Greater Princeton Area Q1 2015 Market Update

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

1st Quarter 2015 Greater Princeton Area Residential Real Estate Market Analysis

Currently Available: 906 Great Road, Princeton $4,995,000 And just like that, the first quarter of 2015 is in the books and we find ourselves a couple of weeks into April. For many, it’s the time of year when we remember how much we love living in this area as we shake off the remnants of a long, cold winter and happily begin to look for the first signs of warmer weather. For the busy agents at Callaway Henderson Sotheby’s International Realty, the blooming magnolia trees also mean that the spring real estate market is officially upon us—and this year, we’re already off to a great start.

We publish these real estate market updates every quarter to reflect closed residential transactions in a sampling of area municipalities and to compare the results of this year to the same time period from last year. With only one quarter under consideration, some of the sample sizes are relatively small and therefore easily influenced.

However, it’s difficult to be too scientific about the home-buying process, especially when current market patterns indicate that buyers are starting to make emotional purchases again, as opposed to the purely rational and perhaps overly calculated ones which had been the predominant trend over the past few years.

So, while the data is noteworthy, please be sure to consult with your favorite Callaway Henderson Sotheby’s International Realty sales associate to help you interpret what the numbers mean for your particular situation—whether you’re buying, selling, or like many, just curious.

In the meantime, enjoy this gorgeous spring weather. You deserve it!

Palmer Square is now at 75% occupancy and we are excited to present these three extraordinary residences for sale at new, reduced prices: 26 Paul Robeson Place 32 Paul Robeson Place* 36 Paul Robeson Place

Now at Now at Now at

$1,575,000 $1,675,000 $2,000,000

* Open this Sunday, 1:00 to 4:00 p.m. or by appointment anytime: Linda Vitale Sales Associate 609.924.3884 lvitale@palmersquare.com

Princeton

$1 Million & Under

Currently Available: 16 Greenview Avenue, Princeton $965,000

Q1 2014 Q1 2015 % Change Units Sold

32

40

Average Sales Price $ 622,537 $ 637,062 76 61 Days on Market

+ 25.00 % + 2.33 % - 19.74 %

Q1 2014 Q1 2015 % Change Units Sold

12

8

- 33.33 %

Average Sales Price $1,450,593 $1,338,750 99 103 Days on Market

- 7.71 % + 4.04 %

Princeton $1 Million to $ 2 Million Currently Available: 210 Elm Road, Princeton $1,595,000

Princeton $2 million to $3 Million

Currently Available: 107 Library Place, Princeton $2,650,000

Q1 2014 Q1 2015 % Change Units Sold

3

3

Average Sales Price $2,185,500 $2,640,333 359 57 Days on Market

0.00 % + 20.81 % - 84.12 %

Q1 2014 Q1 2015 % Change 1 1 Units Sold Average Sales Price $3,050,000 $4,325,000

Days on Market

66

160

0.00 % + 41.80 % + 142.42 %

Princeton $3 million and over

Currently Available: 161 Hodge Road, Princeton $3,250,000

Montgomery township

Currently Available: 68 Southern Hills Drive, Skillman $1,495,000

Q1 2014 Q1 2015 % Change Units Sold

29

Average Sales Price $655,206 103 Days on Market

43

+ 48.28 %

$518,430

- 20.88 %

91

- 11.65 %

Q1 2014 Q1 2015 % Change Units Sold

3

Average Sales Price $611,333 41 Days on Market

7 $443,714 89

+ 133.33 % - 27.42 % + 117.07 %

pennington borough

Currently Available: 1 Rockwell Green Drive, Pennington $849,000

hopewell borough

Currently Available: 44 Shaftsbury Avenue, Hopewell Borough $269,000

Q1 2014 Q1 2015 % Change Units Sold

2

Average Sales Price $322,000 216 Days on Market

4

+ 100.00 %

$373,950

+ 16.13 %

38

- 82.41 %

Q1 2014 Q1 2015 % Change Units Sold

21

Average Sales Price $448,066 138 Days on Market

38

+ 80.95 %

$531,906

+ 18.71 %

164

+ 18.84 %

hopewell township

Currently Available: 10 Benson Lane, Skillman $1,625,000

west windsor township

Currently Available: 10 Haverford Road, West Windsor $745,000

Q1 2014 Q1 2015 % Change Units Sold

44

Average Sales Price $575,379 70 Days on Market

53

+ 20.45 %

$492,711

- 14.37 %

80

+ 14.29 %

Q1 2014 Q1 2015 % Change 7 Units Sold Average Sales Price $672,428

Days on Market

47

1

- 85.71 %

$554,500

-17.54 %

89

+ 89.36 %

cranbury township

Currently Available: 37 North Main Street, Cranbury $699,000

west windsor, plainsboro and cranbury Combined

Currently Available: 2411 Ravens Crest Drive, Plainsboro $199,900

Q1 2014 Q1 2015 % Change Units Sold

73

Average Sales Price $528,848 67 Days on Market

83

+ 13.70 %

$441,886

- 16.44 %

84

+ 25.37 %

Q1 2014 Q1 2015 % Change Units Sold

44

Average Sales Price $299,805 107 Days on Market

54

+ 22.73 %

$308,433

+ 2.88 %

92

- 14.02 %

Lawrence township

Currently Available: 4497 Province Line Road, Princeton $1,545,000

robbinsville township

Currently Available: 6 Kettering Court, Robbinsville $238,500

Q1 2014 Q1 2015 % Change Units Sold

36

Average Sales Price $377,133 116 Days on Market

38

+ 5.56 %

$351,735

- 6.73 %

100

- 13.79 %

Q1 2014 Q1 2015 % Change 10 Units Sold Average Sales Price $355,440

Days on Market

110

17

+ 70.00 %

$403,875

+ 13.63 %

127

+ 15.45 %

Lambertville

Pending: 503 Titus Road, Lambertville $545,000

As simply put as the lifestyle it affords, there’s nothing quite like Copperwood in Princeton. Rising up on Princeton’s Ridge, Copperwood is the vision of world-renowned architect and long-time Princeton resident, J. Robert Hillier. Convenient to downtown, the Princeton University campus, theaters, and the train, Copperwood sits on a remarkable wooded site. Sleek, stylish, sustainable, and sun-drenched, these premier rental units offer modern floor plans, state-of-the-art finishes, and exclusive amenities including walking trails, a fitness center with regular yoga classes, and community rooms available for private functions. One- to two-bedroom units are available, leasing for $2,200 - $4,100 per month (which includes one underground parking space).

There is nothing quite like Copperwood — come see for yourself!

CopperwoodPrinceton.com

IMAGINE the new sir.com...

We are thrilled to announce the launch of the new sir.com, effectively raising the bar for the industry and once again establishing that the Sotheby’s International RealtyŽ brand is THE measure of excellence.

The new sir.com website is a content-rich destination that focuses on property, lifestyle, and location and speaks to real estate consumers in a ground-breaking way that is more visual than ever.

On the new sir.com, our listings are showcased using high-quality professional photography and video, interactive floor plans, and the ability to view search results according to key rooms and property features.

Each Office Is Independently Owned And Operated. NATURE, ROIG, Used with permission.

Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 4.10.2015 Information deemed reliable but not guaranteed.