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.
8 new listings. The average price is $515,124 and the average price per sq/ft is $714.
5 properties closed. The average price was $606,800 and the average price per sq/ft was $704.
7 new Listings. The average price is $799,071 and the average price per sq/ft is $726.
6 properties closed. The average price was $692,650 and the average price per sq/ft was $678.
7 new listings. The average price is $1,249,699 and the price per sq/ft was $744.
1 property closed. The price was $965,000 and the price per sq/ft was $622.
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.
One 5 –bedroom single family home closed for $3,100,000
(Information provided by Hudson County MLS)
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:
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.