Greater Princeton area 1st Quarter Results

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

Your 1st Quarter Greater Princeton area residential real estate market analysis.

Currently Available 26 Harbourton Mount Airy Road $1,450,000 Hopewell

The first quarter of 2014 has come to a close and is now “in the books.” Whether we are looking to access anecdotal buying trends or scientific data, this is the earliest time of the year when we can take a step back to see what has and what is happening.

With regards to the differences between 2005 and 2014, we have learned that it is unwise to generalize the market. In 2005, generally speaking, most properties were in good shape as they had most likely experienced some appreciation in value; as long as there was a fairly reasonable asking price, there was typically solid demand. The market recovery today is firmly entrenched, but is much more segmented. Buyers looking for value will most likely find properties further outside of a town center, while those in highest demand are newer or renovated homes within walking distance of a cup of coffee. If you are a buyer, be mindful of the locations where you can find great deals. If you are a seller, make sure you have a realistic idea of the value of your home, which can be challenging to determine based on your home’s location and condition, and in a steadily rising average-sale-price environment.

As a result of this segmented recovery, our job [at CHSIR] has never been more significant. Although it is important to be aware of average sale price in your municipality, in your neighborhood, and on your street, it may not be relevant; what matters is your specific house and its individual traits. Whether buying, selling, or just curious, put us to work for you—we are happy to provide you with our uniquely thorough and customized approach to valuation. Enjoy the enclosed information and let us know how we can help you with your home!

Check out our A-LIST blog post, “LET’S GO! AN A-LIST APRIL WEEKEND!”, which details three outdoor festivals this weekend in Hopewell, Lambertville and Princeton, as well as a 5k in Montgomery and a Township-wide event in Cranbury. Want to learn more? Then take a look at the A-LIST, the blog where Callaway Henderson Sotheby’s International Realty shares the best in homes, stores, restaurants, and more! The A-LIST FEATURES will keep you IN THE KNOW with our expert local knowledge, LET’S GO! details the latest and greatest events going on in Princeton and it’s surroundings, and A-LIST PROPERTIES highlights our unparalleled agents and their listings.

Princeton

$1 Million & Under

Currently Available 390 Gallup Road, $925,000 Princeton

Q1 2013 Q1 2014 % Change Units Sold

35

Average Sales Price $626,396 100 Days on Market

32

-8.57%

$622,537

-0.62%

76

-24.00%

Q1 2013 Q1 2014 % Change Units Sold

7

12

Average Sales Price $1,319,171 $1,450,593 78 99 Days on Market

+71.43% +9.96% +26.92%

Princeton $1 Million to $ 2 Million

Currently Available 56 Edgerstoune Road $1,795,000 Princeton

Princeton $2 million to $3 Million

Currently Available 75 Cleveland Lane $2,519,600 Princeton

Q1 2013 Q1 2014 % Change Units Sold

2

3

Average Sales Price $2,375,000 $2,185,500 176 359 Days on Market

+50.00% -7.98% +103.98%

Princeton $3 million and over

Currently Available 4565 Province Line Road $3,375,000 Princeton

Q1 2013 Q1 2014 % Change Units Sold

1

1

Average Sales Price $5,900,000 $3,050,000 80 66 Days on Market

0.00% -48.31% -17.50%

Montgomery township

Currently Available 71 Westbury Court $1,195,000 Montgomery

Q1 2013 Q1 2014 % Change Units Sold

43

Average Sales Price $511,311 95 Days on Market

29

-32.56%

$655,206

+28.14%

103

+8.42%

Q1 2013 Q1 2014 % Change Units Sold

1

Average Sales Price $225,000 112 Days on Market

3

200.00%

$611,333

+171.70%

41

-63.39%

pennington borough

Currently Available 111 North Main Street $750,000 Pennington

hopewell borough

Currently Available 54 Hart Avenue $399,000 Hopewell Borough

Q1 2013 Q1 2014 % Change Units Sold

4

Average Sales Price $431,000 73 Days on Market

2

-50.00%

$322,000

-25.29%

216

195.89%

Q1 2013 Q1 2014 % Change Units Sold

25

Average Sales Price $446,510 96 Days on Market

21

-16.00%

$448,066

+0.35%

138

+43.75%

hopewell township

Currently Available 5 Stout Road $1,499,000 Hopewell Township

west windsor township

Currently Available 4271 Quakerbridge Road $585,000 West Windsor Township

Q1 2013 Q1 2014 % Change Units Sold

48

Average Sales Price $444,783 83 Days on Market

44

-8.33%

$575,379

+29.36%

70

-15.66%

cranbury township

Currently Available 3 Nicola Court $2,800,000 Cranbury

Q1 2013 Q1 2014 % Change Units Sold

6

Average Sales Price $794,416 105 Days on Market

7

+16.67%

$672,428

-15.36%

47

-55.24%

west windsor, plainsboro and cranbury Combined

Currently Available 100 Perrine Road $599,999 Plainsboro

Q1 2013 Q1 2014 % Change Units Sold

92

Average Sales Price $423,840 90 Days on Market

73

-20.65%

$528,848

+24.78%

67

-25.56%

Q1 2013 Q1 2014 % Change Units Sold

55

Average Sales Price $303,996 97 Days on Market

44

-20.00%

$299,805

-1.38%

107

+10.31%

Lawrence township

Currently Available 44 Fackler Road $1,850,000 Lawrence Township

robbinsville township

Pending 56 South Main Street $439,900 Robbinsville

Q1 2013 Q1 2014 % Change Units Sold

27

Average Sales Price $350,024 74 Days on Market

36

+33.33%

$377,133

+7.74%

116

+56.76%

Lambertville

Currently Available 8 Wilson Street $275,000 Lambertville

Q1 2013 Q1 2014 % Change Units Sold

7

Average Sales Price $247,650 83 Days on Market

10

+42.86%

$355,440

+43.53%

110

+32.53%

Each Office Is Independently Owned And Operated. NATURE. ROIG. Used with permission. Subject to errors, omissions, prior sale or withdrawal without notice. statistic sources: TREND MLS 4.22.14 Information deemed reliable but not guaranteed.