Callaway Henderson Sotheby's International Realty 2012 Year End Market Review

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

Your year-end Greater Princeton Area residential real estate market analysis.

I

t is hard to believe another year has already come and gone and that we are officially in 2013. Callaway Henderson Sotheby’s International Realty has much to reflect on from 2012. It was a significant moment in our professional history when two life long competitors decided to join forces and create central New Jersey’s most premier residential real estate company. The challenges were great, but with the combination of dedicated leadership, extraordinary agents and astounding community support we were able to make our first year together an overwhelming success.

One ongoing challenge we all face is the slow, but steady recovery of our real estate markets throughout central New Jersey. Now that we have all of the data available we are able to truly analyze what is happening in our neighborhoods. This market update provides important information about what is happening in Princeton, Pennington, Cranbury, Montgomery, Hopewell, West Windsor, Plainsboro, Lawrence and Robbinsville. If you have any questions about this information and what it means for your home, please reach out to your realtor or call one of our offices to speak with a local expert in your area.

Our company was thrilled to participate in all top ten sales in Mercer County in 2012. Dedicated to the extraordinary, Callaway Henderson Sotheby’s International Realty agents represented their buyers and sellers remarkably through each transaction. In addition, we continue to offer million dollar marketing at all price ranges with our average sales price being $701,199 for the year.

Looking ahead to what the rest of this year will bring, we are hopeful the market will continue to show improvements. The most important factors to ensure that happens is to ensure your property is in the best shape it can be and is priced correctly from the start. Now is an excellent time discuss your options if you are considering buying, selling or relocating in 2013. With five strategically located offices throughout central New Jersey as well as affiliates in over 45 countries, we are able to connect you with real estate in your own backyard and around the world.

CONNECT

Princeton 4 Nassau Street Princeton, NJ 08542 t 609.921.1050

Lambertville 69 Bridge Street Lambertville, NJ 08535 t 609.397.1700

Cranbury 39 North Main Street Cranbury, NJ 08512 t 609.395.0444

Montgomery 1325 Route 206, Suite 30 Skillman, NJ 08558 t 908.874.0000

Pennington 10 South Main Street Pennington, NJ 08534 t 609.737.7765

Princeton under $1 Million

Currently Available 171 Westcott Road $849,000 Princeton

2011 2012 % Change Units Sold +10.86% 184 204 Average Sales Price $621,390 $607,390 -2.25% Days on Market

86

110

+27.90%

2011 2012 % Change Units Sold 61 55 -9.83% Average Sales Price $1,426,670 $1,354,696 -5.04% Days on Market

135

130

-3.70%

Princeton $1 Million to $ 2 Million

Currently Available 58 Beech Hollow Lane $1,895,000 Princeton

Princeton $2 million to $3 Million

Currently Available 6 Haslet Avenue $2,695,000 Princeton

Units Sold

2011 7

2012 9

% Change +28.57%

Average Sales Price $2,424,000 $2,493,659 +2.87% Days on Market

131

115

-12.21%

Princeton $3 million and over

Currently Available 129 Hodge Road $3,999,000 Princeton

2011 2012 % Change Units Sold 2 2 +0.00% Average Sales Price $5,375,000 $5,176,250 -3.69% Days on Market

187

121

-35.29%

Montgomery township

Currently Available 208 Orchard Road $1,195,000 Montgomery Township

2011 2012 % Change Units Sold 200 230 +15% Average Sales Price $658,176 $589,847 -10.38% Days on Market

93

78

-16.12%

2011 2012 % Change Units Sold 29 46 +58.62% Average Sales Price $470,133 $414,453 -11.84% Days on Market

80

117

+46.25%

pennington borough

Currently Available 13 East Welling Avenue $698,900 Pennington Borough

hopewell borough

Currently Available 60 Lafayette Street $290,000 Hopewell Borough

2011 2012 % Change Units Sold 18 27 +50.00% -6.89% Average Sales Price $383,186 $356,774 Days on Market

121

93

-23.14%

2011 2012 % Change Units Sold 146 215 +47.26% Average Sales Price $447,195 $452,491 +1.18% Days on Market

124

113

-8.87%

hopewell township

Currently Available 51 Aunt Molly Road $1,350,000 Hopewell Township

west windsor township

Currently Available 3 Dey Farm Road $1,875,000 West Windsor

2011 2012 % Change Units Sold 274 312 +13.86% -2.02% Average Sales Price $523,337 $512,719 Days on Market

75

67

-10.66%

cranbury township

Currently Available 3 Nicola Court $3,100,000 Cranbury Township

2011 2012 % Change Units Sold 29 32 +10.34% Average Sales Price $614,903 $617,450 +0.41% Days on Market

127

70

-44.88%

west windsor, plainsboro and cranbury Combined

Currently Available 153 Cranbury Neck Road $685,000 Plainsboro Township

2011 2012 % Change Units Sold 468 554 +18.37% Average Sales Price $483,361 $472,010 - 2.34 % Days on Market

94

84

+12%

2011 2012 % Change Units Sold 231 237 +2.59% Average Sales Price $301,766 $328,858 +8.97 % Days on Market

105

121

+15.23%

Lawrence township

Currently Available 639 Rosedale Road $550,000 Lawrence Township

robbinsville township

Currently Available 143 Heritage Street $425,000 Robbinsville

2011 2012 % Change Units Sold 158 184 +16.45% +2.85% Average Sales Price $347,186 $357,098 Days on Market

114

104

-8.77%

Pricing Pricing a home correctly can be the the most signigifant factor in the successful sale of your property. We have found that simply trying to test the market rarely works and most times those sellers result in chasing the market to the bottom.

657 days on market 96% of original list price

70% of original list price

57 days on market

No Reductions

1 or more reductions

Of the 50 tops sales, we found that those homes that required no price reductions sold, on average, at 96% of their list price in 57 days. Those homes that did require at least one price reduction sold at 70% of their list price in 657 days.

Pricing is critical and Callaway Henderson Sotheby’s International Realty associates are experts. If you are considering buying, selling or relocating in 2013, please call your realtor to discuss a pricing and marketing strategy to meet your goals.

Š MMXII Sotheby’s International Realty Affiliates LLC. A Realogy Company. All Rights Reserved. Equal Housing Opportunity.

Each Office Is Independently Owned And Operated. Provence France, Trotter. Used with permission. Subject to errors, omissions, prior sale or withdrawal without notice. All statistics from TREND MLS and Trendgraphix as of 1.14.13.

Information deemed reliable but not gauranteed.