MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty
2019 Third Quarter Greater Princeton Area Residential Real Estate Market Analysis
11 Sea Island Court | Skillman, NJ 08558 (Montgomery Township) $999,000
Here we are, now well into Fall 2019 with not only a chance to look back on Q3 here in the greater Princeton area real estate marketplace, but also with 18+ months’ worth of data to see the real impact of the Tax Cuts & Jobs Act that went into effect January 2018. The loss of S.A.L.T. deductibility has, in fact, slowed real estate markets in high tax states, of which New Jersey is certainly one. This shouldn’t come as a surprise. Buyers have a budget for what they can spend on a home on a monthly basis; if carrying costs become too expensive, the sale price is the element most subject to change in order to balance things out. While this impact is more readily seen in municipalities where the average sale price is lower, and where homeowners are more budget-conscious, there has been the added benefit of extremely low interest rates to help offset this effect. The result is inconsistent data within these pages. You will see that Princeton, for example, is reporting more transactions and a higher average sale price than a year ago. But those statistics don’t take into account increased inventory and the important notion that the number of sales above $2 million have picked up because those prices have come down to meet the market, thereby ‘raising’ the average sale price. Perhaps a more telling data point is that properties in Princeton sold, on average, at 21% above their tax assessed value last year, and that number has fallen to 13% this year. Pricing recalibration is not necessarily a bad thing as it reestablishes the marketplace, and it has served to do so in Princeton this year. Buyers are willing to get into the market as long as they perceive value—that’s the bottom line. While the market is being redefined in Princeton, other markets still in transition have a lot to offer in terms of value as well. Hopewell is a good example of lower prices producing some incredible opportunities. The Montgomery and West Windsor markets remain resilient, benefiting statistically from a diverse range of housing inventory (including condos and townhomes)—as well as from coveted schools, of course. It’s a lot to take in, but we are here to help. Please contact your favorite Callaway Henderson Sotheby’s International Realty agent to answer any questions or provide guidance as to how this information impacts your individual situation. We pride ourselves in being the local market experts and look forward to helping in any way we can.
Now Available for Pre-Sale!
The Best in Active Adult Living and Quality New Construction, Close to World-Class Culture, Healthcare, and Transportation Introducing The Townhomes at Riverwalk, a brand new community of superbly crafted townhomes in Plainsboro Township, near Penn Medicine Princeton Health in Plainsboro with easy access to Princeton, Manhattan, and Philadelphia. Four different models are available, offering thoughtful open floor plans, high-end finishes, and resort-style amenities. Pricing starts at $639,900. Click on the floor plans below to view listing details for each model:
PRINCETON $1 MILLION & UNDER
Available: 133 Lambert Drive | Princeton, NJ 08540 $875,000
Units Sold
Q3 2018 Q3 2019 % Change 50
Average Sales Price $693,440 49 Days on Market
62
+24.00 %
$742,321
+7.05 %
53
+8.16 %
Units Sold
Q3 2018 Q3 2019 % Change 32
31
Average Sales Price $1,339,340 $1,388,531 77 61 Days on Market
-3.13 % +3.67 % -20.78 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 56 Edgerstoune Road | Princeton, NJ 08540 $1,850,000
PRINCETON $2 MILLION AND OVER
Available: 63 Greenhouse Drive | Princeton, NJ 08540 $2,600,000
Units Sold
Q3 2018 Q3 2019 % Change 3
8
Average Sales Price $2,566,667 $2,569,375 31 150 Days on Market
+166.67 % +0.11 % +383.87 %
MONTGOMERY TOWNSHIP
Available: 33 Sycamore Lane | Skillman, NJ 08558 (Montgomery Township) $600,000
Units Sold
Q3 2018 Q3 2019 % Change 84
Average Sales Price $740,523 57 Days on Market
86
+2.38 %
$677,961
-8.45 %
69
+21.05 %
Units Sold
Q3 2018 Q3 2019 % Change 12
Average Sales Price $499,408 156 Days on Market
13
+8.33 %
$540,865
+8.30 %
97
-37.82 %
PENNINGTON BOROUGH
Available: 30 West Delaware Avenue | Pennington, NJ 08534 $725,000
HOPEWELL BOROUGH
Available: 27 Hart Avenue | Hopewell, NJ 08525 $420,000
Q3 2018 Q3 2019 % Change 6 Units Sold Average Sales Price $581,167 46 Days on Market
9
+50.00 %
$380,044
-34.61 %
65
+41.30 %
Units Sold
Q3 2018 Q3 2019 % Change 97
Average Sales Price $520,732 69 Days on Market
77
-20.62 %
$524,498
+0.72 %
60
-13.04 %
HOPEWELL TOWNSHIP
Available: 10 Arvida Drive | Pennington, NJ 08534 (Hopewell Township) $850,000
WEST WINDSOR TOWNSHIP
Available: 1 Hanover Court | Princeton, NJ 08540 (West Windsor Township) $570,000
Units Sold
Q3 2018 Q3 2019 % Change 120
Average Sales Price $633,367 35 Days on Market
110
-8.33 %
$640,415
+1.11 %
50
+42.86 %
CRANBURY TOWNSHIP
Available: 3 Shady Brook Lane | Cranbury, NJ 08512 $1,200,000
Units Sold
Q3 2018 Q3 2019 % Change 15
Average Sales Price $588,900 54 Days on Market
9
-40.00 %
$809,778
+37.51 %
88
+62.96 %
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 5 Mahogany Court | Plainsboro, NJ 08536 $919,000
Units Sold
Q3 2018 Q3 2019 % Change 201
Average Sales Price $568,854 45 Days on Market
181
-9.95 %
$598,154
+5.15 %
54
+20.00 %
Units Sold
Q3 2018 Q3 2019 % Change 137
Average Sales Price $350,034 44 Days on Market
116
-15.33 %
$324,380
-7.33 %
52
+18.18 %
LAWRENCE TOWNSHIP
Available: 38A Carter Road | Princeton, NJ 08540 (Lawrence Township) $1,300,000
ROBBINSVILLE TOWNSHIP
Available: 11 Jonathan Drive | Robbinsville, NJ 08691 $900,000
Units Sold
Q3 2018 Q3 2019 % Change 82
Average Sales Price $435,823 Days on Market
48
71
-13.41 %
$449,407
+3.12 %
68
+47.83 %
LAMBERTVILLE
Available: 95 Clinton Street | Lambertville, NJ 08530 $839,000
Units Sold
Q3 2018 Q3 2019 % Change 14
Average Sales Price $450,866 Days on Market
110
15
+7.14 %
$517,810
+14.85 %
58
-47.27 %
Luxury Lives Here
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 6 Stout Road | Princeton, NJ 08540 (Hopewell Township) $1,295,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS 10/8/2019. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.