2020 Greater Princeton Area Year End Market Update

MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty

2020 Year End Greater Princeton Area Residential Real Estate Market Analysis

151 Library Place | Princeton, NJ 08540 $2,850,000 Many thanks for taking the time to read our Year-End Market Update Report. To begin, we would like to point out that when we talk about real estate markets and sales data, we are compartmentalizing the real impact of the pandemic.

Many lives were lost during this terrible time, and people are still struggling. There are so many who have been profoundly affected, and to them we offer our thoughts and prayers.

In our communities, and across the country, the impacts of COVID-19 brought a particular focus on the benefits of “home”: what it means to each of us and how the notion has been forever redefined. Some experienced a renewed appreciation for the home they already had; others craved immediate change; and still more anticipated the need for a move in the near future.

Indeed, the data tells much of this story. Despite the fact that the Princeton housing market was relatively flat, with contracts down 1% and the average sale price up 2%, the lack of inventory (which was at historically low levels last year) made even that market “feel” busier. There was a surge in buyers coming from urban areas, namely the New York City and Philadelphia metro markets. These buyers found homes in lesser-priced local markets, such as Lawrence and Hopewell Townships, where even though inventory was down, the number of contracts increased dramatically—so much so that the average sale prices in those municipalities skyrocketed as well. The number of buyers we worked with coming from these cities increased by 114% versus 2019, and they were happy to find homes priced 40–60% lower than in Princeton, where the average sale price was $1,040,000. Although the higher end of the market was slow to pick up, it too had a busy Q4, with momentum that has carried into January 2021. In fact, there have been more $2,000,000+ contracts this December and January than during any other such time in Mercer County’s history. The story has been similar in those parts of Somerset and Hunterdon Counties that we cover as well.

For all its adversity, 2020 was a year of transformative collaboration, clarity, focus, and learning. We have witnessed firsthand the amazing power coming together can have on creating lasting and meaningful change. We thank our clients, agents, and vendors, who’ve all had such a profound effect on our firm and in our communities. We have evolved our business practices to safely and successfully serve you, and as we hit the ground running in 2021, we are ready to assist in any way we can. Whether you’re buying, selling, or just curious, we are here to help.

LOCAL Ownership • GLOBAL Connections • REMARKABLE Agents

2020 Sales in Princeton

Volume of off-market, non-MLS listed sales brokered by CHSIR:

$38.9 $ 13

$ 40

$ 97

(MLS-listed)

$ 116

$ 211 Million (CHSIR)

2020 UNRIVALED RESULTS

(

million

24 transaction sides)

Our average sold listing price is

36% higher than our next closest competitor in Mercer County*

We proudly boast

10

of the top 20 agents in Princeton.

246

No other company has more than 4.

referrals placed and received

(and 7 of the top 10 agents in Hopewell Township, too!)

in Costa Rica, Cape Town,Thailand, NYC, FL, the Jersey Shore & more

271,395 views of our high-definition listing videos in 2020 (up 42% year-over-year)

12

No other company had more than 2.

social media followers from all over the world

The number of buyers who came to us from NYC, Philadelphia, and Jersey City increased

26

buyers and sellers we represented in Pennsylvania

114%

The ‘urban flight’ you’ve been hearing about is real!

We proudly supported

>40

10,000

average # of users per month on CallawayHenderson.com

Of the 18 closed sales in Mercer County over $2 million, number of sellers we represented:

9,855

We represented

100%

of the sellers of closed sales > $3 million.

local organizations, increasing our charitable donations by

87%

We represented sellers of homes sold for as low as

$60,000

12,535 Facebook LIVE Virtual Open House views & video replays

#1

and as high as

MARKET SHARE

Million-dollar marketing at every price point!

in Princeton, Pennington, Hopewell Borough & Township, Montgomery Township, West Amwell Township, and Mercer County**

$4.2 million

*Of companies that sold more than 15 listings. **Mercer County: Princeton Office, based on dollar volume. All others: CHSIR, based on both dollar volume and unit sales.

Source: Bright MLS, GSMLS, and Trendgraphix data for 1/1/20—12/31/20 and public records, as of January 2021. Each Office Is Independently Owned And Operated.

Luxury Lives Here

One-of-a-kind townhomes and condominiums in the heart of downtown Princeton – distinctive residences featuring grand master bedrooms, contemporary kitchens, and spa-style baths.

