Greater Princeton Area Q2 2016 Market Update

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

2nd Quarter 2016 Greater Princeton Area Residential Real Estate Market Analysis

Available: 18 Planters Row, Skillman (Montgomery Township) $1,100,000

As we enter the summer months, we can start to look back on the Spring market that was — and to some degree still is, given that decent sales activity traditionally continues to occur through July. Inside you will find data that reflects what was a very busy, hectic 90 days for the real estate market in our greater Princeton area.

Generally speaking, unit sales were up, pricing was relatively flat, and properties were selling in a shorter amount of time. That said, it is difficult and potentially misleading to over-generalize, as has been the case ever since the dawn of our ‘new economy.’ In our area, residential real estate remains very specific and hyper-local, with sales data varying from municipality to price point, from neighborhood location to house style, etc. For example, the high end of the market started slowly this year, with only a couple of contracts above $2M in the first quarter.

April 2016, however, turned out to be one of the most prolific months above $2M that our local market has ever seen, with 8 transactions going pending during that 30 days alone. There are limitations, too, as June saw a return to levels more consistent with those from earlier in the year. Some positive stories remain in Hopewell Township, where inventory is down and the number of transactions are up, while Lawrence Township also continues its recent rebound.

We look forward to presenting this data to you and appreciate your interest in what we do.

As always, please contact your favorite Callaway Henderson Sotheby’s International Realty agent for any assistance... We’re here to help! Enjoy the rest of your summer!

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Princeton $1 Million & UNDER

Available: 38 Herrontown Lane, Princeton $875,000

Q2 2015 Q2 2016 % Change Units Sold

45

Average Sales Price $676,513 108 Days on Market

69

+53.33 %

$665,970

-1.56 %

62

-42.59 %

Q2 2015 Q2 2016 % Change Units Sold

24

27

Average Sales Price $1,343,719 $1,383,240 55 85 Days on Market

+12.50 % +2.94 % +54.55 %

Princeton $1 Million to $ 2 Million

Available: 60 Parkside Drive, Princeton $1,450,000

Princeton $2 million to $3 Million

Available: 105 Elm Road, Princeton $2,250,000

Q2 2015 Q2 2016 % Change Units Sold

2

6

Average Sales Price $2,325,000 $2,148,333 333 36 Days on Market

+200.00 % -7.60 % -89.19 %

Q2 2015 Q2 2016 % Change 3 Units Sold Average Sales Price $3,283,333

0

-100.00%

--

N/A

Days on Market

--

N/A

13

Princeton $3 million and over

Available: 80 Westcott Road, Princeton $4,000,000

Montgomery township

Available: 201 Van Zandt Road, Skillman $999,999

Q2 2015 Q2 2016 % Change Units Sold

64

Average Sales Price $663,057 54 Days on Market

61

-4.69 %

$629,132

-5.12 %

48

-11.11 %

Q2 2015 Q2 2016 % Change Units Sold

16

Average Sales Price $430,025 89 Days on Market

19

+18.75 %

$473,807

+10.18 %

65

-26.97 %

pennington borough

Available: 105 East Delaware Avenue, Pennington $675,000

hopewell borough

Available: 2 Front Street, Hopewell $499,000

Q2 2015 Q2 2016 % Change Units Sold

7

Average Sales Price $450,857 43 Days on Market

10

+42.86 %

$383,958

-14.84 %

91

+111.63 %

Q2 2015 Q2 2016 % Change Units Sold

96

Average Sales Price $496,416 107 Days on Market

91

-5.21 %

$507,765

+2.29 %

75

-29.91 %

hopewell township

Available: 2 Woodlawn Lane, Pennington $999,000

west windsor township

Available: 134 South Mill Road, Princeton Junction $925,000

Q2 2015 Q2 2016 % Change Units Sold

92

Average Sales Price $561,423 53 Days on Market

94

+2.17 %

$562,305

+0.16 %

39

-26.42 %

cranbury township

Available: 95 North Main Street, Cranbury $700,000

Q2 2015 Q2 2016 % Change Units Sold

9

Average Sales Price $598,111 76 Days on Market

14

+55.56 %

$658,271

+10.06 %

66

-13.16 %

west windsor, plainsboro and cranbury Combined

Available: 3 Oriole Court, Plainsboro $1,077,400

Q2 2015 Q2 2016 % Change Units Sold

166

Average Sales Price $501,565 54 Days on Market

178

+7.23 %

$529,758

+5.62 %

46

-14.81 %

Q2 2015 Q2 2016 % Change Units Sold

84

Average Sales Price $334,939 90 Days on Market

105

+25.00 %

$335,163

+0.07 %

76

-15.56 %

Lawrence township

Available: 2923 Main Street, Lawrenceville $499,500

robbinsville township

Available: 1305 Park Street, Robbinsville $530,000

Q2 2015 Q2 2016 % Change Units Sold

73

Average Sales Price $333,456 79 Days on Market

65

-10.96 %

$336,477

+0.91 %

51

-35.44 %

Lambertville

Available: 90 Wilson Street, Lambertville $379,000

Q2 2015 Q2 2016 % Change Units Sold

17

Average Sales Price $379,029 72 Days on Market

19

+11.76 %

$385,757

+1.78 %

89

+23.61 %

Want to see our SUMMER market inventory ?

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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

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Callaway Henderson Sotheby’s International Realty

@calhensir

Callaway Henderson Sotheby’s International Realty

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Lake Tablino by Charles Neal, Used with permission.

Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 07/11/2016. Information deemed reliable but not guaranteed.