Greater Princeton area 3rd quarter market update 2014

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

Your 3rd quarter Greater Princeton area residential real estate market analysis.

Currently Available 22 Winant Road $889,000 Princeton

The continuing theme for the real estate market this year is identifying and understanding the specific niches -- what are now almost “micro markets� -which exist within our larger marketplace.

Demand for certain trends continues. For example, throughout most municipalities, buyers will still pay a premium for houses that are updated, renovated and/or in a convenient location. Inherent in these trends are the adversely affected niches, such as homes that are in disrepair, need renovation, and/or are off the beaten path.

As realtors, we are finding our work both particularly challenging and rewarding, as we are called on to identify these trends, and to know where exactly the pockets of strength and weakness lie. This is a benefit to all of our clients, buyers and sellers alike. Sellers need to know where they stand, and have the right strategy mapped out for their specific property. Buyers need to know when to bid up, and where the best value opportunities exist. Either way, we can help guide you because all of this is exactly what we do!

we take pride in providing clients a world of advantages In the 3rd quarter we helped people buy and sell homes in places such as Arlington (VA), Honolulu (HI), Manhattan (NY), Manasquan (NJ), Montclair(NJ), Rehoboth Beach (DE), and Vero Beach (FL), to name a few...

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Princeton $1 Million & UNDER

Currently Available 310 Nassau Street $899,00 Princeton

Q3 2013 Q3 2014 % Change Units Sold

72

Average Sales Price $637,172 58 Days on Market

81

+12.50%

$685,577

+7.60%

57

-1.72%

Q3 2013 Q3 2014 % Change Units Sold

32

30

Average Sales Price $1,441,531 $1,451,454 45 54 Days on Market

-6.25% +0.69% +20.00%

Princeton $1 Million - $2 Million

Currently Available 619 Lawrenceville Road $1,997,000 Princeton

Princeton $2 Million - $3 Million Princeton $2 million to $3 Million

Currently Available 53 Cradle Rock $2,995,000 Princeton

Q3 2013 Q3 2014 % Change Units Sold

2

4

100.00%

-5.99% Average Sales Price $2,325,000 $2,185,625 2 +8,400.00% 170 Days on Market

Princeton $3 Million and over

Currently Available 66 Bogart Court $3,450,000 Princeton

Q3 2013 Q3 2014 % Change Units Sold

1

3

Average Sales Price $3,425,000 $3,388,720 92 390 Days on Market

200.00% -1.06% +323.91%

montgomery Township

Currently Available 90 Opossum Road $799,000 Montgomery

Q3 2013 Q3 2014 % Change Units Sold

124

Average Sales Price $600,161 57 Days on Market

85

-31.45%

$611,386

+1.87%

56

-1.75%

Q3 2013 Q3 2014 % Change Units Sold

15

Average Sales Price $453,570 114 Days on Market

17

+13.33%

$553,235

+21.97%

88

-22.81%

pennington Borough

Currently Available 108 South Main Street $315,000 Pennington

Hopewell Borough

Currently Under Contract 62 Columbia Avenue $379,000

Q3 2013 Q3 2014 % Change Units Sold

7

Average Sales Price $472,000 44 Days on Market

6

-14.29%

$313,591

-33.56%

88

+100.00%

Q3 2013 Q3 2014 % Change Units Sold

88

Average Sales Price $494,579 77 Days on Market

79

-10.23%

$511,405

+3.40%

80

+3.90%

hopewell Township

Currently Available 11 Meadow Lane $699,000 Hopewell Township

west windsor Township

Currently Available 4271 Quakerbridge Road $499,000 West Windsor

Q3 2013 Q3 2014 % Change Units Sold

131

Average Sales Price $570,312 39 Days on Market

116

-11.45%

$590,250

+3.50%

42

+7.69%

cranbury Township

Currently Available 183 North Main Street $550,000 Cranbury

Q3 2013 Q3 2014 % Change Units Sold

12

Average Sales Price $818,828 29 Days on Market

10

-16.67%

$675,295

-17.53%

49

+68.97%

west windsor, cranbury, plainsboro combined

Currently Available 16 Prospect Avenue $339,000 Plainsboro

Q3 2013 Q3 2014 % Change Units Sold

212

Average Sales Price $554,840 41 Days on Market

197

-7.08%

$549,700

-0.93%

44

+7.32%

Q3 2013 Q3 2014 % Change Units Sold

101

Average Sales Price $333,890 65 Days on Market

116

+14.85%

$320,268

-4.08%

68

+4.62%

lawrence Township

Currently Available 3 Toftrees Court $1,525,000 (Princeton Address) Lawrence Twp

robbinsville Township

64 South Main Street $459,900 Robbinsville

Q3 2013 Q3 2014 % Change Units Sold

79

Average Sales Price $369,443 63 Days on Market

68

-13.92%

$382,196

+3.45%

51

-19.05%

lambertville city

Currently Available 91 North Main Street $419,000 Lambertville

Q3 2013 Q3 2014 % Change Units Sold

17

Average Sales Price $402,191 62 Days on Market

10

-41.18%

$313,300

-22.10%

126

103.23%

Each Office Is Independently Owned And Operated. Landscape with House and Ploughman, Used with permission. Subject to errors, omissions, prior sale or withdrawal without notice. All statistics from TREND MLS 10.8.14. Information deemed reliable but not guaranteed.