Greater Princeton Area Q3 2016 Market Update

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

3rd Quarter 2016 Greater Princeton Area Residential Real Estate Market Analysis

Available: 126 Moores Mill Mount Rose Road, Hopewell, NJ 08525 $5,875,000

As our nation heads to the polls in the next couple of weeks, there is likely one thing we can all agree on: it’s an odd election year. Some people may describe political uncertainty as a deterrent to real estate sales; but interestingly enough, both national data and recent local analysis prove it’s hard to show that election years have much of an impact on residential real estate. This year, however, disruption has become the buzzword — both in theory and in reality. Game-changers like Airbnb and Uber have left consumers hungry for this kind of overhaul on every level, including politically.

Enter this dynamic into our local real estate market and the results are interesting, yet not surprising. The segments of the market that rely on more discretionary purchasing are seeing local buyers seeking value and being more careful with their approach.

Other segments are as busy as ever on a seasonally adjusted basis, continuing a growing trend over the past few years that has our market performing in niches, with generalizations nearly impossible to define.

We welcome you to review the enclosed statistics to get a feel for the local real estate market. As always, please contact your favorite Callaway Henderson Sotheby’s International Realty agent to answer any questions or help make sense of how this information impacts your individual real estate needs.

We live where we work. we love where we live. our expertise is local; our reach is global.

Princeton $1 Million & UNDER

Available: 40 Mountain Avenue, Princeton, NJ 08540 $599,000

Q3 2015 Q3 2016 % Change Units Sold

64

Average Sales Price $667,496 49 Days on Market

52

-18.75 %

$691,731

+3.63 %

49

--

Q3 2015 Q3 2016 % Change Units Sold

36

35

Average Sales Price $1,440,459 $1,486,425 58 89 Days on Market

-2.78 % +3.19 % +53.45 %

Princeton $1 Million to $ 2 Million

Available: 141 Hunt Drive, Princeton, NJ 08540 $1,599,000

Princeton $2 million to $3 Million

Available: 6 Haslet Avenue, Princeton, NJ 08540 $2,249,000

Q3 2015 Q3 2016 % Change Units Sold

7

6

Average Sales Price $2,525,785 $2,438,167 90 47 Days on Market

-14.29 % -3.47 % -47.78 %

Q3 2015 Q3 2016 % Change 2 1 Units Sold Average Sales Price $3,787,500 $3,100,000

-18.15 %

Days on Market

+38.71 %

31

43

-50.00 %

Princeton $3 million and over

Available: 142 Hodge Road, Princeton, NJ 08540 $3,200,000

Montgomery township

Available: 19 Normandy Court, Skillman, NJ 08558 $950,000

Q3 2015 Q3 2016 % Change Units Sold

107

Average Sales Price $630,630 49 Days on Market

114

+6.54 %

$680,430

+7.90 %

60

+22.45 %

Q3 2015 Q3 2016 % Change Units Sold

16

Average Sales Price $482,559 93 Days on Market

16

--

$516,800

+7.10 %

52

-44.09 %

pennington borough

Available: 11 East Franklin Avenue, Pennington, NJ 08534 $746,000

hopewell borough

Available: 21 Louellen Street, Hopewell, NJ 08525 $650,000

Q3 2015 Q3 2016 % Change Units Sold

12

Average Sales Price $369,383 90 Days on Market

14

+16.67 %

$446,864

+20.98 %

49

-45.56 %

Q3 2015 Q3 2016 % Change Units Sold

83

Average Sales Price $538,876 69 Days on Market

87

+4.82 %

$558,192

+3.58 %

76

+10.14 %

hopewell township

Available: 152 Harbourton Woodsville Road, Lambertville, NJ 08530 $1,699,000

west windsor township

Available: 12 Monterey Drive, West Windsor, NJ 08550 $730,000

Q3 2015 Q3 2016 % Change Units Sold

127

Average Sales Price $637,929 36 Days on Market

142 $576,413 44

+11.81 % -9.64 % +22.22 %

cranbury township

Available: 27 North Main Street, Cranbury, NJ 08512 $565,000

Q3 2015 Q3 2016 % Change Units Sold

18

Average Sales Price $814,166 61 Days on Market

14

-22.22 %

$683,236

-16.08 %

45

-26.23 %

west windsor, plainsboro and cranbury Combined

Available: 6 Farmington Court, Princeton Junction, NJ 08550 $815,000

Q3 2015 Q3 2016 % Change Units Sold

220

Average Sales Price $599,732 42 Days on Market

244

+10.91 %

$534,750

-10.84 %

43

+2.38 %

Q3 2015 Q3 2016 % Change Units Sold

106

Average Sales Price $319,875 81 Days on Market

+11.32 %

118 $315,095

-1.49 %

71

-12.35 %

Lawrence township

Available: 27 Evans Lane, Lawrenceville, NJ 08648 $595,000

robbinsville township

Available: 1248 Park Street, Robbinsville, NJ 08691 $539,900

Q3 2015 Q3 2016 % Change Units Sold

75

Average Sales Price $392,901 72 Days on Market

93

+24.00 %

$424,036

+7.92 %

70

-2.78 %

Lambertville

Available: 119-121 North Union Street, Lambertville, NJ 08530 $1,795,000

Q3 2015 Q3 2016 % Change Units Sold

17

Average Sales Price $339,986 62 Days on Market

15

-11.76 %

$406,400

+19.53 %

107

+72.58 %

Want to see our FALL market inventory ?

bit.ly/CHSIRfall

CRANBURY 609.395.0444

LAMBERTVILLE 609.397.1974

MONTGOMERY 908.874.0000

PENNINGTON 609.737.7765

PRINCETON 609.921.1050

Follow us Look for us on your favorite social media channels to stay up to date on the latest real estate happenings in the Greater Princeton Area and beyond...

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

Each Office Is Independently Owned And Operated.

HOUSES AT THE BANK OF THE RIVER ZAAN by CLAUDE MONET, Used with permission.

Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 10/17/2016. Information deemed reliable but not guaranteed.