Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
2nd Quarter 2016 Greater Princeton Area Residential Real Estate Market Analysis
Available: 18 Planters Row, Skillman (Montgomery Township) $1,100,000
As we enter the summer months, we can start to look back on the Spring market that was — and to some degree still is, given that decent sales activity traditionally continues to occur through July. Inside you will find data that reflects what was a very busy, hectic 90 days for the real estate market in our greater Princeton area. Generally speaking, unit sales were up, pricing was relatively flat, and properties were selling in a shorter amount of time. That said, it is difficult and potentially misleading to over-generalize, as has been the case ever since the dawn of our ‘new economy.’ In our area, residential real estate remains very specific and hyper-local, with sales data varying from municipality to price point, from neighborhood location to house style, etc. For example, the high end of the market started slowly this year, with only a couple of contracts above $2M in the first quarter. April 2016, however, turned out to be one of the most prolific months above $2M that our local market has ever seen, with 8 transactions going pending during that 30 days alone. There are limitations, too, as June saw a return to levels more consistent with those from earlier in the year. Some positive stories remain in Hopewell Township, where inventory is down and the number of transactions are up, while Lawrence Township also continues its recent rebound. We look forward to presenting this data to you and appreciate your interest in what we do. As always, please contact your favorite Callaway Henderson Sotheby’s International Realty agent for any assistance... We’re here to help! Enjoy the rest of your summer!
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RODE ADVERTISING
Princeton $1 Million & UNDER
Available: 38 Herrontown Lane, Princeton $875,000
Q2 2015 Q2 2016 % Change Units Sold
45
Average Sales Price $676,513 108 Days on Market
69
+53.33 %
$665,970
-1.56 %
62
-42.59 %
Q2 2015 Q2 2016 % Change Units Sold
24
27
Average Sales Price $1,343,719 $1,383,240 55 85 Days on Market
+12.50 % +2.94 % +54.55 %
Princeton $1 Million to $ 2 Million
Available: 60 Parkside Drive, Princeton $1,450,000
Princeton $2 million to $3 Million
Available: 105 Elm Road, Princeton $2,250,000
Q2 2015 Q2 2016 % Change Units Sold
2
6
Average Sales Price $2,325,000 $2,148,333 333 36 Days on Market
+200.00 % -7.60 % -89.19 %
Q2 2015 Q2 2016 % Change 3 Units Sold Average Sales Price $3,283,333
0
-100.00%
--
N/A
Days on Market
--
N/A
13
Princeton $3 million and over
Available: 80 Westcott Road, Princeton $4,000,000
Montgomery township
Available: 201 Van Zandt Road, Skillman $999,999
Q2 2015 Q2 2016 % Change Units Sold
64
Average Sales Price $663,057 54 Days on Market
61
-4.69 %
$629,132
-5.12 %
48
-11.11 %
Q2 2015 Q2 2016 % Change Units Sold
16
Average Sales Price $430,025 89 Days on Market
19
+18.75 %
$473,807
+10.18 %
65
-26.97 %
pennington borough
Available: 105 East Delaware Avenue, Pennington $675,000
hopewell borough
Available: 2 Front Street, Hopewell $499,000
Q2 2015 Q2 2016 % Change Units Sold
7
Average Sales Price $450,857 43 Days on Market
10
+42.86 %
$383,958
-14.84 %
91
+111.63 %
Q2 2015 Q2 2016 % Change Units Sold
96
Average Sales Price $496,416 107 Days on Market
91
-5.21 %
$507,765
+2.29 %
75
-29.91 %
hopewell township
Available: 2 Woodlawn Lane, Pennington $999,000
west windsor township
Available: 134 South Mill Road, Princeton Junction $925,000
Q2 2015 Q2 2016 % Change Units Sold
92
Average Sales Price $561,423 53 Days on Market
94
+2.17 %
$562,305
+0.16 %
39
-26.42 %
cranbury township
Available: 95 North Main Street, Cranbury $700,000
Q2 2015 Q2 2016 % Change Units Sold
9
Average Sales Price $598,111 76 Days on Market
14
+55.56 %
$658,271
+10.06 %
66
-13.16 %
west windsor, plainsboro and cranbury Combined
Available: 3 Oriole Court, Plainsboro $1,077,400
Q2 2015 Q2 2016 % Change Units Sold
166
Average Sales Price $501,565 54 Days on Market
178
+7.23 %
$529,758
+5.62 %
46
-14.81 %
Q2 2015 Q2 2016 % Change Units Sold
84
Average Sales Price $334,939 90 Days on Market
105
+25.00 %
$335,163
+0.07 %
76
-15.56 %
Lawrence township
Available: 2923 Main Street, Lawrenceville $499,500
robbinsville township
Available: 1305 Park Street, Robbinsville $530,000
Q2 2015 Q2 2016 % Change Units Sold
73
Average Sales Price $333,456 79 Days on Market
65
-10.96 %
$336,477
+0.91 %
51
-35.44 %
Lambertville
Available: 90 Wilson Street, Lambertville $379,000
Q2 2015 Q2 2016 % Change Units Sold
17
Average Sales Price $379,029 72 Days on Market
19
+11.76 %
$385,757
+1.78 %
89
+23.61 %
Want to see our SUMMER market inventory ?
bit.ly/CHSIRsummer
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. Lake Tablino by Charles Neal, Used with permission. Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 07/11/2016. Information deemed reliable but not guaranteed.