Although it’s typically one of the quieter weeks in real estate, things are still moving here in Hoboken, with a dozen new listings hitting the market.
As we move into the holiday season, the market may continue to be relatively slow in terms of new listings, but as you will read below, now is as good a time as any to buy property.
HOBOKEN REAL ESTATE MARKET
12 new listings hit the market this week.
4 new listings. The average price is $498,250 and the average price per sq/ft is $720.
8 properties closed. The average price was $540,989 and the average price per sq/ft was $640.
5 new Listings. The average price is $903,400and the average price per sq/ft is $750.
6 properties closed. The average price was $907,500 and the average price per sq/ft was $648.
2 new listings. The average price is $2,037,000 and the price per sq/ft is $1,085.
1 property closed. The price was $1,850,000and the price per sq/ft was $1,057.
One 3-bedroom single family home listed for $1,275,000
No sold listings 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:
Benefits of Home Buying During the Holidays (realtor.com)
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.