There were 21 new listings on the market this week, bringing the total number of available condos to 93—with only 56 units available under $1,000,000.
In the past week there were at least three “best and final” scenarios, with one 2-bedroom listing reportedly receiving 11 offers.
What does this mean?
While we still have a lack of inventory, it looks like bidding wars are going to continue. If you are a seller, now is a good time to think about putting your home on the market. If you are a buyer, you will be facing some stiff competition from other buyers. Make sure you are ready to move on a place that you like. Have your pre-approval ready, and start thinking about if you are willing to offer any other considerations to a potential seller, such as waiving contingencies, etc.
HOBOKEN REAL ESTATE MARKET
This week there were 21 new listings:
7 new listings. The average price is $643,142 and the average price per sq/ft is $745.
3 properties closed. The average price was $620,667 and the average price per sq/ft was $696.
9 new Listings. The average price is $1,011,988 the average price per sq/ft is $797.
3 properties closed. The average price was $859,333 and the average price per sq/ft was $687.
3 new listings. The average price is $1,097,667 and the price per sq/ft was $662.
1 property closed. The price was $972,666 and the price per sq/ft was $646.
4 – 5 Bedrooms
No new listings.
1 four-bedroom condo sold for $2,079,200 the price per sq/ft was $802 and 1 five-bedroom sold for $2,120,800 and the price per sq/ft was $800.
2 new listings this week. A three-bedroom for $995,000. And a four-bedroom for $2,295,000.
3 single-family homes sold this week. 1 four-bedroom for $1,500,000, 1 four-bedroom for $2,350,000 and a three-bedroom for $2,475,000.
(Information provided by Hudson County MLS)
Mortgage Market in Review: As the markets prepare for the inauguration on Friday, we have seen increased volatility in the Equity Markets. This has increased overall stability in the Bond Markets, keeping mortgage rates virtually unchanged over the past couple of weeks. Now, the focus will turn to what type of policies the new administration introduces and gets implemented. How quickly these policies occur will be the key to market movement. For now, expect continuous volatility in stocks as the markets react to rumors, innuendos and tweets.
CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…
ALSO OF INTEREST:
I’M SMART: Hoboken Ranks #2 Among Most Educated Cities in NJ
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.