Greater Princeton Area Q1 2017 Market Update

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

2017 First Quarter Greater Princeton Area Residential Real Estate Market Analysis

Available: 410 Nassau Street, Princeton $2,200,000

And just like that, the first quarter of 2017 is in the books and we find ourselves well into the month of April.

We’re continually amazed at the pace in which quarters are coming and going! That said, we are seeing more of the same this year in terms of the hyper-locality of the Greater Princeton Area real estate market.

Trends and statistics vary considerably from municipality to municipality — and now more than ever, from neighborhood to neighborhood and even block to block. High-end real estate closings were slower in the first quarter due to slow post-election fourth quarter activity in that segment. But the $2 million+ market has done its usual post-March warm up with a number of transactions, including several with multiple bids, occurring in the first half of April.

Thematically, lower inventory is something we are keeping a close on eye on. New listings were down in many municipalities for the first quarter. However, in most instances the number of contracts were not down as significantly — in some ways making for a busier market than last year. Q2 is now firmly underway, which is always the most important one in terms of defining the outcome of the entire calendar year. If the past two weeks are any indication, we are in for a busy next few months!

Whether you’re buying, selling, or like many, just curious, please reach out to your favorite Callaway Henderson Sotheby’s International Realty sales associate to discuss how this data pertains to your particular situation. Let us know how we can help!

Princeton $1 Million & UNDER

Available: 92 Winant Road, Princeton $625,000

Units Sold

2016

2017

% Change

33

50

+ 51.52 %

$701,578

+ 6.58 %

56

- 39.13 %

Average Sales Price $658,287 92 Days on Market

Units Sold

2016

2017

18

16

Average Sales Price $1,378,027 $1,427,738 82 141 Days on Market

% Change - 11.11 % + 3.61 % + 71.95 %

Princeton $1 Million to $ 2 Million

Available: 4 Hunter Road, Princeton $1,230,000

Princeton $2 million to $3 Million

Available: 505 Mercer Street, Princeton $2,375,000

Units Sold

2016

2017

3

1

Average Sales Price $2,300,000 $2,185,000 242 94 Days on Market

% Change - 66.67 % - 5.00 % - 61.16 %

Princeton $3 million and over

Available: 80 Westcott Road, Princeton $3,700,000

Units Sold Average Sales Price Days on Market

2016

2017

% Change

0

0

--

N/A

N/A

N/A

N/A

N/A

N/A

Montgomery township

Available: 54 Sourland Hills Road, Skillman (Montgomery Township) $885,000

Units Sold

2016

2017

% Change

39

52

+ 33.33 %

$618,711

+ 2.78 %

121

+ 21.00 %

Average Sales Price $601,991 100 Days on Market

Units Sold

2016

2017

% Change

7

10

+ 42.86 %

$455,580

- 21.47 %

75

- 64.79 %

Average Sales Price $580,142 213 Days on Market

pennington borough

Available: 112 King George Road, Pennington $645,000

hopewell borough

Available: 46 Model Avenue, Hopewell $333,000

Units Sold

2016

2017

% Change

4

6

+ 50.00 %

$413,150

- 16.07 %

64

+ 52.38 %

Average Sales Price $492,250 42 Days on Market

Units Sold

2016

2017

% Change

57

60

+ 5.26 %

$431,737

- 10.09 %

87

- 34.09 %

Average Sales Price $480,178 132 Days on Market

hopewell township

Available: 166 Hopewell Rocky Hill Road, Hopewell $2,350,000

west windsor township

Available: 79 Conover Road, West Windsor $919,000

Units Sold

2016

2017

% Change

64

51

- 20.31 %

$533,873

+ 1.52 %

83

--

Average Sales Price $525,863 83 Days on Market

cranbury township

Available: 89 North Main Street, Cranbury $950,000

Units Sold

2016

2017

% Change

7

6

- 14.29 %

$474,000

- 25.80 %

143

+ 14.40 %

Average Sales Price $638,857 Days on Market

125

west windsor, plainsboro and cranbury Combined

Available: 2 Partridge Run, West Windsor $986,000

Units Sold

2016

2017

% Change

107

90

- 15.89 %

$452,936

- 5.55 %

76

- 9.52 %

Average Sales Price $479,552 84 Days on Market

Units Sold

2016

2017

% Change

65

89

+ 36.92 %

$269,711

+ 15.27 %

77

- 18.09 %

Average Sales Price $234,033 94 Days on Market

Lawrence township

Available: 27 Carson Road, Princeton (Lawrence Township) $529,000

robbinsville township

Available: 8 Haines Drive, Robbinsville $1,299,000

Units Sold

2016

2017

45

44

- 2.22 %

$352,940

+ 3.96 %

60

- 43.93 %

Average Sales Price $339,481 Days on Market

107

% Change

Lambertville

Available: 89 Clinton Street, Lambertville $695,000

Units Sold

2016

2017

% Change

5

14

+ 180.00 %

Average Sales Price $339,481 Days on Market

139

$352,940

+ 3.96 %

119

- 14.39 %

2016 Year In Review

Click here to view our 2016 Year In Review video.

ON THE COVER 318 Burd Street, Pennington, NJ 08534 $849,000

Each Office Is Independently Owned And Operated.

Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 4/12/2017. Information deemed reliable but not guaranteed.