Greater Princeton area 2nd Quarter Results

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

Your 2nd quarter Greater Princeton area residential real estate market analysis.

Currently Available 130 Hodge $3,599,000 Princeton

It may seem like a cliché to point out how quickly the first half of 2014 has flown by, but it’s truly remarkable that we already find ourselves in Q3. Similar to the story from our Q1 analysis, it is not possible to generalize the residential real estate market. It is important to understand that when listening to the media’s attempt to summarize the current state of the market, you do not assume it applies to your home or your investment property. Those of us who dwell professionally in this market know that any given municipality, neighborhood, street, and house is in fact unique and unlike any other property that has sold. There is no doubt that buyers are willing to pay quickly and thoroughly for a house in a great location and in great condition, while houses that need work or have location challenges generally draw less interest and appear to be outside of any market rebound. However, this has created some fantastic, new opportunities for value-minded buyers. Additionally, new construction is thriving within a few local municipalities and is being met with great demand; a trend that can have a dramatic effect on resale homes that are in similar price ranges.

At Callaway Henderson Sotheby’s International Realty, our role continues to reach new levels of significance, as both sellers and buyers alike are able to take full advantage of our unique, local-market insight and our unparalleled global platform. We’re here to provide you with the most relevant information to make the most informed decision. As a result, while overall sales volume in Mercer County is down by three percent, as a company, our sales are up by two percent. There are many reasons we are able to outperform the market, so please put us to work for you!

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Princeton $1 Million & UNDER

Currently Available 9 Greenview Avenue $950,000 Princeton

Q2 2013 Q2 2014 % Change Units Sold

68

Average Sales Price $672,426 63 Days on Market

47

-30.88%

$598,545

-10.99%

91

+44.44%

Q2 2013 Q2 2014 % Change Units Sold

27

30

Average Sales Price $1,359,074 $1,360,677 142 53 Days on Market

+11.11% +.12% -62.68%

Princeton $1 Million to $ 2 Million

Currently Available 67 Rosedale Road $1,695,000 Princeton

Princeton $2 million to $3 Million

Currently Available 19 Greenhouse Drive $2,695,000 Princeton

Q2 2013 Q2 2014 % Change Units Sold

5

4

Average Sales Price $2,560,000 $2,481,250 243 8 Days on Market

-20.00% -3.08% -96.71%

Princeton $3 million and over

Currently Available 321 Brooks Bend $3,800,000 Princeton

Q2 2013 Q2 2014 % Change Units Sold

1

Average Sales Price $3,000,000 805 Days on Market

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Montgomery township

Currently Available 151 Kildee Road $1,295,000 Montgomery

Q2 2013 Q2 2014 % Change Units Sold

85

Average Sales Price $559,861 91 Days on Market

69

-18.82%

$633,571

+13.17%

32

-64.84%

Q2 2013 Q2 2014 % Change Units Sold

12

Average Sales Price $542,700 78 Days on Market

11

-8.33%

$477,727

-11.97%

115

+47.44%

pennington borough

Currently Available 147 East Delaware Avenue $869,000 Pennington

hopewell borough

Recently Sold 15-15B Model Avenue Hopewell Borough

Q2 2013 Q2 2014 % Change Units Sold

10

Average Sales Price $389,850 53 Days on Market

6

-40.00%

$341,583

-12.38%

108

+103.77%

Q2 2013 Q2 2014 % Change Units Sold

58

Average Sales Price $413,396 70 Days on Market

58

0.00%

$561,767

+35.89%

91

+30.00%

hopewell township

Currently Available 1 Timkak Lane $739,000 Hopewell Township

west windsor township

Currently Available 25 Wood Hollow Road $715,000 West Windsor Township

Q2 2013 Q2 2014 % Change Units Sold

108

Average Sales Price $547,738 54 Days on Market

89

-17.59%

$601,859

+9.88%

40

-25.93%

cranbury township

Currently Available 33 Ancil Davidson Road $999,000 Cranbury

Q2 2013 Q2 2014 % Change Units Sold

6

Average Sales Price $741,500 40 Days on Market

7

+16.67%

$644,664

-13.06%

30

-25.00%

west windsor, plainsboro and cranbury Combined

Currently Available 16 Nostrand Road $675,000 Plainsboro

Q2 2013 Q2 2014 % Change Units Sold

195

Average Sales Price $478,884 61 Days on Market

149

-23.59%

$536,420

+12.01%

41

-32.79%

Q2 2013 Q2 2014 % Change Units Sold

81

Average Sales Price $325,588 69 Days on Market

89

+9.88%

$303,072

-6.92%

72

+4.35%

Lawrence township

Currently Available 233 Carter Road $2,950,000 Lawrence Township

robbinsville township

Recently Sold 24 Union Street Robbinsville

Q2 2013 Q2 2014 % Change Units Sold

61

Average Sales Price $359,600 76 Days on Market

59

-3.28%

$406,828

+13.13%

52

-31.58%

LAMBERTVILLE CITY

Currently Available 91 North Main Street $419,000 Lambertville

Q2 2013 Q2 2014 % Change Units Sold

20

Average Sales Price $373,325 189 Days on Market

16

-20.00%

$374,500

+.31%

124

-34.39%

Each Office Is Independently Owned And Operated. RED BOATS. MONET. Used with permission.

Subject to errors, omissions, prior sale or withdrawal without notice. All statistics from TREND MLS 7.7.14. Information deemed reliable but not guaranteed.