Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
2016 Year End Greater Princeton Area Residential Real Estate Market Analysis
Available: 618 River Road, Belle Mead (Montgomery Township) $640,000
Nationally, 2016 was an interesting year for residential real estate. One broad theme was the ‘normalization’ of what had been a fairly dramatic run-up in many coveted metropolitan marketplaces with international appeal. The message in the greater Princeton area was mixed. April and May turned out to be the two busiest months our market has ever experienced in terms of properties that went under contract over $2 million, while the rest of the year was inconsistent across municipalities and price points. Another national theme that has captured our attention locally is the rising interest rate environment, which has occurred since the November presidential election. As happens every January, the new year brings with it a reset button. This year, more so than most, will be interesting to watch and navigate. As always, we’re here to help. Please reach out to your favorite Callaway Henderson Sotheby’s International Realty agent for anything you might need to stay on top of this ever-changing environment.
2016 By The Numbers
LocaL Ownership • GLobaL Connections • remarkabLe Agents
UnrivaLed resULts We proudly boast
25,104
Number of email recipients we reach with each digital marketing campaign
17
of the top 30 agents in Princeton. No other company has more than 4.
Referrals placed and received
110,251 Number of times our #LoveWhereYouLive community videos have been viewed
Of the 22 sales in Mercer County over $2 million, number of sellers we represented:
16
No other company had more than 2.
74%
higher than our next closest competitor in Mercer County.*
We sold properties in:
We help our clients buy and sell homes here, there, and everywhere.
241
Our average sold listing price is
From New York to Florida, California to the Jersey Shore, France to the Virgin Islands
Volume of private, non-published sales:
>$10
million
Properties we sold above $1.3 million, AND Properties we sold below $270,000:
50
51
municipalities across
2
The A-LisT
7,305 social media followers from all over the world
Buyers came to us from:
4 continents 11 countries 20 states
states
We are proud to support and reinvest in our local community, with financial contributions to
55
charitable partners and non-profit organizations.
2016 Sales in Princeton (Actual Chart)
15,025
Interactions using the TouchGallery home search tool in our office windows
#1
market share in Princeton, Pennington, Hopewell Township, Lawrence, Montgomery, and Mercer County based on dollar volume (Trend MLS)
Each Office Is Independently Owned And Operated. 1/1/16- 12/31/16 Trend MLS and Trendgraphix data for Princeton and Mercer County as of January 2017. *Of companies which have sold more than 10 listings in Mercer County.
Princeton $1 Million & UNDER
Available: 45 Vandeventer Avenue, Unit #3, Princeton $535,000
Units Sold
2015
2016
% Change
200
196
-2.00%
$669,680
+1.57%
66
-2.94%
Average Sales Price $659,298 68 Days on Market
Units Sold
2015
2016
% Change
90
114
+26.67%
Average Sales Price $1,419,706 $1,402,573 76 99 Days on Market
-1.21% +30.26%
Princeton $1 Million to $ 2 Million
Available: 1147 Stuart Road, Princeton $1,795,000
Princeton $2 million to $3 Million
Available: 114 Elm Road, Princeton $2,750,000
Units Sold
2015
2016
% Change
12
18
+50.00%
Average Sales Price $2,520,958 $2,272,444 122 80 Days on Market
-9.86% -34.43%
Princeton $3 million and over
Available: 214 Cherry Hill Road, Princeton $3,950,000
Units Sold
2015
2016
% Change
7
2
-71.43%
-9.89% Average Sales Price $3,592,857 $3,237,500 41 +156.10% 105 Days on Market
Montgomery township
Available: 103 Van Zandt Road, Skillman (Montgomery Township) $1,135,000
Units Sold
2015
2016
% Change
258
273
+5.81%
$640,075
+4.60%
71
+18.33%
Average Sales Price $611,949 60 Days on Market
Units Sold
2015
2016
49
53
+8.16%
$527,644
+20.63%
94
+3.30%
Average Sales Price $437,425 91 Days on Market
% Change
pennington borough
Available: 236 South Main Street, Pennington $349,000
hopewell borough
Available: 46 Model Avenue, Hopewell $344,000
Units Sold
2015
2016
% Change
25
33
+32.00%
$412,900
+4.93%
62
--
Average Sales Price $393,496 62 Days on Market
Units Sold
2015
2016
% Change
266
284
+6.77%
$499,922
-3.79%
Average Sales Price $519,633 101 Days on Market
-10.89%
90
hopewell township
Available: 22 Arvida Drive, Pennington (Hopewell Township) $895,000
west windsor township
Available: 5 Hathaway Drive, West Windsor $608,000
Units Sold
2015
2016
% Change
345
364
+5.51%
$556,211
-3.10%
53
+1.92%
Average Sales Price $574,024 52 Days on Market
cranbury township
Available: 89 North Main Street, Cranbury $950,000
Units Sold
2015
2016
% Change
36
45
+25.00%
$641,724
-12.79%
84
+10.53%
Average Sales Price $735,805 76 Days on Market
west windsor, plainsboro and cranbury Combined
Available: 11 Stobbe Lane, West Windsor $525,000
Units Sold
2015
2016
% Change
602
651
+8.14%
$517,741
-1.47%
54
-3.57%
Average Sales Price $525,449 56 Days on Market
Units Sold
2015
2016
% Change
319
377
+18.18%
Average Sales Price $310,104 89 Days on Market
$307,382
-0.88%
79
-11.24%
Lawrence township
Available: 4497 Province Line Road, Princeton (Lawrence Township) $1,195,000
robbinsville township
Pending: 204 Union Street, Robbinsville $490,000
Units Sold
2015
2016
% Change
239
267
+11.72%
$378,987
+5.93%
79
+3.95%
Average Sales Price $357,777 76 Days on Market
Lambertville
Available: 119-121 North Union Street, Lambertville $1,795,000
Units Sold
2015
2016
% Change
54
54
--
$420,960
+19.07%
102
+34.21%
Average Sales Price $353,541 76 Days on Market
2016 Year In Review
Click here to view our 2016 Year In Review video.
ON THE COVER 1117 Canal Road, Princeton, NJ 08540 (Franklin Township) $719,000
Each Office Is Independently Owned And Operated. Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 1/12/2017. Information deemed reliable but not guaranteed.