Greater Princeton Area Q2 2019 Real Estate Market Update

MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty

2019 Second Quarter Greater Princeton Area Residential Real Estate Market Analysis

286 Carter Road | Princeton, New Jersey 08540 (Hopewell Township) $7,500,000

As is the case every July, it’s hard to believe that we are officially in the second half of the year.

For whatever reason, the transition from Q2 to Q3 each year seems to be the most significant, and this year is no exception—creating an important opportunity to review the real estate market at what is essentially “halftime” for 2019.

Looking through these pages, you will see some declining data that still has to do with a reliance upon local and therefore discretionary buyers. One important thing to keep in mind is that this data represents closed transactions, which is effectively 60-90 days old and thus quite backward looking. Important footnotes as the market continues to evolve this year are many: The rate of absorption in Princeton, for example, has finally caught up to its increased inventory—with both listings and contracts being nearly 10% higher than a year ago. There’s an interesting story in West Windsor, too, with a dramatic increase in contracts, albeit at a declining average sale price.

In Montgomery, inventory levels and contract activity are starting to balance out as well in what has shaped up to be a very interesting 2019 there.

As always, we thank you for taking the time to review this report and look forward to hearing from you... Whether you’re buying, selling, or just thinking about options, please don’t hesitate to reach out to your favorite Callaway Henderson Sotheby’s International Realty agent. We look forward to helping in any way that we can!

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PRINCETON $1 MILLION & UNDER

Available: 27 Jefferson Road | Princeton, NJ 08540 $849,000

Units Sold

Q2 2018 Q2 2019 % Change 60

Average Sales Price $698,733 36 Days on Market

52

-13.33 %

$720,263

+3.08 %

70

+94.44 %

Units Sold

Q2 2018 Q2 2019 % Change 30

35

Average Sales Price $1,299,812 $1,377,512 73 125 Days on Market

+16.67 % +5.98 % +71.23 %

PRINCETON $1 MILLION TO $ 2 MILLION

Available: 994 Stuart Road | Princeton, NJ 08540 $1,690,000

PRINCETON $2 MILLION AND OVER

Available: 20 Elm Road | Princeton, NJ 08540 $2,500,000

Units Sold

Q2 2018 Q2 2019 % Change 2

3

Average Sales Price $2,075,000 $2,176,487 208 196 Days on Market

+50.00 % +4.89 % -5.77 %

MONTGOMERY TOWNSHIP

Available: 48 York Drive | Princeton, NJ 08540 (Montgomery Township) $645,000

Units Sold

Q2 2018 Q2 2019 % Change 89

Average Sales Price $664,765 58 Days on Market

56

-37.08 %

$631,139

-5.06 %

81

+39.66 %

Units Sold

Q2 2018 Q2 2019 % Change 11

Average Sales Price $466,645 88 Days on Market

17

+54.55 %

$461,006

-1.21 %

80

-9.09 %

PENNINGTON BOROUGH

Available: 195 West Welling Avenue | Pennington, NJ 08534 $500,000

HOPEWELL BOROUGH

Available: 41 East Broad Street | Hopewell, NJ 08525 $485,000

Q2 2018 Q2 2019 % Change 9 Units Sold Average Sales Price $470,500 57 Days on Market

10

+11.11 %

$465,900

-0.98 %

58

+1.75 %

Units Sold

Q2 2018 Q2 2019 % Change 72

Average Sales Price $497,156 82 Days on Market

67

-6.94 %

$499,765

+0.52 %

105

+28.05 %

HOPEWELL TOWNSHIP

Available: 54 West Shore Drive | Pennington, NJ 08534 (Hopewell Township) $750,000

WEST WINDSOR TOWNSHIP

Available: 3 Cranston Court | Princeton Junction, NJ 08550 (West Windsor Twp) $689,000

Units Sold

Q2 2018 Q2 2019 % Change 89

Average Sales Price $628,144 38 Days on Market

108 $590,155 63

+21.35 % -6.05 % +65.79 %

CRANBURY TOWNSHIP

Available: 7 Shady Brook Lane | Cranbury, NJ 08512 $1,089,999

Units Sold

Q2 2018 Q2 2019 % Change 14

Average Sales Price $627,206 60 Days on Market

12

-14.29 %

$650,192

+3.66 %

50

-16.67 %

WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED

Available: 5 Mahogany Court | Plainsboro, NJ 08536 $950,000

Units Sold

Q2 2018 Q2 2019 % Change 177

Average Sales Price $552,727 42 Days on Market

187

+5.65 %

$538,634

-2.55 %

61

+45.24 %

Units Sold

Q2 2018 Q2 2019 % Change 130

Average Sales Price $335,355 56 Days on Market

119

-8.46 %

$321,856

-4.03 %

69

+23.21 %

LAWRENCE TOWNSHIP

Available: 4471 Province Line Road | Princeton, NJ 08540 (Lawrence Township) $699,000

ROBBINSVILLE TOWNSHIP

Available: 11 Woods Edge Lane | Robbinsville, NJ 08691 $650,000

Units Sold

Q2 2018 Q2 2019 % Change 64

Average Sales Price $415,364 Days on Market

46

75

+17.19 %

$424,290

+2.15 %

49

+6.52 %

LAMBERTVILLE

Available: 95 Clinton Street | Lambertville, NJ 08530 $839,000

Units Sold

Q2 2018 Q2 2019 % Change 16

Average Sales Price $428,816 Days on Market

105

11

-31.25 %

$463,756

+8.15 %

135

+28.57 %

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ON THE COVER 37 Blue Heron Way | Skillman, NJ 08558 (Montgomery Township) $1,375,000

EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS 7/12/2019. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.