Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
2015 Year End Greater Princeton Area Residential Real Estate Market Analysis
Available: 22 Paul Robeson Place, Princeton $1,825,000 Well, that was quick! 2015 is officially in the books, and left in its wake is a whole lot of interesting data around the impact of last year’s events on the Greater Princeton area real estate market. While Princeton enjoyed its highest annual average sale price ever, for the first time in 6 years there were fewer properties sold than the year before and we find ourselves back to 2007 in terms of units sold. This is just fine, as unit sales simply cannot increase every year and trading within a more “normal” range is imperative for sustainable, long-term growth. Conversely, Montgomery unit sales were up almost 10%, while the average sale price was down 2%. A big story was Hopewell Township, where units were up 16%. Another continuation of a theme is the demand for in-town living, with increased unit sales in Cranbury, Hopewell Borough, Lambertville, and Pennington. Also of note was the high end, with 7 deals trading over $3 million — the highest number since 2005. While all of this occurred, Callaway Henderson Sotheby’s International Realty enjoyed its best year ever in terms of sales volume. We owe our success to each and every one of our clients, whose trust we are extremely grateful for, and to our dedicated agents — 33 of whom are the top 50 agents in Princeton (with no other company having more than 4), and 4 of whom are the top 5 in Mercer County… Extraordinary agents, compiling extraordinary results. Mild weather and the potential threat of rising interest rates kept the market busy through December and now into January as well. Please contact your favorite Callaway Henderson Sotheby’s International Realty agent, who can keep you up to speed as things progress through the new year and beyond.
2015 By The Numbers LocaL Ownership • GLobaL Connections • remarkabLe Agents
UnrivaLed resULts We proudly boast
133% annual growth achieved by our Lambertville office
33
of the top 50 agents in Princeton. No other company has more than 4.
Our average sold listing price is
60%
higher than our next closest competitor in Mercer County.*
Referrals placed and received
57,867 Number of times our #LoveWhereYouLive community videos have been viewed
Of the 7 sales in Mercer County over $3 million, number of sellers we reprented:
7
6,215 social media followers from all over the world
Buyers came to us from:
We help our clients buy and sell homes here, there, and everywhere.
197
The A-LisT
From New York to Florida, California to the Jersey Shore, France to the Cayman Islands
Volume of private, non-published sales:
$30
million
Properties we sold above $1.5 million, AND Properties we sold below $200,000:
We sold properties in:
2 states 9 counties 42 municipalities
3 continents 6 countries 22 states
We are proud to support and reinvest in our local community, with financial contributions to
76
charitable partners and non-profit organizations.
2015 Sales in Princeton
50
2,505
Interactions using the TouchGallery home search tool in our Princeton office window Next up: Lambertville
#1
market share in Princeton More than every other competitor combined!
CallawayHenderson.com Each Office Is Independently Owned And Operated. 1/1/15- 12/31/15 Trend MLS and Trendgraphix data for Princeton and Mercer County as of January 2016. *Of companies which have sold more than 15 listings in Mercer County.
Princeton $1 Million & UNDER
Available: 771 Kingston Road, Princeton $850,000
Units Sold
2015
2014
% Change
200
209
-4.31%
$632,136
+4.30%
71
-4.23%
Average Sales Price $659,298 68 Days on Market
Units Sold
2015
2014
% Change
90
86
+4.65%
Average Sales Price $1,419,706 $1,419,233 76 70 Days on Market
+0.03% +8.57%
Princeton $1 Million to $ 2 Million
Available: 1041 Princeton Kingston Road, Princeton $1,895,000
Princeton $2 million to $3 Million
Available: 90 Montadale Drive, $2,675,000
Units Sold
2015
2014
% Change
12
12
--
Average Sales Price $2,520,958 $2,331,166 122 171 Days on Market
+8.14% -28.65%
Princeton $3 million and over
Available: 5279 Province Line Road, Princeton $7,900,000
Units Sold
2015
2014
% Change
7
4
+75.00%
Average Sales Price $3,592,857 $3,304,040 41 309 Days on Market
+8.74% -86.73%
Montgomery township
Available: 182 North Street, Belle Mead $825,000
Units Sold
2015
2014
% Change
258
235
+9.79%
$626,201
-2.28%
61
-1.64%
Average Sales Price $611,949 60 Days on Market
Units Sold
2015
2014
% Change
49
44
+11.36%
$521,418
-16.11%
102
-10.78%
Average Sales Price $437,425 91 Days on Market
pennington borough
Available: 43 Eglantine Avenue, Pennington $649,000
hopewell borough
Available: 55 Hart Avenue, Hopewell $375,000
Units Sold
2015
2014
% Change
25
20
+25.00%
$349,302
+12.65%
100
-38.00%
Average Sales Price $393,496 62 Days on Market
Units Sold
2015
2014
% Change
266
230
+15.65%
$505,548
+2.79%
96
+5.21%
Average Sales Price $519,633 101 Days on Market
hopewell township
Available: 206 Hopewell Amwell Road, Hopewell $885,000
west windsor township
Available: 134 South Mill Road, Princeton Junction $1,100,000
Units Sold
2015
2014
% Change
345
330
+4.55%
$588,731
-2.50%
51
+1.96%
Average Sales Price $574,024 52 Days on Market
cranbury township
Available: 15 Prospect Street, Cranbury $600,000
Units Sold
2015
2014
% Change
36
30
+20.00%
$623,653
+17.98%
56
+35.71%
Average Sales Price $735,805 76 Days on Market
west windsor, plainsboro and cranbury Combined
Available: 1 Pasture Lane, Plainsboro $575,000
Units Sold
2015
2014
% Change
602
554
+8.66%
$533,558
-1.52%
51
+9.80%
Average Sales Price $525,449 56 Days on Market
Units Sold
2015
2014
% Change
319
332
-3.92%
$305,111
+1.64%
73
+21.92%
Average Sales Price $310,104 89 Days on Market
Lawrence township
Available: 14 Belleview Terrace, Princeton $1,100,000
robbinsville township
Available: 2 McCabe Street, Robbinsville $430,000
Units Sold
2015
2014
% Change
239
212
+12.74%
$376,065
-4.86%
70
+8.57%
Average Sales Price $357,777 76 Days on Market
Lambertville
Available: 51 Lambert Lane, Lambertville $399,000
Units Sold
2015
2014
% Change
54
43
+25.58%
$360,234
-1.86%
108
-29.63%
Average Sales Price $353,541 76 Days on Market
2015 Year In Review
Click here to view our 2015 Year In Review video.
Each Office Is Independently Owned And Operated. suns and houses by joel barri, Used with permission. Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 1/8/2016. Information deemed reliable but not guaranteed.