hOMES: Your Weekly Insight into Hoboken Real Estate Trends | MAR. 11-MAR. 17, 2016

Hoboken Real Estate Trends | February 26-March 3, 2016

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

HOBOKEN MARKET — MARCH 4-10, 2016

Just like the weather, the market is starting to warm up, with 59 new listings this week—compared to only 27 last week. There is still a chronic shortage of inventory though, with only a total of 129 condos currently listed as active.

Studio/ 1-Bedrooms
New Listings:
15 new listings. The average price $571,000 and the average price per sq/ft was $690.
Sold Properties:
10 properties closed. The average price $651,000 and the average price per sq/ft was $742.

2-Bedrooms
New Listings:
33 new Listings. The average price was $775,000 and the average price per sq/ft was $698.
Sold Properties:
16 properties closed. The average price was $709,000 and the average price per sq/ft was $588.

3-Bedrooms
New Listings:
6 new listings. The average price was $1,049,000 and the average price per sq/ft was $674.
Sold Properties:
2 properties closed. The average price was $816,000 and the average price per sq/ft was $482 (This is very low, the average price per sq/ft is normally around $700)

4+ Bedrooms
New Listings:
2 new 4-bedroom listings, one for $2,590,000 with 3,042 square feet ($851 per sq/ft) and the other for $2,950,000 with 4,200 square feet ($702 per sq/ft).
Sold Listings:
1 4-bedroom sold for $1,765,000. Price per sq/ft was $840

Single Family Homes
One new listing, which has everyone talking—an absolutely stunning 6-bedroom home on Hudson Street listed for $6,500,000.

(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
The Fed kept overnight lending rates unchanged on Wednesday, which stabilized mortgage rates for the time being.   While not at their lowest levels of the year, mortgage rates are still at the lower end of the historical spectrum.  For now, the focus for mortgage rates will be on such things as oil, overseas markets, domestic equities and politics.   We’ll see what the next few weeks bring!

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

ALSO OF INTEREST:

Would you like to spruce up the sidewalk in front of your property? Plant a tree! (City of Hoboken)

If you are planning on painting your property before putting it on the market, Realtor.com offers some advice on what colors not to use. (Realtor.com).

SJP Properties’ Waterfront Corporate Center II in Hoboken, NJ

Hoboken isn’t just about residential real estate—the commercial market is also flourishing (hMAG.com).

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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.