hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | November 3, 2017

Hoboken & Jersey City Real Estate Trends | November 3, 2017

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

With Halloween behind us, should you continue searching for a new home at this time of the year?

The answer is yes—it is most definitely worth looking.

For a variety of reasons, late Fall/early Winter can be a great time for home buyers. It is true that the market is not as busy as it is in Springtime, but this allows buyers to look at a potential new home more than once and not feel the pressure of having to put in an offer the first time they see a property.

Obviously there is still a lot of activity in the market—so you may not avoid it in all cases—but this time of the year when you’re less likely to enter into a “best and final” scenario to secure the home of your dreams.

So if you are ready and willing and have your pre-approval in hand, take the time this weekend and visit some of the great available homes in our area.

A quick look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
6 new listings. The average price is $585,166 and the average price per sq/ft is $753.
Sold Properties:
5 properties closed. The average price was $478,600 and the average price per sq/ft was $715.

2-Bedrooms
New Listings:
8 new listings. The average price is $971,236 and the average price per sq/ft is $826.
Sold Properties:
11 properties closed. The average price was $841,959 and the average price per sq/ft was $761.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,349,399 and the average price per sq/ft is $886.
Sold Properties:
3 properties closed. The average price was $929,333 and the average price per sq/ft was $651

4-Bedrooms
New Listings:
1 new listing. The price is $1,775,000 and the average price per sq/ft is $951.
Sold Properties:
5 properties closed. The average price was $1,756,000 and the average price per sq/ft was $656.

Single-Family Homes
New Listings:
1 new three-bedroom home listed for $699,000.
Sold properties:
No sold properties.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $641,199 and the average price per sq/ft is $862
Sold Properties:
1 property closed. The price was $465,000 the price per sq/ft was $725.

2-Bedrooms
New Listings:
4 new listings. The average price is $833,475 and the average price per sq/ft is $763.
Sold Properties:
6 properties closed. The average price was $766,500 and the average price per sq/ft was $766.

3-Bedrooms
New Listings:
5 new listings. The average price is $1,314,600 and the average price per sq/ft is $912.
Sold Properties:
No sold properties

4-Bedrooms
New Listings:
2 new listings. The average price is $1,224,500 and the average price per sq/ft is $509.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
No new listings.
Sold Listings:
1 three-bedroom single family closed for $900,000

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $249,000 and the average price per sq/ft is $354.
Sold Properties:
2 sold properties. The average price was $300,000 and the average price per sq/ft was $400.

2-Bedrooms
New Listings:
4 new listings. The average price is $494,500 and the average price per sq/ft is $447.
Sold Properties:
No sold properties.

3-Bedrooms
New Listings:
1 new listing. The price is $399,000 and the price per sq/ft is $399.
Sold Properties:
No sold properties.

4-Bedrooms
New Listings:
1 new listing. The price is $649,000 and the price per sq/ft is $273.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
2 three-bedroom homes listed for $425,000 and $499,000.
Sold Properties:
1 three bedroom home closed for $725,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $264,725 and the price per sq/ft is $395.
Sold Properties:
3 sold properties. The average price was $245,450 and the average price per sq/ft was $359.

2-Bedrooms
New Listings:
2 new listings. The average price is $417,200 and the average price per sq/ft is $473.
Sold properties:
No sold listings.

3-Bedrooms
New Listings:
1 new listing. The price is $623,250 and the price per sq/ft is $500.
Sold Properties:
No sold listings.

Single-Family Homes:
New Listings:
3 new three-bedroom homes listed for $218,000, $450,000 and $645,000.
Sold Properties:
1 three-bedroom home closed for $525,000.

BERGEN-LAFAYETTE:
New Listings:
No new listings.
Sold Properties:
1 four-bedroom home closed for $230,000 and 1 three-bedroom closed for $300,000.

(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:

Mortgages rates have stabilized as the Fed has left Prime unchanged for the month of November. Most analysts are predicting an increase in Prime of .25% in December. Traders have already started to price this increase into the market, so it would be interesting to see the reaction of the markets should this increase no occur, or if Prime was risen by more than .25%. In the short term, the markets are waiting to see how the Monthly Jobs’ report looks on Friday morning. This always has the potential to be a market mover, though the last few Jobs’ Reports have done little to move mortgage rates.

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

ALSO OF INTEREST:

Hoboken Looks to Expand Southwest Park (City of Hoboken)

When to Go Above the Asking Price (realtor.com)

Hoboken Artists Studio Tour — Sunday

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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.