MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty
2019 First Quarter Greater Princeton Area Residential Real Estate Market Analysis
96 Battle Road | Princeton, New Jersey 08540 $1,950,000
With the first quarter of 2019 behind us, new themes have emerged with significant implications for our greater Princeton area real estate market. For the first time in years, not only are buyers not threatened by a potentially rising interest rate environment, but interest rates have been on the decline since December and unhurried buyers have found that their patience has been rewarded. A close second in impact is the fact that local taxpayers are starting to see the bottomline effect of the Tax Cuts & Jobs Act and whether or not the outcome will allow them to consider a discretionary new home purchase—making April a more critical month than ever. In the data that follows you will see, generally speaking, lower average sale prices, longer days on market, and fewer unit sales. Not reflected in this data, however, is the fact that March turned a corner for the market from what was a weak January and February, with more contract activity in many areas and a leveling out of inventory. The spring market is typically in full swing by April, so these next 6-8 weeks will no doubt define the real estate year that is 2019. Of note within this data, given the price point, downtown proximity, and availability of public utilities, it’s not surprising that the small towns of Hopewell Borough, Pennington Borough, and Lambertville seem to be on the rise. We’ll keep a close eye that, too. Lastly, the first quarter also showed some signs of life in the $2,000,000+ market, with three new deals coming together in recent weeks—all of them new construction. As always, we’re here to help! Please contact your favorite Callaway Henderson Sotheby’s International Realty agent and let us know if there’s ever anything we can do to be of assistance...
PRINCETON $1 MILLION & UNDER
Available: 5 Firestone Court | Princeton, NJ 08540 $949,000
Units Sold
Q1 2018 Q1 2019 % Change 25
Average Sales Price $701,660 66 Days on Market
21
-16.00 %
$689,042
-1.80 %
90
36.36 %
Units Sold
Q1 2018 Q1 2019 % Change 13
12
Average Sales Price $1,310,231 $1,305,000 96 114 Days on Market
-7.69 % -0.40 % +18.75 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 121 Winfield Road | Princeton, NJ 08540 $1,895,000
PRINCETON $2 MILLION AND OVER
Available: 156 Philip Drive | Princeton, NJ 08540 $2,850,000
Units Sold
Q1 2018 Q1 2019 % Change 2
1
Average Sales Price $2,437,500 $2,075,000 493 635 Days on Market
-50.00 % -14.87 % +28.80 %
MONTGOMERY TOWNSHIP
Available: 59 Coddington Court | Belle Mead, NJ 08502 (Montgomery Township) $898,000
Units Sold
Q1 2018 Q1 2019 % Change 43
Average Sales Price $644,645 92 Days on Market
26
-39.53 %
$601,175
-6.74 %
118
+28.26 %
PENNINGTON BOROUGH
Available: 109 West Welling Avenue | Pennington, NJ 08534 $565,000
Units Sold
Q1 2018 Q1 2019 % Change 7
Average Sales Price $370,737 83 Days on Market
12
+71.43 %
$485,515
+30.96 %
89
+7.23 %
Units Sold
Q1 2018 Q1 2019 % Change 4
Average Sales Price $319,063 269 Days on Market
5
+25.00 %
$380,700
+19.32 %
87
-67.66 %
HOPEWELL BOROUGH
Available: 40 North Greenwood Avenue | Hopewell, NJ 08525 $600,000
HOPEWELL TOWNSHIP
Available: 79 West Shore Drive | Pennington, NJ 08534 (Hopewell Township) $815,000
Units Sold
Q1 2018 Q1 2019 % Change 38
Average Sales Price $453,577 91 Days on Market
36
-5.26 %
$419,817
-7.44 %
115
+26.37 %
Units Sold
Q1 2018 Q1 2019 % Change 36
Average Sales Price $560,901 81 Days on Market
42 $533,599 92
+16.67 % -4.87 % +13.58 %
WEST WINDSOR TOWNSHIP
Available: 20 Lorrie Lane | Princeton Junction, NJ 08550 (West Windsor Twp) $646,000
CRANBURY TOWNSHIP
Available: 44 Old Trenton Road | Cranbury, NJ 08512 $710,000
Units Sold
Q1 2018 Q1 2019 % Change 6
Average Sales Price $590,700 60 Days on Market
3
-50.00 %
$583,000
-1.30 %
63
+5.00 %
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 513 Village Road West | Princeton Junction, NJ 08550 (West Windsor Twp) $700,000
Units Sold
Q1 2018 Q1 2019 % Change 82
Average Sales Price $493,775 72 Days on Market
85
+3.66 %
$472,082
-4.39 %
87
+20.83 %
LAWRENCE TOWNSHIP
Available: 3 Toftrees Court | Princeton, NJ 08540 (Lawrence Township) $1,195,000
Units Sold
Q1 2018 Q1 2019 % Change 65
Average Sales Price $285,240 Days on Market
73
68
+4.62 %
$307,064
+7.65 %
89
+21.92 %
Units Sold
Q1 2018 Q1 2019 % Change 37
Average Sales Price $407,258 84 Days on Market
37
--
$345,956
-15.05 %
77
-8.33 %
ROBBINSVILLE TOWNSHIP
Available: 8 Haines Drive | Robbinsville, NJ 08691 $1,000,000
LAMBERTVILLE
Available: 135 North Union Street | Lambertville, NJ 08530 $775,000
Units Sold
Q1 2018 Q1 2019 % Change 7
Average Sales Price $383,921 Days on Market
75
12
+71.43 %
$419,792
+9.34 %
118
+57.33 %
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Callaway Henderson Sotheby’s International Realty
@calhensir
@callawayhendersonsir
Callaway Henderson Sotheby’s International Realty
Callaway Henderson Sotheby’s International Realty
@calhensir
ON THE COVER Elm Ridge Farm 7 Aqua Terrace | Pennington, NJ 08534 (Hopewell Township) $1,495,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS 4/4/2019. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.