Greater Princeton Area 2016 Market Update

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

2016 Year End Greater Princeton Area Residential Real Estate Market Analysis

Available: 618 River Road, Belle Mead (Montgomery Township) $640,000

Nationally, 2016 was an interesting year for residential real estate.

One broad theme was the ‘normalization’ of what had been a fairly dramatic run-up in many coveted metropolitan marketplaces with international appeal. The message in the greater Princeton area was mixed. April and May turned out to be the two busiest months our market has ever experienced in terms of properties that went under contract over $2 million, while the rest of the year was inconsistent across municipalities and price points. Another national theme that has captured our attention locally is the rising interest rate environment, which has occurred since the November presidential election.

As happens every January, the new year brings with it a reset button.

This year, more so than most, will be interesting to watch and navigate.

As always, we’re here to help. Please reach out to your favorite Callaway Henderson Sotheby’s International Realty agent for anything you might need to stay on top of this ever-changing environment.

2016 By The Numbers

LocaL Ownership • GLobaL Connections • remarkabLe Agents

UnrivaLed resULts We proudly boast

25,104

Number of email recipients we reach with each digital marketing campaign

17

of the top 30 agents in Princeton.

No other company has more than 4.

Referrals placed and received

110,251 Number of times our #LoveWhereYouLive community videos have been viewed

Of the 22 sales in Mercer County over $2 million, number of sellers we represented:

16

No other company had more than 2.

74%

higher than our next closest competitor in Mercer County.*

We sold properties in:

We help our clients buy and sell homes here, there, and everywhere.

241

Our average sold listing price is

From New York to Florida, California to the Jersey Shore, France to the Virgin Islands

Volume of private, non-published sales:

>$10

million

Properties we sold above $1.3 million, AND Properties we sold below $270,000:

50

51

municipalities across

2

The A-LisT

7,305 social media followers from all over the world

Buyers came to us from:

4 continents 11 countries 20 states

states

We are proud to support and reinvest in our local community, with financial contributions to

55

charitable partners and non-profit organizations.

2016 Sales in Princeton (Actual Chart)

15,025

Interactions using the TouchGallery home search tool in our office windows

#1

market share in Princeton, Pennington, Hopewell Township, Lawrence, Montgomery, and Mercer County based on dollar volume (Trend MLS)

Each Office Is Independently Owned And Operated. 1/1/16- 12/31/16 Trend MLS and Trendgraphix data for Princeton and Mercer County as of January 2017. *Of companies which have sold more than 10 listings in Mercer County.

Princeton $1 Million & UNDER

Available: 45 Vandeventer Avenue, Unit #3, Princeton $535,000

Units Sold

2015

2016

% Change

200

196

-2.00%

$669,680

+1.57%

66

-2.94%

Average Sales Price $659,298 68 Days on Market

Units Sold

2015

2016

% Change

90

114

+26.67%

Average Sales Price $1,419,706 $1,402,573 76 99 Days on Market

-1.21% +30.26%

Princeton $1 Million to $ 2 Million

Available: 1147 Stuart Road, Princeton $1,795,000

Princeton $2 million to $3 Million

Available: 114 Elm Road, Princeton $2,750,000

Units Sold

2015

2016

% Change

12

18

+50.00%

Average Sales Price $2,520,958 $2,272,444 122 80 Days on Market

-9.86% -34.43%

Princeton $3 million and over

Available: 214 Cherry Hill Road, Princeton $3,950,000

Units Sold

2015

2016

% Change

7

2

-71.43%

-9.89% Average Sales Price $3,592,857 $3,237,500 41 +156.10% 105 Days on Market

Montgomery township

Available: 103 Van Zandt Road, Skillman (Montgomery Township) $1,135,000

Units Sold

2015

2016

% Change

258

273

+5.81%

$640,075

+4.60%

71

+18.33%

Average Sales Price $611,949 60 Days on Market

Units Sold

2015

2016

49

53

+8.16%

$527,644

+20.63%

94

+3.30%

Average Sales Price $437,425 91 Days on Market

% Change

pennington borough

Available: 236 South Main Street, Pennington $349,000

hopewell borough

Available: 46 Model Avenue, Hopewell $344,000

Units Sold

2015

2016

% Change

25

33

+32.00%

$412,900

+4.93%

62

--

Average Sales Price $393,496 62 Days on Market

Units Sold

2015

2016

% Change

266

284

+6.77%

$499,922

-3.79%

Average Sales Price $519,633 101 Days on Market

-10.89%

90

hopewell township

Available: 22 Arvida Drive, Pennington (Hopewell Township) $895,000

west windsor township

Available: 5 Hathaway Drive, West Windsor $608,000

Units Sold

2015

2016

% Change

345

364

+5.51%

$556,211

-3.10%

53

+1.92%

Average Sales Price $574,024 52 Days on Market

cranbury township

Available: 89 North Main Street, Cranbury $950,000

Units Sold

2015

2016

% Change

36

45

+25.00%

$641,724

-12.79%

84

+10.53%

Average Sales Price $735,805 76 Days on Market

west windsor, plainsboro and cranbury Combined

Available: 11 Stobbe Lane, West Windsor $525,000

Units Sold

2015

2016

% Change

602

651

+8.14%

$517,741

-1.47%

54

-3.57%

Average Sales Price $525,449 56 Days on Market

Units Sold

2015

2016

% Change

319

377

+18.18%

Average Sales Price $310,104 89 Days on Market

$307,382

-0.88%

79

-11.24%

Lawrence township

Available: 4497 Province Line Road, Princeton (Lawrence Township) $1,195,000

robbinsville township

Pending: 204 Union Street, Robbinsville $490,000

Units Sold

2015

2016

% Change

239

267

+11.72%

$378,987

+5.93%

79

+3.95%

Average Sales Price $357,777 76 Days on Market

Lambertville

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

Units Sold

2015

2016

% Change

54

54

--

$420,960

+19.07%

102

+34.21%

Average Sales Price $353,541 76 Days on Market

2016 Year In Review

Click here to view our 2016 Year In Review video.

ON THE COVER 1117 Canal Road, Princeton, NJ 08540 (Franklin Township) $719,000

Each Office Is Independently Owned And Operated.

Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 1/12/2017. Information deemed reliable but not guaranteed.