Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
2nd Quarter 2015 Greater Princeton Area Residential Real Estate Market Analysis
Available: 19 Vandeventer Avenue: Princeton $2,250,000 It’s hard to believe that the 3rd Quarter of 2015 is already underway. And to be candid, our current local real estate market is pretty unbelievable as well. Unlike in recent rebounding years where activity and trends have at least been fairly consistent across neighborhoods and price ranges, today things are all over the map. The enclosed report includes quarterly statistics, comparing Q2 2015 market performance to that of Q2 2014. Looking at year-over-year data tells yet another story. In Princeton, inventory is creeping up, and the number of contracts is dialing down, but the average sale price is almost back to the 2008 statistical high. Hopewell, which was slower to recover, has taken firm hold of its comeback this year with the number of contracts up a whopping 32% from last year. Lawrence, also slower to recover in recent years, is once again off in terms of units sold, but inventory is down almost the same percentage, while the average sale price is up almost 8%. Our job, as your local real estate expert, is to be on top of these trends and know what’s going on in your municipality, and more importantly in your neighborhood — and specifically on your street, as the market truly has become that segmented. While this report doesn’t tell the whole story (please be sure to contact your favorite Callaway Henderson Sotheby’s International Realty agent for that!), it does provide some fundamental data worthy of consideration. Have a great rest of your summer and let us know how we can help in any way.
We are pleased to offer these extraordinary luxury townhomes in the heart of downtown Princeton for sale at reduced prices:
26 Paul Robeson Place 32 Paul Robeson Place* 22 Paul Robeson Place 36 Paul Robeson Place
$1,575,000 $1,675,000 Newly Priced $1,825,000 $2,000,000 UNDER CONTRACT
* Open this Sunday, 1:00 to 4:00 p.m. or by appointment anytime: Linda Vitale Sales Associate 609.924.3884 lvitale@palmersquare.com
Princeton
$1 Million & Under
Available: 204 Mount Lucas Road, Princeton $645,000
Q2 2014 Q2 2015 % Change Units Sold
47
45
Average Sales Price $ 598,545 $ 676,513 91 108 Days on Market
- 4.26 % + 13.03 % + 18.68 %
Q2 2014 Q2 2015 % Change Units Sold
30
24
Average Sales Price $1,360,677 $1,343,719 53 55 Days on Market
- 20.00 % - 1.25 % + 3.77 %
Princeton $1 Million to $ 2 Million
Available: 188 Cherry Valley Road, Princeton $1,825,000
Princeton $2 million to $3 Million
Available: 45 Cleveland Lane, Princeton $2,595,000
Q2 2014 Q2 2015 % Change Units Sold
4
2
Average Sales Price $2,481,250 $2,325,000 8 333 Days on Market
- 50.00 % - 6.30 % + 4,062 %
Q2 2014 Q2 2015 % Change Units Sold Average Sales Price
0
3
∞
--
$3,283,333
--
Days on Market
--
13
--
Princeton $3 million and over
Available: 102 Lafayette Road, Princeton $3,975,000
Montgomery township
Available: 22 Sweetwater Drive, Belle Mead $1,175,000
Q2 2014 Q2 2015 % Change Units Sold
69
Average Sales Price $633,571 32 Days on Market
64
- 7.25 %
$663,057
+ 4.65 %
54
+ 68.75 %
Q2 2014 Q2 2015 % Change Units Sold
11
Average Sales Price $477,727 115 Days on Market
16
+ 45.45 %
$430,025
- 9.99 %
89
- 22.61 %
pennington borough
Available: 300 North Main Street, Pennington $625,000
hopewell borough
Available: 49 Lafayette Street, Hopewell $297,000
Q2 2014 Q2 2015 % Change Units Sold
6
Average Sales Price $341,583 108 Days on Market
7
+ 16.67 %
$450,857
+ 31.99 %
43
- 60.19 %
Q2 2014 Q2 2015 % Change Units Sold
58
Average Sales Price $561,767 91 Days on Market
96
+ 65.52 %
$496,416
- 11.63 %
107
+ 17.58 %
hopewell township
Available: 58 Woosamonsa Road, Pennington $1,290,000
west windsor township
Available: 1758 Old Trenton Road, West Windsor $1,575,000
Q2 2014 Q2 2015 % Change Units Sold
89
Average Sales Price $601,859 40 Days on Market
92
+ 3.37 %
$561,423
- 6.72 %
53
+ 32.50 %
Q2 2014 Q2 2015 % Change 7 Units Sold Average Sales Price $644,664
Days on Market
30
+ 28.57 %
9 $598,111 76
- 7.22 % + 153.33 %
cranbury township
Available: 46 North Main Street, Cranbury $925,000
west windsor, plainsboro and cranbury Combined
Available: 14 Knight Drive, Plainsboro $625,000
Q2 2014 Q2 2015 % Change Units Sold
149
Average Sales Price $536,420 41 Days on Market
166 $501,565 54
+ 11.41 % - 6.50 % + 31.71 %
Q2 2014 Q2 2015 % Change Units Sold
89
Average Sales Price $303,072 72 Days on Market
- 5.62 %
84 $334,939
+ 10.51 %
90
+ 25.00 %
Lawrence township
Available: 42 Carter Road, Princeton $1,895,000
robbinsville township
Available: 111 Yard Street, Robbinsville $520,000
Q2 2014 Q2 2015 % Change Units Sold
59
Average Sales Price $406,828 52 Days on Market
73
+ 23.73 %
$333,456
- 18.04 %
79
+ 51.92 %
Q2 2014 Q2 2015 % Change 16 Units Sold Average Sales Price $374,500
Days on Market
124
Available: 33 Lincoln Avenue, Lambertville $599,000
17
+ 6.25 %
$379,029
+ 1.21 %
72
- 41.94 %
Lambertville
As simply put as the lifestyle it affords, there’s nothing quite like Copperwood in Princeton. Rising up on Princeton’s Ridge, Copperwood is the vision of world-renowned architect and long-time Princeton resident, J. Robert Hillier. Convenient to downtown, the Princeton University campus, theaters, and the train, Copperwood sits on a remarkable 20-acre wooded site. Sleek, stylish, sustainable, and sun-drenched, these premier rental units offer modern floor plans, state-of-the-art finishes, and exclusive amenities including: on-site concierge, walking trails, a cafe lounge, fitness center and office facilities, available for use by the community and may be reserved for private functions. One- and two-bedroom units are available, leasing for $2,900 - $4,000 per month (includes one underground parking space). The pursuit of living well in Princeton is finally met at Copperwood... Come be a part of it!
CopperwoodPrinceton.com
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Callaway Henderson Sotheby’s International Realty
@calhensir
Callaway Henderson Sotheby’s International Realty
@calhensir
Callaway Henderson Sotheby’s International Realty
@calhensir
Callaway Henderson Sotheby’s International Realty
Each Office Is Independently Owned And Operated. Regatta at argenteuil, monet, Used with permission. Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 07/08/2015. Information deemed reliable but not guaranteed.