Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
3rd Quarter 2016 Greater Princeton Area Residential Real Estate Market Analysis
Available: 126 Moores Mill Mount Rose Road, Hopewell, NJ 08525 $5,875,000
As our nation heads to the polls in the next couple of weeks, there is likely one thing we can all agree on: it’s an odd election year. Some people may describe political uncertainty as a deterrent to real estate sales; but interestingly enough, both national data and recent local analysis prove it’s hard to show that election years have much of an impact on residential real estate. This year, however, disruption has become the buzzword — both in theory and in reality. Game-changers like Airbnb and Uber have left consumers hungry for this kind of overhaul on every level, including politically. Enter this dynamic into our local real estate market and the results are interesting, yet not surprising. The segments of the market that rely on more discretionary purchasing are seeing local buyers seeking value and being more careful with their approach. Other segments are as busy as ever on a seasonally adjusted basis, continuing a growing trend over the past few years that has our market performing in niches, with generalizations nearly impossible to define. We welcome you to review the enclosed statistics to get a feel for the local real estate market. As always, please contact your favorite Callaway Henderson Sotheby’s International Realty agent to answer any questions or help make sense of how this information impacts your individual real estate needs.
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Princeton $1 Million & UNDER
Available: 40 Mountain Avenue, Princeton, NJ 08540 $599,000
Q3 2015 Q3 2016 % Change Units Sold
64
Average Sales Price $667,496 49 Days on Market
52
-18.75 %
$691,731
+3.63 %
49
--
Q3 2015 Q3 2016 % Change Units Sold
36
35
Average Sales Price $1,440,459 $1,486,425 58 89 Days on Market
-2.78 % +3.19 % +53.45 %
Princeton $1 Million to $ 2 Million
Available: 141 Hunt Drive, Princeton, NJ 08540 $1,599,000
Princeton $2 million to $3 Million
Available: 6 Haslet Avenue, Princeton, NJ 08540 $2,249,000
Q3 2015 Q3 2016 % Change Units Sold
7
6
Average Sales Price $2,525,785 $2,438,167 90 47 Days on Market
-14.29 % -3.47 % -47.78 %
Q3 2015 Q3 2016 % Change 2 1 Units Sold Average Sales Price $3,787,500 $3,100,000
-18.15 %
Days on Market
+38.71 %
31
43
-50.00 %
Princeton $3 million and over
Available: 142 Hodge Road, Princeton, NJ 08540 $3,200,000
Montgomery township
Available: 19 Normandy Court, Skillman, NJ 08558 $950,000
Q3 2015 Q3 2016 % Change Units Sold
107
Average Sales Price $630,630 49 Days on Market
114
+6.54 %
$680,430
+7.90 %
60
+22.45 %
Q3 2015 Q3 2016 % Change Units Sold
16
Average Sales Price $482,559 93 Days on Market
16
--
$516,800
+7.10 %
52
-44.09 %
pennington borough
Available: 11 East Franklin Avenue, Pennington, NJ 08534 $746,000
hopewell borough
Available: 21 Louellen Street, Hopewell, NJ 08525 $650,000
Q3 2015 Q3 2016 % Change Units Sold
12
Average Sales Price $369,383 90 Days on Market
14
+16.67 %
$446,864
+20.98 %
49
-45.56 %
Q3 2015 Q3 2016 % Change Units Sold
83
Average Sales Price $538,876 69 Days on Market
87
+4.82 %
$558,192
+3.58 %
76
+10.14 %
hopewell township
Available: 152 Harbourton Woodsville Road, Lambertville, NJ 08530 $1,699,000
west windsor township
Available: 12 Monterey Drive, West Windsor, NJ 08550 $730,000
Q3 2015 Q3 2016 % Change Units Sold
127
Average Sales Price $637,929 36 Days on Market
142 $576,413 44
+11.81 % -9.64 % +22.22 %
cranbury township
Available: 27 North Main Street, Cranbury, NJ 08512 $565,000
Q3 2015 Q3 2016 % Change Units Sold
18
Average Sales Price $814,166 61 Days on Market
14
-22.22 %
$683,236
-16.08 %
45
-26.23 %
west windsor, plainsboro and cranbury Combined
Available: 6 Farmington Court, Princeton Junction, NJ 08550 $815,000
Q3 2015 Q3 2016 % Change Units Sold
220
Average Sales Price $599,732 42 Days on Market
244
+10.91 %
$534,750
-10.84 %
43
+2.38 %
Q3 2015 Q3 2016 % Change Units Sold
106
Average Sales Price $319,875 81 Days on Market
+11.32 %
118 $315,095
-1.49 %
71
-12.35 %
Lawrence township
Available: 27 Evans Lane, Lawrenceville, NJ 08648 $595,000
robbinsville township
Available: 1248 Park Street, Robbinsville, NJ 08691 $539,900
Q3 2015 Q3 2016 % Change Units Sold
75
Average Sales Price $392,901 72 Days on Market
93
+24.00 %
$424,036
+7.92 %
70
-2.78 %
Lambertville
Available: 119-121 North Union Street, Lambertville, NJ 08530 $1,795,000
Q3 2015 Q3 2016 % Change Units Sold
17
Average Sales Price $339,986 62 Days on Market
15
-11.76 %
$406,400
+19.53 %
107
+72.58 %
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CRANBURY 609.395.0444
LAMBERTVILLE 609.397.1974
MONTGOMERY 908.874.0000
PENNINGTON 609.737.7765
PRINCETON 609.921.1050
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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. HOUSES AT THE BANK OF THE RIVER ZAAN by CLAUDE MONET, Used with permission. Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 10/17/2016. Information deemed reliable but not guaranteed.