Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
2017 Second Quarter Greater Princeton Area Residential Real Estate Market Analysis
Available: 38 Pardoe Road, Princeton $1,595,000 Inventory. The key word for the first half of the year in the residential real estate market, both nationally and locally, has in fact been “inventory.” Generally speaking, local housing inventory is down, with 7% fewer homes listed in Mercer County during the first half of 2017 vs. 2016. Lack of inventory has created some urgency for buyers, as demand has exceeded supply in many price points across various municipalities — resulting in the market feeling more competitive and chaotic at times. But data varies from town to town, of course. Lawrence Township, as one example, has seen a significant increase in activity, while Hopewell Township, which had experienced a nice rebound over the past couple of years, has seen a leveling off in recent months. We are also starting to see inventory re-balance, as some sellers, hearing that the market has been busy in their town or neighborhood, are listing their properties later than usual — thereby extending the traditional spring market. For instance, May and June were the first two months in Princeton that experienced an increase in inventory listed vs. a year ago. As the real estate market here remains hyper-local, good guidance and the right strategy are more important than ever. As always, please contact your favorite Callaway Henderson Sotheby’s International Realty agent for any assistance or personalized advice...We’re here to help. Enjoy the rest of your summer!
Princeton under $1 Million
Available: 145 Ewing Street, Princeton $849,000
Units Sold
2016
2017
69
52
- 24.64 %
$693,373
+ 4.11 %
23
- 62.90 %
Average Sales Price $665,970 62 Days on Market
% Change
Units Sold
2016
2017
% Change
27
30
+ 11.11 %
Average Sales Price $1,383,240 $1,350,133 85 81 Days on Market
- 2.39 % - 4.71 %
Princeton $1 Million to <$2 Million
Available: 188 Parkside Drive, Princeton $1,650,000
Princeton $2 million to <$3 Million
Available: 186 Library Place, Princeton $2,750,000
Units Sold
2016
2017
% Change
6
10
+ 66.67 %
Average Sales Price $2,148,333 $2,433,833 36 70 Days on Market
+ 10.65 % + 94.44 %
Princeton $3 million and over
Available: 88 Stony Brook Lane, Princeton $4,950,000
Units Sold Average Sales Price Days on Market
2016
2017
0
2
% Change ∞
N/A
$3,050,000
∞
N/A
19
∞
Montgomery township
Available: 71 Planters Row, Skillman (Montgomery Township) $1,425,000
Units Sold
2016
2017
61
56
- 8.20 %
$643,943
+ 2.35 %
65
+ 35.42 %
Average Sales Price $629,132 48 Days on Market
% Change
Units Sold
2016
2017
% Change
19
21
+ 10.53 %
$416,367
- 12.12 %
94
+ 44.62 %
Average Sales Price $473,807 65 Days on Market
pennington borough
Available: 3 Walking Purchase Drive, Pennington $649,500
hopewell borough
Available: 29 Columbia Avenue, Hopewell $420,000
Units Sold
2016
2017
% Change
10
21
+ 110.00 %
Average Sales Price $383,958 91 Days on Market
$366,829
- 4.46 %
63
- 30.77 %
Units Sold
2016
2017
91
79
- 13.19 %
$465,890
- 8.25 %
81
+ 8.00 %
Average Sales Price $507,765 75 Days on Market
% Change
hopewell township
Available: 9 Chase Hollow Road, Hopewell $990,000
west windsor township
Available: 2 Partridge Run, West Windsor $899,000
Units Sold
2016
2017
94
99
+ 5.32 %
$544,982
- 3.08 %
Average Sales Price $562,305 39 Days on Market
49
% Change
+ 25.64 %
cranbury township
Available: 10 Cranbury Neck Road, Cranbury $629,000
Units Sold
2016
2017
% Change
14
12
- 14.29 %
$509,675
- 22.57 %
58
- 12.12 %
Average Sales Price $658,271 Days on Market
66
west windsor, plainsboro and cranbury Combined
Available: 57 Kinglet Drive South, Plainsboro $799,000
Units Sold
2016
2017
% Change
178
185
+ 3.93 %
Average Sales Price $529,758 $481,656 46 52 Days on Market
- 9.08 % + 13.04 %
Units Sold
2016
2017
105
110
+ 4.76 %
$332,123
- 0.91 %
67
- 11.84 %
Average Sales Price $335,163 76 Days on Market
% Change
Lawrence township
Available: 2711 Main Street, Lawrenceville $550,000
robbinsville township
Available: 1251 Park Street, Robbinsville $519,900
Units Sold
2016
2017
% Change
65
74
+ 13.85 %
$359,984
+ 6.99 %
66
+ 29.41 %
Average Sales Price $336,477 Days on Market
51
Lambertville
Available: 32 Lincoln Avenue, Lambertville $549,900
Units Sold
2016
2017
19
20
+ 5.26 %
$407,863
+ 5.73 %
45
- 49.44 %
Average Sales Price $385,757 Days on Market
89
% Change
ON THE COVER 16 Boudinot Street | Princeton, NJ 08540 $2,195,000
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Each Office Is Independently Owned And Operated. Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 7/11/2017. Information deemed reliable but not guaranteed.