hOMES: Your Weekly Insight Into Hoboken Real Estate Trends | OCT. 28-NOV 3, 2016

Hoboken Real Estate Trends | October 28-November 3, 2016

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

HOBOKEN REAL ESTATE MARKET
16 new listings hit the market this week.

Studio/ 1-Bedrooms
New Listings:
5 new listings. The average price is $578,799 and the average price per sq/ft is $758.
Sold Properties:
2 properties closed. The average price was $682,000 and the average price per sq/ft was $613.

2-Bedrooms
New Listings:
8 new listings. The average price is $919,500 and the average price per sq/ft is $742.
Sold Properties:
10 properties closed. The average price was $772,250 and the average price per sq/ft was $711.

3-Bedrooms
New Listings:
1 new listing, the price is $715,000 and the price per sq/ft is $538.
Sold Properties:
1 property closed. The price was $1,215,500 and the price per sq/ft was $776.

Single-Family Homes
New Listings:
2 new single-family listings this week. There is one 2-bedroom home for $850,000, and a 4-bedroom home listed for $2,999,999.
Sold Properties:
1 three-bedroom sold for $999,987.

(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:
Due to a substantial sell off in the bond markets, we’ve seen mortgage rates reach their highest levels in months. The key now is whether or not this trend will continue. With all signs pointing to a Fed rate hike in December, lenders are preparing for a steady climb in mortgage rates. Something to keep in mind is that the Fed funds rate is not directly proportional to mortgage rates. But, it will undoubtedly have an impact on rates, which is why we are seeing upward movement on the mortgage side at the current time. Global economics may slow this climb down, especially if we see weak economic data domestically, or abroad.

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

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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.