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 %
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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.