MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty
2019 Year End Greater Princeton Area Residential Real Estate Market Analysis
211 Winant Road | Princeton, NJ 08540 $4,9500,000 With 2019 in the rear-view mirror, we are proud to bring you yet another year’s worth of statistics to analyze in the pages within. When Mark Twain said, “There are lies, damned lies and statistics,” he may just as well have been describing the data analysis for our 2019 Greater Princeton Area residential real estate market! To be sure, a digital thumb-turn of the enclosed report will reveal lots of data—much of it telling a seemingly positive tale. But for the first time in years, the data simply does not tell the entire story. Look at Princeton, for example, where inventory was up, but the number of transactions and the average sale price were also up. This would appear to reveal an entirely healthy market; however, in reality, transactions were up in large part because values actually came down. This can be partially confirmed beyond this data, by analyzing properties that have sold multiple times in recent years and noting that many traded in 2019 for less than their previous sale prices. Another reaffirming metric that is not reflected in this report is the relationship between sales prices and tax assessed values. As a company, this is a ratio we have tracked closely for the past 10 years. For the first time ever, this value declined in each of the following municipalities: Hopewell Township, Lawrence, Montgomery, Princeton, and West Windsor. The decline in Princeton was the most significant, and it was the first time since the municipal revaluation took effect in 2010 that this metric declined at all. One data point included within this report that accurately and unequivocally reflects this past year’s activity is Days On Market, which is higher pretty much across the board. That said, buyers returned to the market much later into the typical real estate cycle in 2019. Our company’s 4th Quarter sales results were the best we have ever had—in terms of both closed dollar volume and the number of pending contracts. This is largely attributable to converging factors: a reliance in our market upon local buyers that already live in the area and thus have the flexibility to buy at any time of the year, as well as reduced asking prices that created a strong enough value proposition later in the typical sales cycle to entice those local buyers to step up (along with a return to enviable sub-4% interest rates). The unusually busy months of November and December 2019 have served to generate plenty of optimism for a Spring 2020 market that will start earlier than usual and continue to be very active. There are deals to be had, and the great news is that there are buyers out there ready to engage. We thank you for taking the time to look inside our latest report, and please know that our agents are ready to assist you in 2020 in any way we can. Whether you’re buying, selling, just curious, or perhaps just considering the return on investment of a potential home improvement project, we are here to help!
LOCAL Ownership • GLOBAL Connections • REMARKABLE Agents
2019 Sales in Princeton
$ 41
$ 52
$ 65
(MLS-listed)
$ 111
$ 226 Million (CHSIR)
2019 UNRIVALED RESULTS Our average sold listing price is
25%
We represented both the buyer and the seller of the highest closed sale of the year in our market area
higher than our next closest competitor in Mercer County*
social media followers from all over the world
We represented sellers of homes sold for as low as
224
>42,000
in London, Bangkok, and Brazil; Nantucket, the Jersey Shore & more
Bricks & Mortar
referrals placed and received
print + digital distribution of our exclusive magazine,
190,280 17%
increase in website visitors of CallawayHenderson.com
Of the 17 closed sales in Mercer County over $2 million, number of sellers we represented:
13
No other company had more than 1.
$25,000 and as high as
$3.6million
Buyers came to us from:
4 continents 11 countries 26 states
Million-dollar marketing at every price point!
We proudly support and reinvest in our local community, financially contributing to more than
views of our high-definition listing videos in 2019 (up 46% year-over-year)
9,093
50
charitable partners and nonprofit organizations
#1
We proudly boast
13
of the top 24 agents in Princeton. No other company has more than 4.
54,768
interactions to date using the TouchGallery home search tool in our office windows
31
buyers and sellers we represented in Pennsylvania
MARKET SHARE in Princeton, Pennington, Hopewell Borough & Township, Lambertville, Lawrence Twp, Montgomery, Stockton and Mercer County**
*Of companies that sold more than 5 listings. **Mercer County and Lawrence Township: based on dollar volume. All others: based on both dollar volume and unit sales. Source: Bright MLS, GSMLS, and Trendgraphix data for 1/1/19—12/31/19, as of January 2020. Each Office Is Independently Owned And Operated.
