Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
Your 2014 year end Greater Princeton area residential real estate market analysis.
Currently Available 117 Mercer Street $2,400,000 Princeton Another year in the books and the dust is just starting to settle as we look back over 2014 and try to best describe what happened in the Greater Princeton area’s residential real estate market. The word we keep coming back to is amazing! Shrugging off a dismal weather pattern for the first part of the year, when contracts were down considerably in most places vs. 2013, buyers proved resilient in the end, surpassing the previous year. Mercer County overall, and in more than half the local municipalities we track. Average pricing was also up, as pricing typically responds to the unit data. (We need only think back to 2009, when the market was on the way down; as of late, it’s on the way back up.) A trend that began emerging in recent years took firm hold in 2014, and that is an emphasis on how truly segmented the market has become. Certain niches are soaring, while others may now represent the best “value” to those buyers who remain opportunists. While on a more macro level, New Jersey is under some criticism for its higher cost of living, two things remain abundantly clear: People love living in our area, and the quality of life is extraordinary! We are privy to the things you’d find in major metropolitan cities – culture and the arts, a plethora of Fortune 500 companies, cutting-edge medical technology and worldclass schools – with the added benefit of being in what is unquestionably the nicest part of New Jersey. Our towns are high on history, charm, character and leafy neighborhoods. We remain the dominant market leader in Mercer overall, and in several local municipalities. Whether you are buying, selling or curious, simply, to know more, please contact your favorite Callaway Henderson Sotheby’s International Realty agent today, and put our resources to work for you. Here’s to a great 2015!
2014 By The Numbers
Princeton $1 Million & UNDER
Currently Available 9 Greenview Avenue $950,000 Princeton
Units Sold
2013
2014
% Change
216
209
-3.24%
$632,136
-1.88%
71
+7.58%
Average Sales Price $644,260 66 Days on Market
Units Sold
2013
2014
% Change
79
86
+8.86%
Average Sales Price $1,390,610 $1,419,233 93 70 Days on Market
+2.06% -24.73%
Princeton $1 Million to $ 2 Million
Currently Available 3 Windermere $1,299,000 Princeton
Princeton $2 million to $3 Million
Currently Available 114 Elm Road $2,950,000 Princeton
Units Sold
2013
2014
% Change
10
12
+20.00%
Average Sales Price $2,245,000 $2,331,166 166 171 Days on Market
-3.87% +3.01%
Princeton $3 million and over
Currently Available 1 Battle Road $3,650,000 Princeton
Units Sold
2013
2014
% Change
4
4
0.00%
Average Sales Price $4,331,250 $3,304,040 253 309 Days on Market
-23.72% +22.13%
Montgomery township
Currently Available 388 Mountain View Road $900,000 Montgomery
Units Sold
2013
2014
% Change
295
235
-20.34%
$626,201
+10.21%
61
-18.67%
Average Sales Price $568,165 75 Days on Market
Units Sold
2013
2014
% Change
35
44
+25.71%
$521,418
+10.51%
102
+13.33%
Average Sales Price $471,841 90 Days on Market
pennington borough
Currently Available 147 East Delaware Avenue $820,000 Pennington
hopewell borough
Pending 62 Columbia Avenue $379,000 Hopewell Borough
Units Sold
2013
2014
% Change
27
20
-25.93%
$349,302
-15.62%
100
+61.29%
Average Sales Price $413,944 62 Days on Market
Units Sold
2013
2014
% Change
228
230
+0.88%
$505,548
+10.27%
96
+18.52%
Average Sales Price $458,468 81 Days on Market
hopewell township
Currently Available 987 Cherry Valley Road $1,295,000 Hopewell Township
west windsor township
Currently Available 5 Howard Drive $1,248,000 West Windsor Township
Units Sold
2013
2014
% Change
362
330
-8.84%
$588,731
+10.94%
51
+2.00%
Average Sales Price $530,671 50 Days on Market
cranbury township
Currently Available 3 Nicola Court $2,800,000 Cranbury
Units Sold
2013
2014
% Change
29
30
+3.45%
$623,653
-18.67%
56
-15.15%
Average Sales Price $766,860 66 Days on Market
west windsor, plainsboro and cranbury Combined
Currently Available 18 Kinglet Drive North $895,000 Plainsboro
Units Sold
2013
2014
% Change
638
554
-13.17%
$533,558
+7.57%
51
-10.53%
Average Sales Price $495,997 57 Days on Market
Units Sold
2013
2014
% Change
324
332
+2.47%
$305,111
-1.97%
73
+1.39%
Average Sales Price $311,234 72 Days on Market
Lawrence township
Currently Available 9 Hedge Row Court $625,000 Lawrence Township
robbinsville township
Currently Available 208 Andover Place $205,000 Robbinsville
Units Sold
2013
2014
% Change
210
212
+0.95%
$376,065
+4.12%
70
+1.45%
Average Sales Price $361,196 69 Days on Market
Lambertville
Available 61 Church Street $399,000 Lambertville
Units Sold
2013
2014
% Change
55
43
-21.82%
$360,234
+1.04%
108
-16.92%
Average Sales Price $356,512 130 Days on Market
Each Office Is Independently Owned And Operated. La CraU WITH Peach Trees IN BLOOM, Van GOGH. Used with permission. Subject to errors, omissions, prior sale or withdrawal without notice. statistic sources: TREND MLS 1.5.15 Information deemed reliable but not guaranteed.