(ABOVE: “Washington Street at Night” by Ricardo Roig)
Hoboken Real Estate Trends | November 25-December 1, 2016
Last week was slow due to the holiday. In total, there were only 12 new listings.
I expect the market to remain at this pace throughout the month of December as we are now fully in the holiday season, but, as always if you are ready to buy now is a good a time as any, so take a look at the stats below…
HOBOKEN REAL ESTATE MARKET
12 New Listings
3 new listings. The average price is $484,000 and the average price per sq/ft is $742.
5 properties closed. The average price was $461,300 and the average price per sq/ft was $696.
5 new Listings. The average price is $594,380 and the average price per sq/ft is $625.
8 properties closed. The average price was $910,375 and the average price per sq/ft was $796.
No new listings this week.
1 property closed. The price was $1,850,000 and the price per sq/ft was $1,057.
4 new listings. Although technically two of them are large, newly constructed condos, they are being marketed as single-family homes due to their size—one 4-bedroom for $3,795,000 (4,150 sq/ft) one 5-bedroom for $3,999,000 (2,701 sq/ft).
The other two single-family homes are a 2-bedroom for $1,600,000 and a 4-bedroom for $3,795,000.
No listings sold this week.
(Information provided by Hudson County MLS)
Mortgage Market in Review:
Post-Election, we’ve seen rates reach their highest levels since July 2015. And, at least at the moment, there is continued upward pressure on rates. This all comes as a pre-cursor to the December Fed meeting. Analysts are expecting the Fed to raise overnight lending rates by .25%. We’ll see if that continues to drive rates up, or if that is already priced into the market. Many experts say that the recent spike mortgage rates was inevitable, and that it was going to happen eventually. But, even if that is true, it is never easy to see rates move as much as they have in such a short time period. We’re seeing rates as much as .50% higher since November 8th. We’ll see if this trend continues into December, as the holidays are now upon us!
CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…
ALSO OF INTEREST:
Hoboken City Hall Craft Fair — Dec. 3 & 4
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.