hOMES: Your Weekly Insight Into Hoboken Real Estate Trends | SEPTEMBER 16-22, 2016

Hoboken Real Estate Trends | September 16-22, 2016

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

This past week, 22 new condo listings and 4 new single-family homes have hit. The inventory problems that we have been facing all year continue—there are currently only 152 condos available in Hoboken.

That inventory shortage is across the board, with 37 one-bedrooms, 69 two-bedrooms, 33 three-bedrooms and 11 four-bedrooms currently listed.

This is a good indicator that, although the bidding wars that we experienced during the Spring and early Summer market have slowed, the shortage of available homes will keep prices buoyant as we enter the Fall market.

HOBOKEN MARKET

Studio/ 1-Bedrooms
New Listings:
8 new listings. The average price is $515,124 and the average price per sq/ft is $714.
Sold Properties:
5 properties closed. The average price was $606,800 and the average price per sq/ft was $704.

2-Bedrooms
New Listings:
7 new Listings. The average price is $799,071 and the average price per sq/ft is $726.
Sold Properties:
6 properties closed. The average price was $692,650 and the average price per sq/ft was $678.

3-Bedrooms
New Listings:
7 new listings. The average price is $1,249,699 and the price per sq/ft was $744.
Sold Properties:
1 property closed. The price was $965,000 and the price per sq/ft was $622.

Single-Family Homes
New Listings:
4 new single-family listings this week. There is one 3-bedroom home for $1,960,000. There are two 4-bedroom homes—one for $2,799,000 and one for $3,200,000. There is also a 5-bedroom home for $2,599,000.
Sold Listings:
One 5 –bedroom single family home closed for $3,100,000

(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
Rates have been moving upward over the past week. Fixed rates are currently at their highest point in the past 3 months. This is mainly due to the markets pricing in an anticipated rate hike by the Fed later at some point in 2016. This rate hike could come as soon as this week, as the Fed will publicize their decision on rates this Wednesday. Most analyst are calling for a rate hike later this year, but stay tuned.

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

ALSO OF INTEREST:

Hoboken among the “15 Best Places to Live in the US” (NYPost)

How will Brad and Angelina split their real estate? (Realtor.com)

The Fall Arts and Music Festival is this Sunday, September 25 (City of Hoboken)

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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.