Greater Princeton Area 2013 Q1 Market Review

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

Your first quarter Greater Princeton area residential real estate market analysis.

131-133 Harbourton Woodsville Road $9,975,000 Hopewell Township

With temperatures finally climbing out of the chilly 40s and peaking over 80 degrees this week, it is safe to say most people realize spring has arrived. We here at Callaway Henderson Sotheby’s International Realty have felt our own spring market arrive as early as February this year in the Greater Princeton area. Our extraordinary agents have been working diligently to prepare buyers and sellers for success. Princeton has officially entered the rebound phase of the real estate recovery and done so enthusiastically in the first quarter this year. Like in many markets, inventory is down and contract sales are up, but the most noteworthy stat so far is the average sale price which is up 8% vs. last year overall and 35% vs. the same period last year. This is the first increase of any substance since 2008. The high end (defined by us as $2 million+) is coming back slowly, but surely as well. People that have a high level of wealth are willing to buy extraordinary properties at their discretion. Older, charming homes are coming back into favor, largely because the pricing has come down enough so the value is there for buyers.

We are pleased to present our first quarter market review highlighting many of the towns in the Greater Princeton area. If you are considering a move this year, now is the time to learn more about our in-house photography, high-definition video, interactive floor plans, extensive media partners, robust social media presence, and our other million-dollar marketing tools offered exclusively to our sellers at any price point.

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Princeton under $1 Million

Currently Available 44 Quaker Road $999,000 Princeton

Units Sold

Q1 2012 Q1 2013 % Change +9.4% 32 35

Average Sales Price $594,450 $614,968 Days on Market

130

106

+3.45% -18.46%

Q1 2012 Q1 2013

% Change

Units Sold

4 7 +75% Average Sales Price $1,240,625 $1,319,171 +6.33% Days on Market

78

134

-41.79%

Princeton $1 Million to $ 2 Million

Currently Available 10 Russell Road $1,795,000 Princeton

Princeton $2 million to $3 Million

Currently Available 162 Mercer Street $2,200,000 Princeton

Units Sold

Q1 2012 Q1 2013 % Change N/A 0 2

Average Sales Price

N/A

Days on Market

N/A

$2,375,000 176

N/A N/A

Princeton $3 million and over

Currently Available 146 Hodge Road $3,575,000 Princeton

Q1 2012 Q1 2013 % Change Units Sold 0 N/A 1 $5,900,000 N/A Average Sales Price N/A Days on Market

N/A

80

N/A

Montgomery township

Currently Available 81 Colfax Road $1,275,000 Montgomery

Q1 2012 Q1 2013 % Change Units Sold

32 43 +34.375% Average Sales Price $522,926 $516,544 -1.22% Days on Market

106

99

-6.6

Q1 2012 Q1 2013 % Change Units Sold 4 1 -75% Average Sales Price $253,125 $225,000 -11.11% Days on Market

205

112

-45.36

pennington borough

Currently Available 15 East Delaware Avenue $799,000 Pennington

hopewell borough

Currently Available 29 East Broad Street $525,000 Hopewell Borough

Q1 2012 Q1 2013 % Change Units Sold 7 5 -28.57% -11.94% Average Sales Price $391,857 $345,050 Days on Market

108

84

-22.22%

Q1 2012 Q1 2013 % Change Units Sold

37 26 Average Sales Price $440,850 $455,325 Days on Market

134

123

-29.72% +3.28% -8.20%

hopewell township

Currently Available 5 Baker Way $895,000 Hopewell Township

west windsor township

Currently Available 3 Compton Lane $689,000 West Windsor Township

Q1 2012 Q1 2013 % Change Units Sold

45 49 Average Sales Price $468,855 $443,461 Days on Market

99

81

+8.88% -5.41% -18.18%

cranbury township

Currently Available 5 South Main Street $700,000 Cranbury

Q1 2012 Q1 2013 % Change Units Sold

7 6 Average Sales Price $642,857 $794,416 105 96 Days on Market

-14.28% +23.57% +9.375%

west windsor, plainsboro and cranbury Combined

Currently Available 8 Dey Road $379,000 Plainsboro Township

Q1 2012 Q1 2013 % Change Units Sold

88 93 Average Sales Price $420,868 $423,369 Days on Market

101

89

+5.68% +0.59% -11.88%

Q1 2012 Q1 2013 % Change Units Sold

32 56 Average Sales Price $350,453 $300,264 Days on Market

135

+75% -14.32% -24.14%

97

Lawrence township

Currently Available 2515 Main Street $515,000 Lawrence Township

robbinsville township

Currently Available 1332 Park Street $529,900 Robbinsville

Q1 2012 Q1 2013 % Change Units Sold 25 26 +4% Average Sales Price $327,064 $437,969 +33.90% Days on Market

123

72

-41.46%

Each Office Is Independently Owned And Operated. Dacha Near Moscow. Used with permission.

Subject to errors, omissions, prior sale or withdrawal without notice. All statistics from TREND MLS 4.9.13. Information deemed reliable but not guaranteed.