Greater Princeton Area Q2 2017 Market Update

Market Update Courtesy of Callaway Henderson Sotheby’s International Realty

2017 Second Quarter Greater Princeton Area Residential Real Estate Market Analysis

Available: 38 Pardoe Road, Princeton $1,595,000 Inventory. The key word for the first half of the year in the residential real estate market, both nationally and locally, has in fact been “inventory.” Generally speaking, local housing inventory is down, with 7% fewer homes listed in Mercer County during the first half of 2017 vs. 2016. Lack of inventory has created some urgency for buyers, as demand has exceeded supply in many price points across various municipalities — resulting in the market feeling more competitive and chaotic at times. But data varies from town to town, of course.

Lawrence Township, as one example, has seen a significant increase in activity, while Hopewell Township, which had experienced a nice rebound over the past couple of years, has seen a leveling off in recent months. We are also starting to see inventory re-balance, as some sellers, hearing that the market has been busy in their town or neighborhood, are listing their properties later than usual — thereby extending the traditional spring market.

For instance, May and June were the first two months in Princeton that experienced an increase in inventory listed vs. a year ago.

As the real estate market here remains hyper-local, good guidance and the right strategy are more important than ever. As always, please contact your favorite Callaway Henderson Sotheby’s International Realty agent for any assistance or personalized advice...We’re here to help. Enjoy the rest of your summer!

Princeton under $1 Million

Available: 145 Ewing Street, Princeton $849,000

Units Sold

2016

2017

69

52

- 24.64 %

$693,373

+ 4.11 %

23

- 62.90 %

Average Sales Price $665,970 62 Days on Market

% Change

Units Sold

2016

2017

% Change

27

30

+ 11.11 %

Average Sales Price $1,383,240 $1,350,133 85 81 Days on Market

- 2.39 % - 4.71 %

Princeton $1 Million to <$2 Million

Available: 188 Parkside Drive, Princeton $1,650,000

Princeton $2 million to <$3 Million

Available: 186 Library Place, Princeton $2,750,000

Units Sold

2016

2017

% Change

6

10

+ 66.67 %

Average Sales Price $2,148,333 $2,433,833 36 70 Days on Market

+ 10.65 % + 94.44 %

Princeton $3 million and over

Available: 88 Stony Brook Lane, Princeton $4,950,000

Units Sold Average Sales Price Days on Market

2016

2017

0

2

% Change ∞

N/A

$3,050,000

∞

N/A

19

∞

Montgomery township

Available: 71 Planters Row, Skillman (Montgomery Township) $1,425,000

Units Sold

2016

2017

61

56

- 8.20 %

$643,943

+ 2.35 %

65

+ 35.42 %

Average Sales Price $629,132 48 Days on Market

% Change

Units Sold

2016

2017

% Change

19

21

+ 10.53 %

$416,367

- 12.12 %

94

+ 44.62 %

Average Sales Price $473,807 65 Days on Market

pennington borough

Available: 3 Walking Purchase Drive, Pennington $649,500

hopewell borough

Available: 29 Columbia Avenue, Hopewell $420,000

Units Sold

2016

2017

% Change

10

21

+ 110.00 %

Average Sales Price $383,958 91 Days on Market

$366,829

- 4.46 %

63

- 30.77 %

Units Sold

2016

2017

91

79

- 13.19 %

$465,890

- 8.25 %

81

+ 8.00 %

Average Sales Price $507,765 75 Days on Market

% Change

hopewell township

Available: 9 Chase Hollow Road, Hopewell $990,000

west windsor township

Available: 2 Partridge Run, West Windsor $899,000

Units Sold

2016

2017

94

99

+ 5.32 %

$544,982

- 3.08 %

Average Sales Price $562,305 39 Days on Market

49

% Change

+ 25.64 %

cranbury township

Available: 10 Cranbury Neck Road, Cranbury $629,000

Units Sold

2016

2017

% Change

14

12

- 14.29 %

$509,675

- 22.57 %

58

- 12.12 %

Average Sales Price $658,271 Days on Market

66

west windsor, plainsboro and cranbury Combined

Available: 57 Kinglet Drive South, Plainsboro $799,000

Units Sold

2016

2017

% Change

178

185

+ 3.93 %

Average Sales Price $529,758 $481,656 46 52 Days on Market

- 9.08 % + 13.04 %

Units Sold

2016

2017

105

110

+ 4.76 %

$332,123

- 0.91 %

67

- 11.84 %

Average Sales Price $335,163 76 Days on Market

% Change

Lawrence township

Available: 2711 Main Street, Lawrenceville $550,000

robbinsville township

Available: 1251 Park Street, Robbinsville $519,900

Units Sold

2016

2017

% Change

65

74

+ 13.85 %

$359,984

+ 6.99 %

66

+ 29.41 %

Average Sales Price $336,477 Days on Market

51

Lambertville

Available: 32 Lincoln Avenue, Lambertville $549,900

Units Sold

2016

2017

19

20

+ 5.26 %

$407,863

+ 5.73 %

45

- 49.44 %

Average Sales Price $385,757 Days on Market

89

% Change

ON THE COVER 16 Boudinot Street | Princeton, NJ 08540 $2,195,000

Follow us Callaway Henderson Sotheby’s International Realty @calhensir @callawayhendersonsir Callaway Henderson Sotheby’s International Realty Callaway Henderson Sotheby’s International Realty @calhensir Callaway Henderson Sotheby’s International Realty

Each Office Is Independently Owned And Operated.

Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 7/11/2017. Information deemed reliable but not guaranteed.