MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty
2019 Second Quarter Greater Princeton Area Residential Real Estate Market Analysis
286 Carter Road | Princeton, New Jersey 08540 (Hopewell Township) $7,500,000
As is the case every July, it’s hard to believe that we are officially in the second half of the year. For whatever reason, the transition from Q2 to Q3 each year seems to be the most significant, and this year is no exception—creating an important opportunity to review the real estate market at what is essentially “halftime” for 2019. Looking through these pages, you will see some declining data that still has to do with a reliance upon local and therefore discretionary buyers. One important thing to keep in mind is that this data represents closed transactions, which is effectively 60-90 days old and thus quite backward looking. Important footnotes as the market continues to evolve this year are many: The rate of absorption in Princeton, for example, has finally caught up to its increased inventory—with both listings and contracts being nearly 10% higher than a year ago. There’s an interesting story in West Windsor, too, with a dramatic increase in contracts, albeit at a declining average sale price. In Montgomery, inventory levels and contract activity are starting to balance out as well in what has shaped up to be a very interesting 2019 there. As always, we thank you for taking the time to review this report and look forward to hearing from you... Whether you’re buying, selling, or just thinking about options, please don’t hesitate to reach out to your favorite Callaway Henderson Sotheby’s International Realty agent. We look forward to helping in any way that we can!
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PRINCETON $1 MILLION & UNDER
Available: 27 Jefferson Road | Princeton, NJ 08540 $849,000
Units Sold
Q2 2018 Q2 2019 % Change 60
Average Sales Price $698,733 36 Days on Market
52
-13.33 %
$720,263
+3.08 %
70
+94.44 %
Units Sold
Q2 2018 Q2 2019 % Change 30
35
Average Sales Price $1,299,812 $1,377,512 73 125 Days on Market
+16.67 % +5.98 % +71.23 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 994 Stuart Road | Princeton, NJ 08540 $1,690,000
PRINCETON $2 MILLION AND OVER
Available: 20 Elm Road | Princeton, NJ 08540 $2,500,000
Units Sold
Q2 2018 Q2 2019 % Change 2
3
Average Sales Price $2,075,000 $2,176,487 208 196 Days on Market
+50.00 % +4.89 % -5.77 %
MONTGOMERY TOWNSHIP
Available: 48 York Drive | Princeton, NJ 08540 (Montgomery Township) $645,000
Units Sold
Q2 2018 Q2 2019 % Change 89
Average Sales Price $664,765 58 Days on Market
56
-37.08 %
$631,139
-5.06 %
81
+39.66 %
Units Sold
Q2 2018 Q2 2019 % Change 11
Average Sales Price $466,645 88 Days on Market
17
+54.55 %
$461,006
-1.21 %
80
-9.09 %
PENNINGTON BOROUGH
Available: 195 West Welling Avenue | Pennington, NJ 08534 $500,000
HOPEWELL BOROUGH
Available: 41 East Broad Street | Hopewell, NJ 08525 $485,000
Q2 2018 Q2 2019 % Change 9 Units Sold Average Sales Price $470,500 57 Days on Market
10
+11.11 %
$465,900
-0.98 %
58
+1.75 %
Units Sold
Q2 2018 Q2 2019 % Change 72
Average Sales Price $497,156 82 Days on Market
67
-6.94 %
$499,765
+0.52 %
105
+28.05 %
HOPEWELL TOWNSHIP
Available: 54 West Shore Drive | Pennington, NJ 08534 (Hopewell Township) $750,000
WEST WINDSOR TOWNSHIP
Available: 3 Cranston Court | Princeton Junction, NJ 08550 (West Windsor Twp) $689,000
Units Sold
Q2 2018 Q2 2019 % Change 89
Average Sales Price $628,144 38 Days on Market
108 $590,155 63
+21.35 % -6.05 % +65.79 %
CRANBURY TOWNSHIP
Available: 7 Shady Brook Lane | Cranbury, NJ 08512 $1,089,999
Units Sold
Q2 2018 Q2 2019 % Change 14
Average Sales Price $627,206 60 Days on Market
12
-14.29 %
$650,192
+3.66 %
50
-16.67 %
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 5 Mahogany Court | Plainsboro, NJ 08536 $950,000
Units Sold
Q2 2018 Q2 2019 % Change 177
Average Sales Price $552,727 42 Days on Market
187
+5.65 %
$538,634
-2.55 %
61
+45.24 %
Units Sold
Q2 2018 Q2 2019 % Change 130
Average Sales Price $335,355 56 Days on Market
119
-8.46 %
$321,856
-4.03 %
69
+23.21 %
LAWRENCE TOWNSHIP
Available: 4471 Province Line Road | Princeton, NJ 08540 (Lawrence Township) $699,000
ROBBINSVILLE TOWNSHIP
Available: 11 Woods Edge Lane | Robbinsville, NJ 08691 $650,000
Units Sold
Q2 2018 Q2 2019 % Change 64
Average Sales Price $415,364 Days on Market
46
75
+17.19 %
$424,290
+2.15 %
49
+6.52 %
LAMBERTVILLE
Available: 95 Clinton Street | Lambertville, NJ 08530 $839,000
Units Sold
Q2 2018 Q2 2019 % Change 16
Average Sales Price $428,816 Days on Market
105
11
-31.25 %
$463,756
+8.15 %
135
+28.57 %
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One-of-a-kind townhomes and condominiums in the heart of downtown Princeton – distinctive residences featuring grand master bedrooms, contemporary kitchens, and spa-style baths. Own or rent to live in the center of it all.
PALMERSQUARERESIDENCES.COM TO OWN: 609.921.1050 ❖ TO RENT: 609.921.2333
ON THE COVER 37 Blue Heron Way | Skillman, NJ 08558 (Montgomery Township) $1,375,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS 7/12/2019. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.