Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
2018 First Quarter Greater Princeton Area Residential Real Estate Market Analysis
Available: 62 Opossum Road | Skillman NJ 08558 (Montgomery Township) $3,300,000
We don’t think the second quarter has ever been more welcomed by those of us involved with the local real estate market. The first quarter saw terrible weather, low listing inventory, and as such a drop in the number of contracts relative to last year in most municipalities—which in some cases appear fairly dramatic based on the small sample sizes and the fact that averages are more easily skewed with fewer data points. Much of what you see here is the result of uncertainty around the new Tax Cuts and Jobs Act of 2017, causing some local discretionary buyers to remain comfortably seated on the sidelines for now. That said, market activity has already started to ramp up in the past couple of weeks. Nor’Easters are in the rear-view mirror (at least so we hope!), new listing inventory is starting to hit the market in full force, and the end of the academic year is already on the horizon with June less than 8 weeks away. One somewhat surprising bright spot has been the $2M+ market in Princeton, which saw one of its busiest first quarters ever in terms of the number of transactions pended—with a specific trend of favorability toward newer homes near town driving much of the demand. We are excited to see what the next couple of months will bring, so stay tuned... Whether you’re buying, selling, or like many, just curious, please reach out to your favorite Callaway Henderson Sotheby’s International Realty sales associate to discuss how this data pertains to your particular situation. Let us know how we can help!
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Princeton $1 Million & UNDER
Available: 24 Deer Path | Princeton, NJ 08540 $799,000
Units Sold
2017
2018
% Change
50
25
- 50.00 %
$701,660
+ 0.01 %
66
+ 17.86 %
Average Sales Price $701,578 56 Days on Market
Units Sold
2017
2018
16
13
Average Sales Price $1,427,738 $1,310,231 141 96 Days on Market
% Change - 18.75 % - 8.23 % - 31.91 %
Princeton $1 Million to $ 2 Million
Available: 122 Crestview Drive | Princeton, NJ 08540 $1,269,890
Princeton $2 million to $3 Million
Available: 52 Arreton Road | Princeton, NJ 08540 $2,975,000
2017
2018
% Change
1 + 100.00 % 2 Units Sold Average Sales Price $2,185,000 $2,437,500 + 11.56 % 94 + 424.47 % 493 Days on Market
Princeton $3 million and over
Available: 148 Hodge Road | Princeton, NJ 08540 $3,650,000
Units Sold Average Sales Price Days on Market
2017
2018
% Change
0
0
--
N/A
N/A
N/A
N/A
N/A
N/A
Montgomery township
Available: 2 Aronimink Court | Skillman, NJ 08558 $795,000
Units Sold
2017
2018
% Change
52
43
- 17.31 %
$644,645
+ 4.19 %
92
- 23.97 %
Average Sales Price $618,711 121 Days on Market
Units Sold
2017
2018
10
7
- 30.00 %
$370,737
- 18.62 %
83
+ 10.67 %
Average Sales Price $455,580 75 Days on Market
pennington borough
Available: 3 Fitzcharles Drive | Pennington, NJ 08534 $975,000
% Change
hopewell borough
Available: 19 North Greenwood Avenue | Hopewell, NJ 08525 $444,900
Units Sold
2017
2018
6
4
- 33.33 %
$319,063
- 22.77 %
Average Sales Price $413,150 64 Days on Market
269
% Change
+ 320.31 %
Units Sold
2017
2018
60
38
- 36.67 %
$453,577
+ 5.06 %
91
+ 4.60 %
Average Sales Price $431,737 Days on Market
87
% Change
hopewell township
Available: 7 Hunters Ridge Drive | Pennington, NJ 08534 $840,000
west windsor township
Available: 16 Aldrich Way | Princeton Junction, NJ 08550 $785,000
2017 51 Units Sold Average Sales Price $533,873
Days on Market
83
2018
% Change
36
- 29.41 %
$560,901
+ 5.06 %
81
- 2.41 %
cranbury township
Available: 81 Petty Road | Cranbury, NJ 08512 $1,695,000
Units Sold
2017
2018
6
6
--
$590,700
+ 24.62 %
60
- 58.04 %
Average Sales Price $474,000 Days on Market
143
% Change
west windsor, plainsboro and cranbury Combined
Available: 15 Macnamee Street | Plainsboro, NJ 08536 $745,000
Units Sold
2017
2018
90
82
- 8.89 %
$493,775
+ 9.02 %
72
- 5.26 %
Average Sales Price $452,936 76 Days on Market
% Change
Units Sold
2017
2018
89
65
- 26.97 %
$285,240
+ 5.73 %
73
- 5.19 %
Average Sales Price $269,711 77 Days on Market
% Change
Lawrence township
Available: 1 Melvina Drive | Lawrenceville, NJ 08648 $619,000
robbinsville township
Available: 46 Beacon Place | Robbinsville, NJ 08691 $323,500
Units Sold
2017
2018
44
37
- 15.91 %
$407,258
+ 15.39 %
84
+ 40.00 %
Average Sales Price $352,940 Days on Market
60
% Change
Lambertville
Available: 18 Jefferson Street | Lambertville, NJ 08530 $1,150,000
Units Sold
2017
2018
14
7
- 50.00 %
$383,921
- 1.56 %
75
- 36.97 %
Average Sales Price $390,000 Days on Market
119
% Change
ON THE COVER 30 Vandeventer Avenue | Princeton, NJ 08542 $1,150,000
Each Office Is Independently Owned And Operated. Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 4/4/2018. Information deemed reliable but not guaranteed.