Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
2017 Year End Greater Princeton Area Residential Real Estate Market Analysis
Available: 8 Applewood Drive | Hopewell, NJ 08525 (Hopewell Township) $849,000 2017 will be defined as a year of transition in the local residential real estate market. While the national trend of people wanting to be within walking distance of a town and a cup of coffee continued to play out here in the greater Princeton area (as evidenced by the increased units sold in Pennington, Hopewell Borough, and Lambertville), there are other markets that saw the emergence of new trends. Hopewell Township, with an average sale price at its lowest point in 4 years, saw its highest number of closed sales since 2005 as buyers recognized the value offered. We find it interesting to note that while the number of units sold in Hopewell Township was within 1% of the all-time high, the average sale price remains down nearly 20% from the all-time high that same year. Up next for our area is the impact of the Tax Cut & Jobs Act, with predicted negative implications for the higher end of the NJ real estate market by the likes of Moody’s Analytics. Although certain price points may be affected more than others, we believe the overall impact will not be as negative as some suggest. As has been the case now for several years, our market will be hyper-local and difficult to generalize in any blanket manner. In the meantime, we are learning a lot about the intricacies of the tax plan itself and trying to get a sense of what’s in store for all of us as local property owners. More to come on that topic... In the meantime, we thank you for reviewing our 2017 year end report and look forward to helping however we can during 2018 and beyond.
LOCAL Ownership • GLOBAL Connections • REMARKABLE Agents
2017 UNRIVALED RESULTS 2017 Sales in Princeton (Actual Chart)
We proudly boast
Our average sold listing price is
20
17%
of the top 30 agents in Princeton.
higher than our next closest competitor in Mercer County.*
No other company has more than 3.
Volume of sales in Pennsylvania (31):
215
Referrals placed and received from Ireland to Italy, NYC to Florida, Hawaii to the Jersey Shore
126,286 Number of times our #LoveWhereYouLive community videos have been viewed
26,667 Number of email recipients we reach with each digital marketing campaign
Listings we sold above $1,275,000 AND Listings we sold below $260,000:
50
Million-dollar marketing at every price point!
Of the 21 sales in Mercer County over $2 million, number of sellers we represented:
16
No other company had more than 2.
$16.6
million
Volume of private, nonpublished sales in NJ (12):
$17.2
of the sellers and
of the buyers
8,205
social media followers from all over the world
Buyers came to us from:
4 continents 9 countries 25 states
million
We are proud to support and reinvest in our local community, with financial contributions to
>50
charitable partners and non-profit organizations.
20,892
Interactions using the TouchGallery home search tool in our office windows
#1
Of the sales that closed at/above $3 million, we represented
100% 67%
THE A-LIST
73%
Annual sales growth achieved by our Lambertville office
market share in Princeton, Pennington, Hopewell Borough & Township, Cranbury, Lawrence, Montgomery, Rocky Hill and Mercer County**
*Of companies that sold more than 10 listings. **Mercer County and Lawrence Township: based on dollar volume. All others: based on both dollar volume and unit sales. Source: Trend MLS and Trendgraphix data for 1/1/17- 12/31/17, as of January 2018.
Princeton $1 Million & UNDER
Available: 65 Pine Street | Princeton, NJ 08542 $980,000
Units Sold
2016
2017
% Change
196
207
+5.61%
$707,827
+5.70%
55
-16.67%
Average Sales Price $669,680 66 Days on Market
Units Sold
2016
2017
114
97
Average Sales Price $1,402,573 $1,372,056 99 94 Days on Market
% Change -14.91% -2.18% -5.05%
Princeton $1 Million to $ 2 Million
Available: 188 Cherry Valley Road | Princeton, NJ 08540 $1,299,000
Princeton $2 million to $3 Million
Available: 16 Boudinot Street | Princeton, NJ 08540 $2,195,000
Units Sold
2016
2017
% Change
18
22
+22.22%
Average Sales Price $2,272,444 $2,334,508 80 72 Days on Market
+2.73% -10.00%
Princeton $3 million and over
Available: 94 Library Place | Princeton, NJ 08540 $3,150,000
Units Sold
2016
2017
% Change
2
3
+50.00%
Average Sales Price $3,237,500 $3,683,333 105 186 Days on Market
+13.77% +77.14%
Montgomery township
Available: 18 Silver Maple Court | Belle Mead, NJ 08502 (Montgomery Township) $1,435,000
Units Sold
% Change
2016
2017
273
241
-11.72%
$648,459
+1.31%
74
+4.23%
Average Sales Price $640,075 71 Days on Market
Units Sold
2016
2017
53
60
Average Sales Price $527,644 94 Days on Market
% Change +13.21%
$477,932
-9.42%
79
-15.96%
pennington borough
Available: 16 East Delaware Avenue | Pennington, NJ 08534 $469,000
hopewell borough
Available: 50 North Greenwood Avenue | Hopewell, NJ 08525 $499,900
2016 33 Units Sold Average Sales Price $412,900 62 Days on Market
2017
% Change
44
+33.33%
$388,155
-5.99%
66
+6.45%
Units Sold
2016
2017
284
311
+9.51%
$478,502
-4.28%
84
-6.67%
Average Sales Price $499,922 90 Days on Market
% Change
hopewell township
Available: 1174 Bear Tavern Road | Titusville, NJ 08560 (Hopewell Township) $535,000
west windsor township
Pending: 58 Reed Drive South | West Windsor, NJ 08550 $869,000
Units Sold
2016
2017
364
342
-6.04%
$569,165
+2.33%
54
+1.89%
Average Sales Price $556,211 53 Days on Market
% Change
cranbury township
Available: 81 Petty Road | Cranbury, NJ 08512 $1,695,000
Units Sold
2016
2017
45
46
+2.22%
$560,629
-12.64%
80
-4.76%
Average Sales Price $641,724 84 Days on Market
% Change
west windsor, plainsboro and cranbury Combined
Available: 292 Sayre Drive | Princeton, NJ 08540 (Plainsboro Township) $725,000
Units Sold
% Change
2016
2017
651
637
-2.15%
$497,906
-3.83%
56
+3.70%
Average Sales Price $517,741 54 Days on Market
Units Sold
2016
2017
377
410
+8.75%
$314,125
+2.19%
67
-15.19%
Average Sales Price $307,382 79 Days on Market
% Change
Lawrence township
Available: 13 Benedek Road | Princeton, NJ 08540 (Lawrence Township) $974,888
robbinsville township
Available: 8 Haines Drive | Robbinsville, NJ 08691 $1,299,000
Units Sold
2016
2017
267
289
+8.24%
$374,452
-1.20%
64
-18.99%
Average Sales Price $378,987 Days on Market
79
% Change
Lambertville
Available: 30 Swan Street | Lambertville, NJ 08530 $360,000
Units Sold
2016
2017
54
67
+24.07%
$426,301
+1.27%
74
-27.45%
Average Sales Price $420,960 Days on Market
102
% Change
2017 Year In Review
Click here to view our 2017 Year In Review video.
ON THE COVER 413 Route 518 | Skillman, NJ 08558 (Montgomery Township) $590,000
Each Office Is Independently Owned And Operated. Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 1/16/2018. Information deemed reliable but not guaranteed.