Greater Princeton Area Q2 2015 Market Update

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

2nd Quarter 2015 Greater Princeton Area Residential Real Estate Market Analysis

Available: 19 Vandeventer Avenue: Princeton $2,250,000 It’s hard to believe that the 3rd Quarter of 2015 is already underway. And to be candid, our current local real estate market is pretty unbelievable as well. Unlike in recent rebounding years where activity and trends have at least been fairly consistent across neighborhoods and price ranges, today things are all over the map.

The enclosed report includes quarterly statistics, comparing Q2 2015 market performance to that of Q2 2014. Looking at year-over-year data tells yet another story.

In Princeton, inventory is creeping up, and the number of contracts is dialing down, but the average sale price is almost back to the 2008 statistical high. Hopewell, which was slower to recover, has taken firm hold of its comeback this year with the number of contracts up a whopping 32% from last year. Lawrence, also slower to recover in recent years, is once again off in terms of units sold, but inventory is down almost the same percentage, while the average sale price is up almost 8%. Our job, as your local real estate expert, is to be on top of these trends and know what’s going on in your municipality, and more importantly in your neighborhood — and specifically on your street, as the market truly has become that segmented.

While this report doesn’t tell the whole story (please be sure to contact your favorite Callaway Henderson Sotheby’s International Realty agent for that!), it does provide some fundamental data worthy of consideration. Have a great rest of your summer and let us know how we can help in any way.

We are pleased to offer these extraordinary luxury townhomes in the heart of downtown Princeton for sale at reduced prices:

26 Paul Robeson Place 32 Paul Robeson Place* 22 Paul Robeson Place 36 Paul Robeson Place

$1,575,000

$1,675,000 Newly Priced $1,825,000

$2,000,000 UNDER CONTRACT

* 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

Available: 204 Mount Lucas Road, Princeton $645,000

Q2 2014 Q2 2015 % Change Units Sold

47

45

Average Sales Price $ 598,545 $ 676,513 91 108 Days on Market

- 4.26 % + 13.03 % + 18.68 %

Q2 2014 Q2 2015 % Change Units Sold

30

24

Average Sales Price $1,360,677 $1,343,719 53 55 Days on Market

- 20.00 % - 1.25 % + 3.77 %

Princeton $1 Million to $ 2 Million

Available: 188 Cherry Valley Road, Princeton $1,825,000

Princeton $2 million to $3 Million

Available: 45 Cleveland Lane, Princeton $2,595,000

Q2 2014 Q2 2015 % Change Units Sold

4

2

Average Sales Price $2,481,250 $2,325,000 8 333 Days on Market

- 50.00 % - 6.30 % + 4,062 %

Q2 2014 Q2 2015 % Change Units Sold Average Sales Price

0

3

∞

--

$3,283,333

--

Days on Market

--

13

--

Princeton $3 million and over

Available: 102 Lafayette Road, Princeton $3,975,000

Montgomery township

Available: 22 Sweetwater Drive, Belle Mead $1,175,000

Q2 2014 Q2 2015 % Change Units Sold

69

Average Sales Price $633,571 32 Days on Market

64

- 7.25 %

$663,057

+ 4.65 %

54

+ 68.75 %

Q2 2014 Q2 2015 % Change Units Sold

11

Average Sales Price $477,727 115 Days on Market

16

+ 45.45 %

$430,025

- 9.99 %

89

- 22.61 %

pennington borough

Available: 300 North Main Street, Pennington $625,000

hopewell borough

Available: 49 Lafayette Street, Hopewell $297,000

Q2 2014 Q2 2015 % Change Units Sold

6

Average Sales Price $341,583 108 Days on Market

7

+ 16.67 %

$450,857

+ 31.99 %

43

- 60.19 %

Q2 2014 Q2 2015 % Change Units Sold

58

Average Sales Price $561,767 91 Days on Market

96

+ 65.52 %

$496,416

- 11.63 %

107

+ 17.58 %

hopewell township

Available: 58 Woosamonsa Road, Pennington $1,290,000

west windsor township

Available: 1758 Old Trenton Road, West Windsor $1,575,000

Q2 2014 Q2 2015 % Change Units Sold

89

Average Sales Price $601,859 40 Days on Market

92

+ 3.37 %

$561,423

- 6.72 %

53

+ 32.50 %

Q2 2014 Q2 2015 % Change 7 Units Sold Average Sales Price $644,664

Days on Market

30

+ 28.57 %

9 $598,111 76

- 7.22 % + 153.33 %

cranbury township

Available: 46 North Main Street, Cranbury $925,000

west windsor, plainsboro and cranbury Combined

Available: 14 Knight Drive, Plainsboro $625,000

Q2 2014 Q2 2015 % Change Units Sold

149

Average Sales Price $536,420 41 Days on Market

166 $501,565 54

+ 11.41 % - 6.50 % + 31.71 %

Q2 2014 Q2 2015 % Change Units Sold

89

Average Sales Price $303,072 72 Days on Market

- 5.62 %

84 $334,939

+ 10.51 %

90

+ 25.00 %

Lawrence township

Available: 42 Carter Road, Princeton $1,895,000

robbinsville township

Available: 111 Yard Street, Robbinsville $520,000

Q2 2014 Q2 2015 % Change Units Sold

59

Average Sales Price $406,828 52 Days on Market

73

+ 23.73 %

$333,456

- 18.04 %

79

+ 51.92 %

Q2 2014 Q2 2015 % Change 16 Units Sold Average Sales Price $374,500

Days on Market

124

Available: 33 Lincoln Avenue, Lambertville $599,000

17

+ 6.25 %

$379,029

+ 1.21 %

72

- 41.94 %

Lambertville

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 20-acre 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: on-site concierge, walking trails, a cafe lounge, fitness center and office facilities, available for use by the community and may be reserved for private functions. One- and two-bedroom units are available, leasing for $2,900 - $4,000 per month (includes one underground parking space).

The pursuit of living well in Princeton is finally met at Copperwood... Come be a part of it!

CopperwoodPrinceton.com

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Callaway Henderson Sotheby’s International Realty

@calhensir

Callaway Henderson Sotheby’s International Realty

@calhensir

Callaway Henderson Sotheby’s International Realty

@calhensir

Callaway Henderson Sotheby’s International Realty

Each Office Is Independently Owned And Operated.

Regatta at argenteuil, monet, Used with permission.

Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 07/08/2015. Information deemed reliable but not guaranteed.