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.