Own or rent to live in the center of it all.

PALMERSQUARERESIDENCES.COM TO OWN: 609.921.1050 ❖ TO RENT: 609.921.2333

PRINCETON $1 MILLION & UNDER

Available: 261 Moore Street | Princeton, NJ 08540 $879,000

Units Sold

2019

2020

179

166

- 7.26 %

$711,018

- 0.68 %

67

- 16.25 %

Average Sales Price $715,914 80 Days on Market

% Change

Units Sold

2019

2020

% Change

98

102

+ 4.08 %

Average Sales Price $1,363,687 $1,414,606 154 121 Days on Market

+ 3.73 % - 21.43 %

PRINCETON $1 MILLION TO $ 2 MILLION

Available: 76 Stetson Way | Princeton, NJ 08540 $1,760,000

PRINCETON $2 MILLION AND OVER

Available: 10 Leonard Court | Princeton, NJ 08540 $3,750,000

Units Sold

2019

2020

15

10

Average Sales Price $2,472,667 $2,660,100 196 116 Days on Market

% Change - 33.33 % + 7.58 % - 40.82 %

MONTGOMERY TOWNSHIP

Available: 296 Harlingen Road | Belle Mead, NJ 08502 $1,149,900

Units Sold

% Change

2019

2020

276

295

+ 6.88 %

$627,338

- 0.61 %

73

- 1.35 %

Average Sales Price $631,188 74 Days on Market

Units Sold

2019

2020

58

57

- 1.72 %

$506,062

+ 5.03 %

81

- 13.83 %

Average Sales Price $481,827 94 Days on Market

% Change

PENNINGTON BOROUGH

Under Contract: 110 Crawley Avenue | Pennington, NJ 08534 $499,900

HOPEWELL BOROUGH

SOLD: 60 North Greenwood Avenue | Hopewell, NJ 08525 $1,130,000

2019 29 Units Sold Average Sales Price $397,703 89 Days on Market

2020

% Change

34

+ 17.24 %

$464,266

+ 16.74 %

58

- 34.83 %

Units Sold

2019

2020

% Change

272

330

+ 21.32 %

$545,687

+ 8.11 %

104

- 7.14 %

Average Sales Price $504,734 112 Days on Market

HOPEWELL TOWNSHIP

Available: 586 Province Line Road | Hopewell, NJ 08525 $1,075,000

WEST WINDSOR TOWNSHIP

Available: 10 Norchester Drive | West Windsor, NJ 08550 $725,000

Units Sold

2019

2020

334

311

- 6.89 %

$591,124

+ 0.52 %

66

- 9.59 %

Average Sales Price $588,077 73 Days on Market

% Change

CRANBURY TOWNSHIP

Under Contract: 37 North Main Street | Cranbury, NJ 08512 $450,000

Units Sold

2019

2020

26

36

+ 38.46 %

$798,721

+ 11.59 %

80

+ 8.11 %

Average Sales Price $715,742 74 Days on Market

% Change

WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED

Available: 15 Park Hill Terrace | West Windsor, NJ 08550 $750,000

Units Sold

% Change

2019

2020

580

523

- 9.83 %

$552,359

+ 2.31 %

72

- 1.37 %

Average Sales Price $539,865 73 Days on Market

Units Sold

2019

2020

401

438

+ 9.23 %

$371,489

+ 13.90 %

87

+ 2.35 %

Average Sales Price $326,144 85 Days on Market

% Change

LAWRENCE TOWNSHIP

Available: 2775 Main Street | Lawrenceville, NJ 08648 $1,000,000

ROBBINSVILLE TOWNSHIP

SOLD: 6 Harvest Bend Road | Robbinsville, NJ 08691 $1,350,000

Units Sold

2019

2020

247

254

+ 2.83 %

$421,472

+ 3.40 %

50

- 32.43 %

Average Sales Price $407,627 Days on Market

74

% Change

LAMBERTVILLE

Available: 42 York Street | Lambertville, NJ 08530 $1,750,000

Units Sold

2019

2020

% Change

71

78

+ 9.86 %

$453,010

+ 15.75 %

82

+ 3.80 %

Average Sales Price $391,375 Days on Market

79

2020 Year In Review

Click here to view our 2020 Year In Review video.

ON THE COVER 91-93 Edgerstoune Road Princeton, NJ 08540 $2,750,000

EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS & GSMLS, 1/20/2021. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.