hOMES: Your Weekly Insight into Hoboken Real Estate Trends | MAY 20-26, 2016

Hoboken Real Estate Trends | May 20-26, 2016

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

(ABOVE: Pete Caruso photo)

“HAPPY MEMORIAL DAY WEEKEND!”

This week saw 34 new properties hit the market, seven of which are from the new Toll Brothers building at 1400 Hudson Street. This new building will add 236 new residences to the Hudson Tea Community and is slated from completion in early 2017. Of the units added to the MLS this week, the average price of a 2-bedroom unit is $1,253,328 and the average price per sq/ft is $972.

If the Hudson Tea is not quite your cup of tea don’t worry, there are plenty of other homes available in the area. I expect an increase in the number of available places after the holiday weekend as sellers continue to take advantage of the strong Spring Market.

HOBOKEN MARKET:
34 new listings this week.

Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $643,998 and the average price per sq/ft is $747.
Sold Properties:
7 properties closed. The average price was $534,428 and the average price per sq/ft was $670.

2-Bedrooms
New Listings:
19 new listings. The average price is $1,001,683 and the average price per sq/ft is $802.
Sold Properties:
12 properties closed. The average price was $841,749 and the average price per sq/ft was $667.

3-Bedrooms
New Listings:
4 new listings. The average price is $1,047,248 and the average price per sq/ft is $733.
Sold Properties:
No sold listings

4-Bedrooms
New Listings:
1 new listings. Listed $1,125,000 with 1,842 sq/ft. Price per sq/ft is $610
Sold Properties:
No sold properties this week.

Single-Family Homes
3 new single-family homes. One 3-bedroom for $1,075,000. two 4-bedroom homes for $2,100,000 and $2,150,000

(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

Recently, The Fed released the minutes from its last meeting. These showed that sentiment has grown for a second increase of overnight lending rates in 2016. Whether this will be in June or July is yet to be seen, but the markets have reacted accordingly. We’ve seen a steady sell off in the bond market for the past week, causing a slight bump in mortgage rates. Normally, the market will stabilize going into the holiday weekend, as overall trading volume will start to reduce. This leaves us with waiting until the beginning of June to get further guidance from the markets, and to see if this trend upwards on rates will continue, or if we we’ll see things settle back down.

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

ALSO OF INTEREST:
Take time this weekend to de-clutter (Realtor.com)

A fascinating look at Hoboken’s theatre’s—many of which are repurposed real estate today (hMAG.com).

Dey Street Passageway Between PATH and Subway set to open (HobokenInc.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.