Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
Your 2013 year end Greater Princeton area residential real estate market analysis.
Currently Available 56 Craddle Rock Road $2,995,000 Princeton
While nationally, the real estate recovery has been percolating over the past couple of years, 2013 will be the year that it officially came to the Princeton area marketplace. Unit sales and/or pricing have rebounded in most local municipalities at this point with some stories cementing the recovery altogether. In Princeton, we saw the fourth year in a row of increased unit sales and pricing has returned to it’s highest level since 2007, based on average sale price. The story was similar in some outer-lying areas as well. Hopewell Township had it’s highest unit sales level since 2007, Montgomery Township tied an all time high for unit sales, and West Windsor, Plainsboro and Cranbury combined, is at an all-time high for average sale price. The recovery however remains segmented. There are certain trends effecting some properties more than others and we pride ourselves on being on top of this information. Overall, we are excited to see the activity extend into 2014. The winter months, which had been consistently slower during the economic downturn, never got too sleepy this year: a good problem to have as far as we’re concerned! We look forward to helping you along the way and sincerely appreciate the continued opportunities to work with you, your family and friends.
Local Ownership True Global Connections Remarkable Agents Extraordinary Marketing We reinvest in our local community with financial contributions to
With expert local insight,
charitable partners supporting those in need,
People from all over the world actively follow our local social media sites.
3k
54
more than
We help our clients buy and sell homes here, there, and everywhere:
New York City; Lido Beach, Florida; Charleston, South Carolina; Montclair, New Jersey; Rye, New York; Bear, Delaware; and an island in the Bahamas are a few of our successful referrals this year. Actual island Of the 14 closed sales over $2 million in Princeton, we represented
13
We proudly boast of the top 20 agents in Princeton.
100% of the sellers.
No other company has more than 3.
Oh and 86% of the buyers too.
52%
Our average sold listing price is
higher than our next competitor in Mercer County.
#1 Our market share in Princeton Actual chart
Princeton under $1 Million
Currently Available 5 Greenview Avenue $895,000 Princeton
Units Sold
2012
2013
% Change
206
228
+10.67%
$637,648
+4.76%
78
-29.09%
Average Sales Price $608,653 110 Days on Market
Units Sold
2012
2013
% Change
55
79
+43.63%
Average Sales Price $1,354,696 $1,390,610 130 93 Days on Market
+2.65% -28.46%
Princeton $1 Million to $ 2 Million
Currently Available 23 Littlebrook Road $1,575,000 Princeton
Princeton $2 million to $3 Million
Pending 154 Library Place $2,050,000 Princeton
Units Sold
2012
2013
% Change
9
10
+11.11%
Average Sales Price $2,493,659 $2,425,000 115 166 Days on Market
-2.75% +44.34%
Princeton $3 million and over
Currently Available 4370 Province Line Road $3,975,000 Princeton
Units Sold
2012
2013
% Change
2
4
+100.00%
Average Sales Price $5,176,250 $4,331,250 121 253 Days on Market
-16.32 +109.09
Montgomery township
Currently Available 45 Gaitway Drive $1,175,000 Montgomery
Units Sold
2012
2013
% Change
231
299
+29.43%
$567,662
-3.72%
79
-3.65%
Average Sales Price $589,632 82 Days on Market
Units Sold
2012
2013
% Change
46
35
-23.91%
$471,841
+13.84%
90
-23.07%
Average Sales Price $414,453 117 Days on Market
pennington borough
Currently Available 25 Academy Court $215,000 Pennington
hopewell borough
Currently Available 12-14 North Greenwood Avenue $499,000 Hopewell Borough
Units Sold
2012
2013
% Change
26
29
+11.53%
$402,336
+8.60%
69
-27.36%
Average Sales Price $370,447 95 Days on Market
Units Sold
2012
2013
% Change
216
235
+8.79%
$456,230
+0.98%
87
-23.00%
Average Sales Price $451,784 113 Days on Market
hopewell township
Currently Available 9 Madaket Lane $865,000 Hopewell Township
west windsor township
Currently Available 582 Village Road West $429,900 West Windsor Township
Units Sold
2012
2013
% Change
312
367
+17.62%
$532,716
+3.90%
55
-17.91%
Average Sales Price $512,719 67 Days on Market
cranbury township
Pending 5 South Main Street $700,000 Cranbury
Units Sold
2012
2013
% Change
32
31
-3.12%
$717,530
+16.20%
82
+17.14%
Average Sales Price $617,450 70 Days on Market
west windsor, plainsboro and cranbury Combined
Currently Available 16 Prospect Avenue $369,000 Plainsboro
Units Sold
2012
2013
% Change
554
645
+16.42%
$495,898
+5.06%
61
-14.08%
Average Sales Price $472,010 71 Days on Market
Units Sold
2012
2013
% Change
236
330
+39.83%
$309,494
-5.95%
76
-37.70%
Average Sales Price $329,108 122 Days on Market
Lawrence township
Currently Available 4 Adams Lane $568,500 Lawrence Township
robbinsville township
Currently Available 56 South Main Street $439,900 Robbinsville
Units Sold
2012
2013
% Change
184
216
+17.39%
$370,843
+3.84%
70
-32.69%
Average Sales Price $357,098 104 Days on Market
Lambertville
Available 622 Heath Court $499,000 Lambertville
Units Sold
2012
2013
% Change
49
64
+30.61%
$355,035
-0.55%
117
+27.17%
Average Sales Price $357,025 92 Days on Market
Each Office Is Independently Owned And Operated. The Red Umbrella, Muzzioli. Used with permission. Subject to errors, omissions, prior sale or withdrawal without notice. statistic sources: TREND MLS 1.22.14 and Garden STate MLS 1.24.14 Information deemed reliable but not guaranteed.