hOMES: Your Weekly Insight into Hoboken Real Estate Trends | JULY 1-7, 2016

Hoboken Real Estate Trends | July 1-7, 2016

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Only 18 new listings hit the market this week. The relatively low number can be attributed in part to the fact that it was a Holiday weekend, but our area is still facing a shortage in inventory. Right now there are currently only 157 units on the market in Hoboken.

The Summer is traditionally a slower time for real estate in this area, but with interest rates continuing to decline there is still a good deal of activity.

HOBOKEN MARKET
18 new listings this week, 17 condos and 1 single-family home.

Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $504,250 and the average price per sq/ft is $755.
Sold Properties:
4 properties closed. The average price was $606,675 and the average price per sq/ft was $804.

2-Bedrooms
New Listings:
9 new Listings. The average price is $749,655 and the average price per sq/ft is $686
Sold Properties:
4 properties closed. The average price was $805,175 and the average price per sq/ft was $716.

3-Bedrooms
New Listings:
4 new listings. The average price is $1,666,000 and the price per sq/ft is $838.
Sold Properties:
2 properties closed. The average price was $937,000 and the average price per sq/ft was $632.

Single-Family Homes
New Listings:
1 new single-family home listed; a 5-bedroom home for $2,500,000.

(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
As global economic fears continue, we see investors making a flight to safety in US treasuries. This has caused the continued decline in mortgage rates.

The June Jobs’ Report will come out on Friday morning, and this will dictate what direction the rate market will go.  This will also lay the groundwork for the Fed to make a decision on overnight lending rates later this month. For now, we are riding the wave of lower rates—but as we’ve seen in the past this trend can reverse itself very quickly, so stay tuned!

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

ALSO OF INTEREST:

Thinking of painting? Steer clear of “Peach Fuzz”(Realtor.com)

Kitchen remodeling ideas that you will love (HouseLogic.com)

Less International Buyers in 2016 (Realtor.org)

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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.