Greater Princeton Area Q1 2020 Real Estate Market Update

MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty

2020 First Quarter Greater Princeton Area Residential Real Estate Market Analysis

16 Morris Drive, Princeton, NJ 08540 (Hopewell Township) $885,000

Typically, this would be a fairly ordinary introduction regarding market conditions along with a quick comparison about how the past quarter performed versus the same quarter a year ago. However, in an instant, that kind of analysis has become seemingly inconsequential, if not also inappropriate.

We are surrounded by people whose lives are on the line, victims and heroes alike; to be candid, it’s easy to find ourselves wondering who really cares about real estate data during a pandemic.

However, we have been reminded over the past few weeks that real estate is, at its core, the basic need for shelter and essential for us all. Simply put, we have buyers who need to buy and sellers who need to sell. As such, we have been busy amending the process to help these clients during this extraordinary time. We continue to conduct business—more than any of us would have thought a month ago—mostly from a distance. We are able to sell real estate using a number of technologybased platforms and show homes in person when appropriate. For those who are interested in the hard numbers, the first quarter was uniquely busy from a contract standpoint. Add to that low interest rates, a stock market rebound, and the growing theory that many people will flee urban environments for more open space when things eventually “go back to normal,” and we are poised to expect that a delayed spring market will actually occur this year. While this is all positive news for the real estate industry, it still seems insignificant (at least for the time being) in light of our main goal, which is to remain steadfast in our commitment to the health and safety of our agents and clients.

As we have all been inside our houses for more than a month, one thing has become certain: The concept of “home” has never been more important, and has changed now, and perhaps, for generations to come. We look forward to helping you redefine your idea of “home”—whenever you are ready. In the meantime, we thank all of the healthcare professionals who are risking their lives for ours every day, and we ask that you stay safe and stay home.

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

PRINCETON $1 MILLION & UNDER

Available: 115 Mountain Avenue, Princeton, NJ 08540 $790,000

Units Sold

2019

2020

21

23

+ 9.52 %

$665,883

- 3.36 %

Average Sales Price $689,042 90 Days on Market

132

% Change

+ 46.67 %

Units Sold

2019

2020

12

13

Average Sales Price $1,305,000 $1,296,841 114 128 Days on Market

% Change + 8.33 % - 0.63 % + 12.28 %

PRINCETON $1 MILLION TO $ 2 MILLION

Available: 23 Markham Road, Princeton, NJ 08540 $1,395,000

PRINCETON $2 MILLION AND OVER

Available: 37 Stoney Brook Lane, Princeton, NJ 08540 $2,990,000

Units Sold

2019

2020

% Change

1

2

+ 100.00 %

Average Sales Price $2,075,000 $2,837,500 635 215 Days on Market

+ 36.75 % - 66.14 %

MONTGOMERY TOWNSHIP

Available: 9 North Shore Court, Skillman, NJ 08558 (Montgomery Township) $799,000

Units Sold

2019

2020

% Change

26

38

+ 46.15 %

Average Sales Price $601,175 118 Days on Market

$574,842

- 4.38 %

76

- 35.59 %

Units Sold

2019

2020

12

9

- 25.00 %

$505,666

+ 4.15 %

141

+ 58.43 %

Average Sales Price $485,515 89 Days on Market

PENNINGTON BOROUGH

Available: 111 King George Road, Pennington, NJ 08534 $549,000

% Change

HOPEWELL BOROUGH

Available: 4 Louellen Street, Hopewell, NJ 08525 $575,000

2019 5 Units Sold Average Sales Price $380,700 87 Days on Market

2020

% Change

10

+ 100.00 %

$450,076

+ 18.22 %

71

- 18.39 %

Units Sold

2019

2020

% Change

36

56

+ 55.56 %

$486,027

+ 15.77 %

119

+ 3.48 %

Average Sales Price $419,817 115 Days on Market

HOPEWELL TOWNSHIP

Available: 10 Arvida Drive, Pennington, NJ 08534 (Hopewell Township) $850,000

WEST WINDSOR TOWNSHIP

Available: 20 Cliffview Court, Princeton Junction, NJ 08550 (West Windsor Township) $1,190,000

Units Sold

2019

2020

% Change

42

53

+ 26.19 %

$578,595

+ 8.43 %

83

- 9.78 %

Average Sales Price $533,599 92 Days on Market

CRANBURY TOWNSHIP

Temporarily Off Market: 37 North Main Street, Cranbury, NJ 08512 $450,000

Units Sold

2019

2020

3

4

+ 33.33 %

$752,750

+ 29.12 %

55

- 12.70 %

Average Sales Price $583,000 63 Days on Market

% Change

WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED

Available: 2 Birchwood Court, Princeton, NJ 08540 (Plainsboro Township) $499,000

Units Sold

% Change

2019

2020

85

83

- 2.35 %

$509,983

+ 8.03 %

76

- 12.64 %

Average Sales Price $472,082 87 Days on Market

Units Sold

2019

2020

68

57

- 16.18 %

$342,222

+ 11.45 %

70

- 21.35 %

Average Sales Price $307,064 89 Days on Market

LAWRENCE TOWNSHIP

Available: 8 Woodlane Road, Lawrenceville, NJ 08648 $492,000

% Change

ROBBINSVILLE TOWNSHIP

Available: 11 Jonathan Drive, Robbinsville, NJ 08691 $875,000

Units Sold

2019

2020

37

40

+ 8.11 %

$371,620

+ 7.42 %

58

- 24.68 %

Average Sales Price $345,956 Days on Market

77

% Change

LAMBERTVILLE

Available: 616 Heath Court, Lambertville, NJ 08530 $575,000

Units Sold

2019

2020

12

12

Average Sales Price $419,792 Days on Market

118

% Change --

$412,917

- 1.64 %

89

- 24.58 %

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:

ON THE COVER 2445 River Road | New Hope, PA 18938 (Solebury Township) $3,795,000

EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS, 4/13/2020. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.