hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | February 9, 2018

Hoboken & Jersey City Real Estate Trends | February 9, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

The Jersey City Revaluation released preliminary numbers this week. As suspected, the row homes and brownstones will be the ones to see the largest increase, as was the case when Hoboken did their reval.

CLICK HERE to check the preliminary numbers.

There is obviously a great deal of concern and plenty of questions about this reval, and its impact on Jersey City real estate. Residents and prospective buyers are encouraged to contact their councilperson and/or City Hall to find out more about what it means for them.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $609,542 the average price per sq/ft is $794
Sold Properties:
5 properties closed. The average price was $424,200 and the average price per sq/ft was $692.

2-Bedrooms
New Listings:
13 new listings. The average price is $827,968 and the average price per sq/ft is $736.
Sold Properties:
4 properties closed. The average price was $986,300 and the average price per sq/ft was $785.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,437,499 and the average price per sq/ft is $849.
Sold Properties:
1 properties closed. The average price was $1,209,000 and the average price per sq/ft was $950.

Single-Family Homes
1 new single family home listed, a four-bedroom for $1,650,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
15 new listings. The average price is $667,333 and the average price per sq/ft is $856.
Sold Properties:
5 properties closed. The average price was $606,900 the average price per sq/ft was $794.

2-Bedrooms
New Listings:
18 new listings. The average price is $914,154 and the average price per sq/ft is $791.
Sold Properties:
No sold listings.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,099,666 and the price per sq/ft is $892.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
No new listings.
Sold Listings:
No sold listings.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
1 new listing. The price is $349,000 and the price per sq/ft is $498.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
2 new listings. The average price is $406,300 and the average price per sq/ft is $441.
Sold Properties:
1 sold listing. The price was $600,000 and the price per sq/ft is $491.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
No new listings.

Single-Family Homes:
New Listings:
No new listings.
Sold Properties:
1 three-bedroom home sold for $675,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
2 new listings. The average price is $324,000 and the average price per sq/ft is $401.
Sold Properties:
No sold listings.

2-Bedrooms
New Listings:
6 new listings. The average price is $426,235 and the average price per sq/ft is $446.
Sold properties:
No sold listings.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
No sold listings.

Single-Family Homes:
New Listings:
2 new listings. A three-bedroom home for $219,000 and one four-bedroom home for $689,000.
Sold Properties:
One two-bedroom closed for $400,000 and 2 four-bedrooms closed for $365,000 and $375,000.

BERGEN-LAFAYETTE:
New Listings:
One two-bedroom home listed for $130,000 and one seven-bedroom home listed for $6995,000.
Sold Properties:
One two-bedroom home closed for $270,000.

(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:

Mortgage rates have continued to trend higher, as the volatility in the Equity markets hits its highest level in quite some time. Even though equities have been selling off, the bond market has not rallied.

Normally, when we see a sell-off in the stock markets investors buy bonds. This causes a decline in mortgage rates. But, over the past week, we have seen a consistent sell-off in the both stock and bond markets. This has given investors nowhere to hide, and has led mortgage rates to increase for the fifth straight week.

Right now, rates are at their highest level since April of 2014. The markets are looking for direction, and until they get it, expect continued volatility and continued upward pressure on mortgage rates.

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

ALSO OF INTEREST:
Jersey City Reval Update (JerseyDigs.com)

500 Shades of Gray: Picking the Right Paint Color (Realtor.com)

Checking In On Hoboken Hotel Plans

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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.