hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | February 23, 2018

Hoboken & Jersey City Real Estate Trends | February 23, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

Mortgage rates are on the rise, currently close to their highest level in 4 years. Will this affect your buying power? Most definitely.
Next week we will take a look a more indepth look at how the increasing rates will affect both buyers and sellers.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $508,571 the average price per sq/ft is $697.
Sold Properties:
2 properties closed. The average price was $405,000 and the average price per sq/ft was $592.

2-Bedrooms
New Listings:
11 new listings. The average price is $781,636 and the average price per sq/ft is $728.
Sold Properties:
3 properties closed. The average price was $856,333 and the average price per sq/ft was $685.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,079,798 and the average price per sq/ft is $721.
Sold Properties:
2 properties closed. The average price was $650,000 and the average price per sq/ft was $585.

4-Bedrooms
New Listings:
1 new listing. The price is $1,999,000 and the average price per sq/ft is $662.
Sold Properties:
No sold listings.

Single-Family Homes
2 new single-family homes listed, a three-bedroom for $1,699,000 and a five-bedroom for $2,599,000.
Sold Listings:
1 sold listing. A three-bedroom home sold for $1,725,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
7 new listings. The average price is $762,928 and the average price per sq/ft is $867.
Sold Properties:
1 property closed. The price was $792,000 the price per sq/ft was $1,064.

2-Bedrooms
New Listings:
6 new listings. The average price is $938,283 and the average price per sq/ft is $869.
Sold Properties:
4 properties closed. The average price was $691,500 and the average price per sq/ft was $591.

3-Bedrooms
New Listings:
2 new listings. The price is $1,120,000 and the price per sq/ft is $791.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
1 new listing, a four-bedroom home for $1,599,00o.
Sold Listings:
1 sold listing. A three-bedroom home sold for $960,000.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listing. The price is $179,000 and the price per sq/ft is $314.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
3 new listings. The average price is $263,833 and the average price per sq/ft is $344.
Sold Properties:
No sold listings.

3-Bedrooms
New Listings:
2 new listings. The average price is $485,000 and the average price per sq/ft is $352.
Sold Properties:
1 sold property. The price was $300,000 and the price per sq/ft was $366.

Single-Family Homes:
New Listings:
One new four-bedroom listed for $729,000 one three-bedroom listed for $489,000 and two three-bedrooms both listed for $539,000
Sold Properties:
2 sold listings. A three-bedroom home sold for $500,093 and another three-bedroom sold for $620,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
1 new listing. The price is $260,000 and the price per sq/ft is $298.
Sold Properties:
1 sold listing. The price was $255,000 and the price per sq/ft was $309.

2-Bedrooms
New Listings:
2 new listings. The average price is $246,500 and the average price per sq/ft is $307.
Sold properties:
No sold listings.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
1 sold listing. The price was $615,000 and the price per sq/ft was $425.

Single-Family Homes:
New Listings:
2 new listings. A three-bedroom home for $425,000 and one two-bedroom home for $799,000.
Sold Properties:
No sold listings.

BERGEN-LAFAYETTE:
New Listings:
One four-bedroom home listed for $219,000.
Sold Properties:
One three-bedroom home closed for $290,000.

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:

Long-term U.S. mortgage rates rose for the seventh consecutive week and remain close to a four-year high, which will increase the costs of buying a home for many people. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since January 2014, 4.64 percent, from 4.57 percent, with points increasing to 0.61 from 0.59 (including the origination fee) for 80 percent loan-to-value ratio loans.

After guidance from the Fed this past Wednesday about more increases to Prime, only time will tell how high mortgage rates go throughout 2018.

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

ALSO OF INTEREST:
Tax Benefits of Home Ownership (realtor.com)

St. Francis Church “Wing & A Prayer” Chicken Wing Contest

Top N.J. Real Estate Markets (NJ.com)

*****************
Ann Wycherley is an award-winning realtor with over 15 years of solid real estate experience in the Hoboken and Jersey City 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 2016, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past five years running (2012-2016), which represents the premium level of achievement within the Century 21 organization.