Greater princeton area 2nd quarter market update 2013

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

Your second quarter Greater Princeton area residential real estate market analysis.

Currently Available 72 Library Place $2,400,000 Princeton

July 4th has now come and gone and we are officially mid way through summer. For us, it’s also a time to recognize that we are now into the 3rd Quarter of the year and we can look back and ahead at the same time.

New inventory survived a bit of an April surge to remain down about 5% year over year in Princeton and pending sales were up over 20%. This put pressure on values too, as the average closed sale price is back up to $947,000 in Princeton vs. $868,000 for all of 2012 which represents a 9% increase. If you are a seller, there’s still hope as last year July was the second busiest month of the year for pended sales, bucking a fairly consistent trend of having the busier months be during the Spring and into June. Look for that to continue some this year as rising interest rates may have some prospects hopping off the fence.

While the national news has certainly been kind to the real estate market recently, it is important to remember that while many markets and price segments are recovering, real estate is hyper-local. A popular blog said recently, “If you are thinking about selling your home, don’t get carried away with current headlines about home price increases that have taken place over the last twelve months. Instead, call a local real estate professional. They will be best prepared to explain where prices are headed over the next six months.” The following market analysis will share what has happened in our local markets during the second quarter of 2013, but now is a great time to reach out to your local expert in order to prepare you for the next six months if you are indeed considering buying, selling or relocating.

Have you explored the brand new

CallawayHenderson.com

The new CallawayHenderson.com gives you unparalleled access to extraordinary real estate in the Greater Princeton Area and around the world. From Princeton to Paris, you have the world’s premier properties just a click away. Visit today to explore and discover local and global listings for sale and rent, community information, open houses and so much more.

Click here to explore

Princeton under $1 Million

Under Contract 292 Riverside Drive $747,900 Princeton

Q2 2012 Q2 2013 % Change Units Sold

65

Average Sales Price $630,479 109 Days on Market

74

+13.84%

$658,787

+4.5%

77

-29.35%

Q2 2012 Q2 2013 % Change Units Sold

13

27

Average Sales Price $1,382,461 $1,359,074 125 142 Days on Market

+108% -1.7% +13.6%

Princeton $1 Million to $ 2 Million

Currently Available 5 Stout Road $1,589,000 Princeton

Princeton $2 million to $3 Million

Currently Available 160 Hodge Road $2,750,000 Princeton

Q2 2012 Q2 2013 % Change Units Sold

3

5

Average Sales Price $2,613,979 $2,560,000 85 243 Days on Market

+67% -2% +186%

Princeton $3 million and over

Currently Available 5279 Province Line Road $10,000,000 Princeton

Q2 2012 Q2 2013 % Change Units Sold

n/a

1

n/a

Average Sales Price Days on Market

n/a

$3,000,000

n/a

n/a

805

n/a

Montgomery township

Currently Available 57 Bronson Way $999,000 Montgomery

Q2 2012 Q2 2013 % Change Units Sold

62

Average Sales Price $592,084 78 Days on Market

84

+35.48%

$546,134

-7.76%

92

+17.94%

Q2 2012 Q2 2013 % Change Units Sold

16

Average Sales Price $456,843 96 Days on Market

11

-31.25%

$538,400

+17.85%

83

-13.54%

pennington borough

Under Contract 30 East Welling Avenue $498,500 Pennington

hopewell borough

Currently Available 15-15B Model Avenue $429,900 Hopewell Borough

Q2 2012 Q2 2013 % Change Units Sold

4

Average Sales Price $292,375 55 Days on Market

11

+175%

$413,409

+41.39%

53

-3.63%

Q2 2012 Q2 2013 % Change Units Sold

45

Average Sales Price $436,111 108 Days on Market

60

+33.33%

$398,993

-8.51%

80

-25.92%

hopewell township

Under Contract 44 West Shore Drive $769,000 Hopewell Township

west windsor township

Currently Available 3 Wright Place $479,900 West Windsor Township

Q2 2012 Q2 2013 % Change Units Sold

82

Average Sales Price $509,567 59 Days on Market

107

+30.48%

$546,689

+7.28%

54

-8.47%

cranbury township

Currently Available 41 South Main Street $635,000 Cranbury

Q2 2012 Q2 2013 % Change Units Sold

8

Average Sales Price $564,687 82 Days on Market

7

-12.5%

$635,928

+12.61%

78

-4.87%

west windsor, plainsboro and cranbury Combined

Under Contract 34 Edgemere Avenue $365,000 Plainsboro Township

Q2 2012 Q2 2013 % Change Units Sold

144

Average Sales Price $446,120 69 Days on Market

196

+36.11%

$473,703

+6.18%

62

-10.14%

Q2 2012 Q2 2013 % Change Units Sold

68

Average Sales Price $360,856 116 Days on Market

79

+16.17%

$321,282

-10.96%

74

-36.20%

Lawrence township

Currently Available 2525 Main Street $699,000 Lawrence Township

robbinsville township

SOLD 3 Annie Lane Robbinsville

Q2 2012 Q2 2013 % Change Units Sold

48

Average Sales Price $370,431 73 Days on Market

59

+22.91%

$353,765

-4.49%

70

-4.1%

Each Office Is Independently Owned And Operated. porch chairs. Used with permission. Subject to errors, omissions, prior sale or withdrawal without notice. All statistics from TREND MLS 7.2.13.

Information deemed reliable but not guaranteed.