with a 30-year fixed rate falling to an average of 4.09%. Although the current interest rates are higher than they were in 2016, where the average rate was 3.65% they are similar to 2014 where the average interest rate was 4.1% and considerably lower that 10 years ago when the average rate was 6.34%.
There is still a chronic shortage of inventory. There are only 93 units on the market, with only 59 of those listed under $1,000,000. I certainly expect more units to come to market but I still foresee a lack of available properties being a driving force. So with a short supply of inventory coupled with a strong demand the Hoboken Real Estate Market should maintain its buoyancy for the foreseeable future. It is worth noting that two of the properties that hit the market this week already have accepted offers.
HOBOKEN REAL ESTATE MARKET
This week there were 19 new listings:
6 new listings. The average price is $543,814 and the average price per sq/ft is $780.
4 properties closed. The average price was $679,750 and the average price per sq/ft was $912.
8 new Listings. The average price is $1,091,361 the average price per sq/ft is $773.
5 properties closed. The average price was $1,044,000 and the average price per sq/ft was $690.
3 new listings. The average price is $834,333 and the price per sq/ft was $585
No sold properties this week.
2 new listings, a five-bedroom for $2,399,000 and a four-bedroom for $2,699,000.
No sold properties this week.
(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:As the markets prepare for the inauguration on Friday, we have seen increased volatility in the Equity Markets. This has increased overall stability in the Bond Markets, keeping mortgage rates virtually unchanged over the past couple of weeks. Now, the focus will turn to what type of policies the new administration introduces and gets implemented. How quickly these policies occur will be the key to market movement. For now, expect continuous volatility in stocks as the markets react to rumors, innuendos and tweets.
CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…
ALSO OF INTEREST:
Hoboken State of the City Address — Monday, January 30th (City of Hoboken)
New Exhibits at Hoboken Historical Museum
The Priciest Home on the U.S. Market Comes with 12 Cars and a Helicopter (LA Times)
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.