hOMES: Your Weekly Insight Into Hoboken Real Estate Trends | JANUARY 6, 2017

ABOVE: Photo by Kurt Gardiner

Hoboken Real Estate Trends | January 6, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Happy New Year!

As we start the New Year, I thought it would be a good idea to take a look at the overall Hoboken Market. There are currently only 80 properties available, of which only 46 are priced under $1,000,000. There are 17 single-family homes available, ranging from $1,225,000 to $3,999,000. (See below for more detailed information.)

What does this mean for the Hoboken Market? Although it’s a little bit early to predict how our Spring Market will fair, the current dearth of available properties would lead me to believe that sales prices will remain buoyant.

If you are planning on putting your home on the market in the Spring (or sooner), now is a good time to start preparing. Start by taking care of all those small jobs you have been putting off (fixing the broken window latch, replacing the cracked tile, etc.).

Also, start to declutter. A rule of thumb is to pare all your closets and cabinets down by at least a third. Take a good look around you living space—are there too many photos or knick-knacks? See the “also of interest“ section for more tips on how to be more streamlined.

Take the time to find the paperwork you will need. If you own a condo, make sure you have the master deed, by laws, recent financials and contact information for the management company or association president.

If your home needs a fresh coat of paint or some minor remodeling start getting quotes and working out a time frame for these projects to be completed. There’s no time like the present to get started, if you haven’t already done so, make getting your home in the best possible shape one of your new year resolutions!

HOBOKEN REAL ESTATE MARKET

Studio/ 1-Bedrooms
28 listings. The average price is $558,170 and the average price per sq/ft is $724.

2-Bedrooms
26 listings. The average price is $1,012,492*. The average price per sq/ft is $823.
(* I thought this seemed high… so when I ran the numbers for 2 bedrooms under $1,000,000 the results were more in line with the weekly averages, the average price being $700,701 and the average price per sq/ft at $693.)

3-Bedrooms
17 listings. The average price is $1,765,176 and the price per sq/ft is $874.

4/5 -Bedrooms
9 listings. The average price is $$2,293,333 and the price per sq/ft was $798.

Single-Family Homes
One 2-bedroom home for $1,600,000.
Two 3-bedroom homes—one for $1,999,999 and the other for $2,890,000.
Ten 4-bedroom homes, ranging from $1,225,000 to $3,999,000.
Two 5-bedroom homes ranging from $2,499,000 to $3,999,999.

(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:
The New Year has brought some stabilization to the mortgage rate market. While the equity markets are off to a fast start, we’ve seen the bond market level off. Conforming fixed rates have moved off of their two-year high, dropping by .125% across the board. We’ll get a sense of whether or not this will continue when the Monthly Jobs’ Report comes out this Friday. This should make an impact on the market, up or down, depend on whether or not the data in the report meets, fails to meet or exceeds expectations.

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

ALSO OF INTEREST:
Declutter Your Home (organisemyhouse.com)

Sell Your Home Faster (inman.com)

New Parking Regulations

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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.