Greater Princeton Area Q1 2016 Market Update

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

1st Quarter 2016 Greater Princeton Area Residential Real Estate Market Analysis

Available: 48 Elm Ridge Road, Hopewell Township $6,950,000

One thing most of us can agree on when it comes to real estate analysis is that warmer spring weather typically helps—a lot. The seasonality significance of the greater Princeton real estate market is triple pronged: we live in an area where spring is a beautiful season, so it’s a natural time for properties to come on the market when they look their best; we live against the backdrop of a college town, which places an emphasis on the academic calendar year; and we live in an area with coveted school systems, which have buyers and sellers alike coming and going based on those schedules as well.

As you will see in the enclosed data, this year was off to an inconsistent start in several areas. Inventory has started to creep up in some places, as a less-harsh winter enabled some homes to hit the market sooner. The high end of most markets took a little longer to kick into gear, as discretionary buying was slow in the first quarter with a volatile stock market giving people pause. As that is in the rearview mirror for now, overall activity has returned, bidding wars are occurring on a seemingly daily basis, and we look forward to what will certainly be an interesting second quarter.

Whether you’re buying, selling, or like many, just curious, please reach out to your favorite Callaway Henderson Sotheby’s International Realty sales associate to discuss how this data pertains to your particular situation. Let us know how we can help!

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Princeton $1 Million & UNDER

Available: 397 Herrontown Road, Princeton $825,000

Q1 2015 Q1 2016 % Change Units Sold

40

Average Sales Price $637,062 61 Days on Market

33

-17.50%

$658,287

+3.33%

92

+50.82%

Q1 2015 Q1 2016 % Change Units Sold

8

18

Average Sales Price $1,338,750 $1,378,027 103 82 Days on Market

+125.00% +2.93% -20.39%

Princeton $1 Million to $ 2 Million

Available: 7 Boudinot Street, Princeton $1,350,000

Princeton $2 million to $3 Million

Available: 37 Pheasant Hill Road, Princeton $2,895,000

Q1 2015 Q1 2016 % Change Units Sold

3

3

Average Sales Price $2,640,333 $2,300,000 57 242 Days on Market

--12.89% +324.56%

Q1 2015 Q1 2016 % Change 1 Units Sold Average Sales Price $4,325,000

0

-100.00%

--

N/A

Days on Market

--

N/A

160

Princeton $3 million and over

Available: 58 Rosedale Road, Princeton $4,285,000

Montgomery township

Available: 274 Sunset Road, Skillman $997,000

Q1 2015 Q1 2016 % Change Units Sold

43

Average Sales Price $518,430 91 Days on Market

39

-9.30%

$601,991

+16.12%

100

+9.89%

Q1 2015 Q1 2016 % Change Units Sold

7

Average Sales Price $443,714 89 Days on Market

7

--

$580,142

+30.75%

213

+139.33%

pennington borough

Available: 9 Queens Lane, Pennington $995,000

hopewell borough

Available: 21 Louellen Street, Hopewell $690,000

Q1 2015 Q1 2016 % Change Units Sold

4

Average Sales Price $373,950 38 Days on Market

4

--

$492,250

+31.64%

42

+10.53%

Q1 2015 Q1 2016 % Change Units Sold

38

Average Sales Price $531,906 164 Days on Market

57

+50.00%

$480,178

-9.73%

132

-19.51%

hopewell township

126 Moores Mill Mount Rose Road $6,250,000

west windsor township

Available: 6 Partridge Run, Princeton Junction $975,000

Q1 2015 Q1 2016 % Change Units Sold

53

Average Sales Price $492,711 80 Days on Market

64

+20.75%

$525,863

+6.73%

83

+3.75%

cranbury township

Available: 18 Ryan Road, Cranbury $519,000

Q1 2015 Q1 2016 % Change Units Sold

1

Average Sales Price $554,500 89 Days on Market

7

+600.00%

$638,857

+15.21%

125

+40.45%

west windsor, plainsboro and cranbury Combined

Available: 7 Huntington Drive, West Windsor $939,000

Q1 2015 Q1 2016 % Change Units Sold

83

Average Sales Price $441,886 84 Days on Market

107

+28.92%

$479,552

+8.52%

84

--

Q1 2015 Q1 2016 % Change Units Sold

54

Average Sales Price $308,433 92 Days on Market

65

+20.37%

$234,033

-24.12%

94

+2.17%

Lawrence township

Available: 6 Edgewood Avenue, Lawrenceville $785,000

robbinsville township

Available: 219 Union Street, Robbinsville $515,000

Q1 2015 Q1 2016 % Change Units Sold

38

Average Sales Price $351,735 100 Days on Market

45

+18.42%

$339,481

-3.48%

107

+7.00%

Lambertville

Available: 28 South Main Street, Lambertville $389,900

Q1 2015 Q1 2016 % Change Units Sold

17

Average Sales Price $403,875 127 Days on Market

5

-70.59%

$331,285

-17.97%

139

+9.45%

Want to see our Spring market inventory ? bit.ly/springmarketinventory

CRANBURY 609.395.0444

LAMBERTVILLE 609.397.1974

PRINCETON 609.921.1050

MONTGOMERY 908.874.0000

PENNINGTON 609.737.7765

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Callaway Henderson Sotheby’s International Realty

@calhensir

Callaway Henderson Sotheby’s International Realty

@callawayhendersonsir

Callaway Henderson Sotheby’s International Realty

@calhensir

Callaway Henderson Sotheby’s International Realty

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Landscape at Le Pouldu by Paul Gauguin, Used with permission.

Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 04/15/2016. Information deemed reliable but not guaranteed.