MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty
2020 Second Quarter Greater Princeton Area Residential Real Estate Market Analysis
Available: 504 Waterview Place, New Hope, PA 18938 $2,989,000 In the midst of everything going on right now, we appreciate you taking the time to read our quarterly update and hope this finds you and your loved ones safe and sound. There are some ugly numbers to be found within these pages, but we are pleased to report that they simply no longer apply. This does not minimize the fact that April (typically one of the most important months of the year for sales contracts) was as bleak as we all would have thought, with pending contracts down 73% in April year-over-year in Princeton alone. But a remarkable rebound started in May and continues through the time of this printing. While not the case in terms of closed sales (the numbers reflected in this report), pending contracts in Princeton were better this June than last June. And Hopewell and Lawrence Townships have rebounded so strongly that year-to-date pending contracts are now ahead of last year! Montgomery is now following suit, as is West Windsor and the closer parts of Hunterdon and Bucks Counties as well. While urban flight is a significant part of the story (we have examples of buyers coming from NYC, Jersey City, and Philadelphia), it’s not all of it. We have plenty of local buyers feeling confident and stepping up as well. Interest rates are near historic lows, and for properties properly priced it’s as busy as any spring market—it just happens to be late July at this point! There are some signs of life in the higher end as well. While the $2M+ market has not come back as quickly, we are seeing increased showings in this price range as NYC residents remain in flux with virtual schooling and remote work environments. Low inventory remains a struggle, as uncertainty applies to both buyers and sellers. But it’s worth noting that since NYC announced its first plans for the 2020-21 school year, our internet leads from NYC have more than doubled what they were during the same time a year ago. So please know that the numbers contained in these pages offer more of an historical snapshot at this point. In the meantime, we are hard at work, remaining keenly aware of the fact that we are still in a pandemic—still prioritizing the health and safety of everyone we work with, while selling a lot of properties. Please contact your favorite Callaway Henderson Sotheby’s International Realty agent and let us know how we can help.
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PALMERSQUARERESIDENCES.COM TO OWN: 609.921.1050 ❖ TO RENT: 609.921.2333
PRINCETON $1 MILLION & UNDER
Available: 134 Jefferson Street, Princeton, NJ 08540 $749,000
Units Sold
2019
2020
52
30
- 42.31 %
$695,876
- 3.39 %
56
- 20.00 %
Average Sales Price $720,263 70 Days on Market
% Change
Units Sold
2019
2020
35
24
Average Sales Price $1,377,512 $1,352,445 125 140 Days on Market
% Change - 31.43 % - 1.82 % + 12.00 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 41 Van Dyke Road, Princeton, NJ 08540 $1,495,000
PRINCETON $2 MILLION AND OVER
Available: 94 Rosedale Road, Princeton, NJ 08540 $2,595,000
Units Sold
2019
2020
3
1
Average Sales Price $2,176,487 $2,700,000 196 17 Days on Market
% Change - 66.67 % + 24.05 % - 91.33 %
MONTGOMERY TOWNSHIP
Available: 183 Wilshire Drive, Belle Mead, NJ 08502 (Montgomery Township) $799,000
Units Sold
2019
2020
% Change
56
42
- 25.00 %
$602,160
- 4.59 %
65
- 19.75 %
Average Sales Price $631,139 81 Days on Market
Units Sold
2019
2020
17
7
- 58.82 %
$477,714
+ 3.62 %
84
+ 5.00 %
Average Sales Price $461,006 80 Days on Market
PENNINGTON BOROUGH
Available: 25 East Delaware Avenue, Pennington, NJ 08534 $669,000
% Change
HOPEWELL BOROUGH
Under Contract: 89 East Prospect Street, Hopewell, NJ 08525 $465,000
2019 10 Units Sold Average Sales Price $465,900 58 Days on Market
2020
% Change
8
- 20.00 %
$515,125
+ 10.57 %
51
- 12.07 %
Units Sold
2019
2020
67
66
- 1.49 %
$494,164
- 1.12 %
95
- 9.52 %
Average Sales Price $499,765 105 Days on Market
% Change
HOPEWELL TOWNSHIP
Available: 4 Benson Lane, Skillman, NJ 08558 (Hopewell Township) $1,650,000
WEST WINDSOR TOWNSHIP
Available: 41 Ellsworth Drive, West Windsor, NJ 08550 $925,000
Units Sold
2019
2020
108
60
- 44.44 %
$610,982
+ 3.53 %
66
+ 4.76 %
Average Sales Price $590,155 63 Days on Market
% Change
CRANBURY TOWNSHIP
Coming Soon: 21 Cranbury Neck Road, Cranbury, NJ 08512 $525,000
Units Sold
2019
2020
12
3
% Change - 75.00 %
Average Sales Price $650,192 $1,349,000 + 107.48 % + 50.00 % 50 75 Days on Market
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 22 Riverwalk, Plainsboro, NJ 08536 $718,900
Units Sold
% Change
2019
2020
187
97
- 48.13 %
$597,834
+ 10.99 %
67
+ 9.84 %
Average Sales Price $538,634 61 Days on Market
Units Sold
2019
2020
119
83
- 30.25 %
$362,700
+ 12.69 %
88
+ 27.54 %
Average Sales Price $321,856 69 Days on Market
% Change
LAWRENCE TOWNSHIP
Available: 671 Rosedale Road, Princeton, NJ 08540 (Lawrence Township) $799,000
ROBBINSVILLE TOWNSHIP
Available: 11 Jonathan Drive, Robbinsville, NJ 08691 $875,000
Units Sold
2019
2020
75
44
- 41.33 %
$358,285
- 15.56 %
50
+ 2.04 %
Average Sales Price $424,290 Days on Market
49
% Change
LAMBERTVILLE
Available: 241 Brunswick Avenue, Lambertville, NJ 08530 $329,000
Units Sold
2019
2020
11
12
+ 9.09 %
$390,400
- 15.82 %
143
+ 5.93 %
Average Sales Price $463,756 Days on Market
135
% Change
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ON THE COVER 1070 River Road | Ewing, NJ 08628 $565,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS, 7/15/2020. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.