MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty
2021 First Quarter Greater Princeton Area Residential Real Estate Market Analysis
Available: 272 Carter Road, Princeton, NJ 08540 (Lawrence Township) $5,200,000
Q1 2020 was humming along from a real estate sales standpoint before the onset of the pandemic last March. While it has been a blurry 12+ months since, it’s important to acknowledge that the first quarter of 2020 was a time of brisk sales, with closings and dollar volume faring well versus the same period the previous year. However, the pandemic has turned almost everything upside down; if Q1 2020 was a strong quarter in “normal” times, it’s nearly impossible to compare it with what’s going on now. In the first three months of 2021, closed unit sales and dollar volume in most of our markets increased dramatically over that notably robust first quarter of 2020. Looking forward, the data for Q2 is going to be irrationally skewed as the near shutdown a year ago is up against the busiest market that any of us can remember. The intense sales activity we’ve experienced since last summer has continued even as inventory has tightened, which has made multiple bid situations the norm for well-priced, turnkey inventory. What’s more, for the first time since before the downturn of 2008, the market is responding across all price points and municipalities. As one example, there have already been 22 known $2,000,000+ residential contracts in Mercer County in 2021 (through 4/15/21), as compared to 18 for all of 2020. Generally speaking, inventory remains down, activity remains up, and pricing, typically a lagging indicator, has begun to follow these parameters and edge upward as well. We are optimistic that with interest rates remaining near historic lows (they have come up a bit since their January nadir), buyers and sellers in the Garden State will continue moving forward with making life changes as we emerge from the confines of this pandemic. We thank our clients, agents, and vendors, who have all had such a profound effect on our firm and in our communities. We have evolved our business practices to safely and successfully serve you as we sprint into the second quarter. Whether you’re buying, selling, or just curious, we are here to help.
This Is Where Luxury Lives One-of-a-kind townhomes and condominiums in the heart of downtown Princeton. Own or rent to live in the center of it all.
TO OWN: 609.921.1050 ❖ TO RENT: 609.921.2333 | PALMERSQUARERESIDENCES.COM
PRINCETON $1 MILLION & UNDER
Available: 140 Quaker Road, Princeton, NJ 08540 $875,000
Units Sold
2020
2021
% Change
23
36
+ 56.52 %
$668,179
+ 0.34 %
55
- 58.33 %
Average Sales Price $665,883 132 Days on Market
Units Sold
2020
2021
% Change
13
19
+ 46.15 %
Average Sales Price $1,296,841 $1,392,439 128 84 Days on Market
+ 7.37 % - 34.38 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 91 Moore Street, Princeton, NJ 08540 $1,325,000
PRINCETON $2 MILLION AND OVER
Available: 33 Bogart Court, Princeton, NJ 08540 $2,000,000
Units Sold
2020
2021
% Change
2
7
+ 250.00 %
Average Sales Price $2,837,500 $2,224,143 215 121 Days on Market
- 21.62 % - 43.72 %
MONTGOMERY TOWNSHIP
Available: 15 Maidstone Court, Skillman, NJ 08558 $875,000
Units Sold
% Change
2020
2021
38
57
+ 50.00 %
$692,247
+ 20.42 %
86
+ 13.16 %
Average Sales Price $574,842 76 Days on Market
Units Sold Average Sales Price Days on Market
2020
2021
% Change
9
22
+ 144.44 %
505,666
$505,142
- 0.10 %
141
34
- 75.89 %
PENNINGTON BOROUGH
Available: 324 Hale Street, Pennington, NJ 08534 $825,000
HOPEWELL BOROUGH
Available: 15 Railroad Place, Hopewell, NJ 08525 $475,000
2020 10 Units Sold Average Sales Price $450,076 71 Days on Market
2021
% Change
7
- 30.00 %
$610,571
+ 35.66 %
97
+ 36.62 %
Units Sold
2020
2021
% Change
56
70
+ 25.00 %
$501,765
+ 3.24 %
48
- 59.66 %
Average Sales Price $486,027 119 Days on Market
HOPEWELL TOWNSHIP
Available: 172 Pleasant Valley Road, Titusville, NJ 08560 $1,750,000
WEST WINDSOR TOWNSHIP
Available: 97 Penn Lyle Road, Princeton Junction, NJ 08550 $1,695,000
Units Sold
2020
2021
% Change
53
72
+ 35.85 %
Average Sales Price $578,595 83 Days on Market
$553,794
- 4.29 %
40
- 51.81 %
CRANBURY TOWNSHIP
Available: 6 Scottsdale Court, Cranbury, NJ 08512 $749,000
Units Sold
2020
2021
% Change
4
9
+ 125.00 %
Average Sales Price $752,750 55 Days on Market
$622,778 140
- 17.27 % + 154.55 %
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 407 Village Road East, Princeton Junction, NJ 08550 $655,000
Units Sold
2020
2021
% Change
83
114
+ 37.35 %
$539,012
+ 5.69 %
50
- 34.21 %
Average Sales Price $509,983 76 Days on Market
Units Sold
2020
2021
% Change
57
79
+ 38.60 %
$352,833
+ 3.10 %
45
- 35.71 %
Average Sales Price $342,222 70 Days on Market
LAWRENCE TOWNSHIP
Under Contract: 61 Green Avenue, Lawrenceville, NJ 08648 $750,000
ROBBINSVILLE TOWNSHIP
Under Contract: 1321 Park Street, Robbinsville, NJ 08691 $725,000
Units Sold
2020
2021
% Change
40
50
+ 25.00 %
$469,399
+ 26.31 %
48
- 17.24 %
Average Sales Price $371,620 Days on Market
58
LAMBERTVILLE
Available: 10 Clinton Street, Lambertville, NJ 08530 $610,000
Units Sold
2020
2021
12
12
Average Sales Price $412,917 Days on Market
89
% Change --
$443,875
+ 7.50 %
71
- 20.22 %
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Callaway Henderson Sotheby’s International Realty
@calhensir
@callawayhendersonsir
Callaway Henderson Sotheby’s International Realty
Callaway Henderson Sotheby’s International Realty
@calhensir
ON THE COVER 5280 Province Line Road | Princeton, NJ 08540 (Hopewell Township) $2,195,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS, 4/13/2021. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.