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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
PRINCETON $1 MILLION & UNDER
Available: 263 Mercer Street | Princeton, NJ 08540 $895,000
Units Sold
2018
2019
164
179
+ 9.15 %
$715,914
- 0.05 %
Average Sales Price $716,237 51 Days on Market
80
% Change
+ 56.86 %
Units Sold
2018
2019
% Change
78
98
+ 25.64 %
Average Sales Price $1,317,755 $1,363,687 98 154 Days on Market
+ 3.49 % + 57.14 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 276 Christopher Drive | Princeton, NJ 08540 $1,450,000
PRINCETON $2 MILLION AND OVER
Available: 63 Greenhouse Drive | Princeton, NJ 08540 $2,388,000
Units Sold
2018
2019
% Change
11
15
+ 36.36 %
Average Sales Price $2,354,545 $2,472,667 308 196 Days on Market
+ 5.02 % - 36.36 %
MONTGOMERY TOWNSHIP
Available: 28 Green Meadow Road | Skillman, NJ 08558 (Montgomery Township) $985,000
Units Sold
% Change
2018
2019
282
276
- 2.13 %
$631,188
- 2.77 %
Average Sales Price $649,182 66 Days on Market
74
+ 12.12 %
Units Sold
2018
2019
39
58
+ 48.72 %
$481,827
+ 1.10 %
94
- 10.48 %
Average Sales Price $476,587 105 Days on Market
% Change
PENNINGTON BOROUGH
Available: 17 East Welling Avenue | Pennington, NJ 08534 $618,500
HOPEWELL BOROUGH
Sale Pending: 27 Hart Avenue | Hopewell, NJ 08525 $420,000
2018 20 Units Sold Average Sales Price $460,025 96 Days on Market
2019
% Change
29
+ 45.00 %
$397,703
- 13.55 %
89
- 7.29 %
Units Sold
2018
2019
266
272
+ 2.26 %
$504,734
+ 0.03 %
113
+ 8.65 %
Average Sales Price $504,568 104 Days on Market
% Change
HOPEWELL TOWNSHIP
Available: 8 Tyburn Lane | Hopewell, NJ 08525 $535,000
WEST WINDSOR TOWNSHIP
Available: 34 San Marco Street | Princeton Junction, NJ 08550 (West Windsor Township) $560,000
Units Sold
2018
2019
307
334
+ 8.79 %
$588,077
- 3.41 %
Average Sales Price $608,832 55 Days on Market
73
% Change
+ 32.73 %
CRANBURY TOWNSHIP
Sale Pending: 37 North Main Street | Cranbury, NJ 08512 $450,000
Units Sold
2018
2019
43
26
- 39.53 %
$715,742
+ 9.42 %
74
- 2.63 %
Average Sales Price $654,116 76 Days on Market
% Change
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 16 Greenfield Drive South | Princeton Junction, NJ 08550 $699,500
Units Sold
% Change
2018
2019
569
580
+ 1.93 %
$539,865
- 0.94 %
Average Sales Price $544,972 63 Days on Market
73
+ 15.87 %
Units Sold
2018
2019
419
400
- 4.53 %
$326,234
+ 2.81 %
82
+ 20.59 %
Average Sales Price $317,315 68 Days on Market
% Change
LAWRENCE TOWNSHIP
Available: 73 Hopatcong Drive | Lawrence Township, NJ 08648 $385,000
ROBBINSVILLE TOWNSHIP
Recently Sold: 104 George Street | Robbinsville, NJ 08691 $495,000
Units Sold
2018
2019
240
247
+ 2.92 %
$407,627
- 0.75 %
74
+ 1.37 %
Average Sales Price $410,696 Days on Market
73
% Change
LAMBERTVILLE
Available: 22 Brunswick Avenue | Lambertville, NJ 08530 $305,000
Units Sold
2018
2019
% Change
62
71
+ 14.52 %
Average Sales Price $418,214 Days on Market
76
$391,375
- 6.42 %
79
+ 3.95 %
Now Available for Pre-Sale!
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2019 was another extraordinary year for Callaway Henderson Sotheby’s International Realty! Based in Princeton, New Jersey with offices in Pennington, Montgomery, and Lambertville, we proudly serve Mercer, Middlesex, Somerset, Hunterdon, and Bucks Counties. With local real estate market expertise and a powerful global network, we have remarkable agents compiling unrivaled results. Click here to watch our 2019 Year In Review video.
ON THE COVER 188 Rolling Hill Road | Skillman, NJ 08558 (Montgomery Township) $999,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS & GSMLS, 1/15/2020. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.