Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
1st Quarter 2016 Greater Princeton Area Residential Real Estate Market Analysis
Available: 48 Elm Ridge Road, Hopewell Township $6,950,000
One thing most of us can agree on when it comes to real estate analysis is that warmer spring weather typically helps—a lot. The seasonality significance of the greater Princeton real estate market is triple pronged: we live in an area where spring is a beautiful season, so it’s a natural time for properties to come on the market when they look their best; we live against the backdrop of a college town, which places an emphasis on the academic calendar year; and we live in an area with coveted school systems, which have buyers and sellers alike coming and going based on those schedules as well. As you will see in the enclosed data, this year was off to an inconsistent start in several areas. Inventory has started to creep up in some places, as a less-harsh winter enabled some homes to hit the market sooner. The high end of most markets took a little longer to kick into gear, as discretionary buying was slow in the first quarter with a volatile stock market giving people pause. As that is in the rearview mirror for now, overall activity has returned, bidding wars are occurring on a seemingly daily basis, and we look forward to what will certainly be an interesting second quarter. Whether you’re buying, selling, or like many, just curious, please reach out to your favorite Callaway Henderson Sotheby’s International Realty sales associate to discuss how this data pertains to your particular situation. Let us know how we can help!
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townhome residences priced from $1,825,000
22 Paul Robeson Place, Princeton, NJ v
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v
PalmerSquareResidences.com
The complete offering terms are in a Public Offering Statement available from the Sponsor. Sponsor: Palmer Square Residences I, LLC. This advertisement is for information purposes only and is not an offering, solicitation of an offer, contract or reservation.
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Princeton $1 Million & UNDER
Available: 397 Herrontown Road, Princeton $825,000
Q1 2015 Q1 2016 % Change Units Sold
40
Average Sales Price $637,062 61 Days on Market
33
-17.50%
$658,287
+3.33%
92
+50.82%
Q1 2015 Q1 2016 % Change Units Sold
8
18
Average Sales Price $1,338,750 $1,378,027 103 82 Days on Market
+125.00% +2.93% -20.39%
Princeton $1 Million to $ 2 Million
Available: 7 Boudinot Street, Princeton $1,350,000
Princeton $2 million to $3 Million
Available: 37 Pheasant Hill Road, Princeton $2,895,000
Q1 2015 Q1 2016 % Change Units Sold
3
3
Average Sales Price $2,640,333 $2,300,000 57 242 Days on Market
--12.89% +324.56%
Q1 2015 Q1 2016 % Change 1 Units Sold Average Sales Price $4,325,000
0
-100.00%
--
N/A
Days on Market
--
N/A
160
Princeton $3 million and over
Available: 58 Rosedale Road, Princeton $4,285,000
Montgomery township
Available: 274 Sunset Road, Skillman $997,000
Q1 2015 Q1 2016 % Change Units Sold
43
Average Sales Price $518,430 91 Days on Market
39
-9.30%
$601,991
+16.12%
100
+9.89%
Q1 2015 Q1 2016 % Change Units Sold
7
Average Sales Price $443,714 89 Days on Market
7
--
$580,142
+30.75%
213
+139.33%
pennington borough
Available: 9 Queens Lane, Pennington $995,000
hopewell borough
Available: 21 Louellen Street, Hopewell $690,000
Q1 2015 Q1 2016 % Change Units Sold
4
Average Sales Price $373,950 38 Days on Market
4
--
$492,250
+31.64%
42
+10.53%
Q1 2015 Q1 2016 % Change Units Sold
38
Average Sales Price $531,906 164 Days on Market
57
+50.00%
$480,178
-9.73%
132
-19.51%
hopewell township
126 Moores Mill Mount Rose Road $6,250,000
west windsor township
Available: 6 Partridge Run, Princeton Junction $975,000
Q1 2015 Q1 2016 % Change Units Sold
53
Average Sales Price $492,711 80 Days on Market
64
+20.75%
$525,863
+6.73%
83
+3.75%
cranbury township
Available: 18 Ryan Road, Cranbury $519,000
Q1 2015 Q1 2016 % Change Units Sold
1
Average Sales Price $554,500 89 Days on Market
7
+600.00%
$638,857
+15.21%
125
+40.45%
west windsor, plainsboro and cranbury Combined
Available: 7 Huntington Drive, West Windsor $939,000
Q1 2015 Q1 2016 % Change Units Sold
83
Average Sales Price $441,886 84 Days on Market
107
+28.92%
$479,552
+8.52%
84
--
Q1 2015 Q1 2016 % Change Units Sold
54
Average Sales Price $308,433 92 Days on Market
65
+20.37%
$234,033
-24.12%
94
+2.17%
Lawrence township
Available: 6 Edgewood Avenue, Lawrenceville $785,000
robbinsville township
Available: 219 Union Street, Robbinsville $515,000
Q1 2015 Q1 2016 % Change Units Sold
38
Average Sales Price $351,735 100 Days on Market
45
+18.42%
$339,481
-3.48%
107
+7.00%
Lambertville
Available: 28 South Main Street, Lambertville $389,900
Q1 2015 Q1 2016 % Change Units Sold
17
Average Sales Price $403,875 127 Days on Market
5
-70.59%
$331,285
-17.97%
139
+9.45%
Want to see our Spring market inventory ? bit.ly/springmarketinventory
CRANBURY 609.395.0444
LAMBERTVILLE 609.397.1974
PRINCETON 609.921.1050
MONTGOMERY 908.874.0000
PENNINGTON 609.737.7765
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Callaway Henderson Sotheby’s International Realty
@calhensir
Callaway Henderson Sotheby’s International Realty
@callawayhendersonsir
Callaway Henderson Sotheby’s International Realty
@calhensir
Callaway Henderson Sotheby’s International Realty
Each Office Is Independently Owned And Operated. Landscape at Le Pouldu by Paul Gauguin, Used with permission. Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 04/15/2016. Information deemed reliable but not guaranteed.