MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty
2018 Second Quarter Greater Princeton Area Residential Real Estate Market Analysis
Available: 991 Route 601 | Skillman, NJ 08558 (Montgomery Township) $3,000,000 Through the first two quarters of 2018, the greater Princeton area real estate market has been a mixed bag. To be clear, the market is in transition. Year-to-date in Princeton, pending contracts are down 16% and the average sale price is down 7%—both of which are significant numbers. Some of the decline in sales activity can be explained by the fact that inventory levels are off 4%, and some can be explained by a slowdown in high-end sales. At this time last year, there had been 16 contracts above $2 million in Princeton, and this year the MLS reflects only 5. (That said, we have been involved in 4 deals that were sold directly prior to coming on the market, so a total of 9 contracts becomes less concerning than 5—but still remains noteworthy compared to 16 a year ago.) And while inventory feels higher in this price point, it’s actually only marginally so with 34 units listed vs. 31 during the same period last year. In other municipalities, markets have leveled off. A strong June helped Hopewell nearly catch up to last year’s sales activity, for example, while Montgomery continues to defy the declining sales trends elsewhere with the number of contracts up almost 30%(!). The S.A.L.T. issue as it relates to the Tax Cuts & Jobs Act is part of the story, particularly affecting the higher end of the market and those areas closer to the Pennsylvania border. It’s important to note that these areas have become the focus of some value minded buyers, as there is no question that some opportunities exist. At this time of year, things tend to quiet down some in the local real estate market. However, as of this writing we can report that within the last 48 hours one of our sellers received 7 bids and currently has a contract at 14%+ above their asking price. So, there is an active market—and although it’s discerning, it remains lively in many pockets. Good guidance and the right strategy are more important than ever, so 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 $1 MILLION & UNDER
Available: 145 Ewing Street | Princeton, NJ 08540 $750,000
Units Sold
2017
2018
% Change
52
60
+ 15.38 %
$698,733
+ 0.77 %
36
+ 56.52 %
Average Sales Price $693,373 23 Days on Market
Units Sold
2017
2018
30
30
Average Sales Price $1,350,133 $1,299,812 81 73 Days on Market
% Change -- 3.73 % - 9.88 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 40 Battle Road | Princeton, NJ 08540 $1,995,000
PRINCETON $2 MILLION TO $3 MILLION
Available: 80 Westcott Road | Princeton, NJ 08540 $2,500,000
2017
2018
% Change
11 - 81.82 % 2 Units Sold - 14.74 % Average Sales Price $2,433,833 $2,075,000 65 + 220.00 % 208 Days on Market
PRINCETON $3 MILLION AND OVER
Available: 68 Library Place | Princeton, NJ 08540 $3,200,000
Units Sold
2017
2018
2
0
% Change -100%
--
N/A
--
N/A
Average Sales Price $3,050,000 Days on Market 19
MONTGOMERY TOWNSHIP
Available: 50 Grist Mill Drive | Belle Mead, NJ 08502 $530,000
Units Sold
2017
2018
% Change
56
89
+ 58.93 %
$664,765
+ 3.23 %
58
- 10.77 %
Average Sales Price $643,943 65 Days on Market
Units Sold
2017
2018
21
11
- 47.62 %
$466,645
+ 12.08 %
Average Sales Price $416,367 94 Days on Market
88
PENNINGTON BOROUGH
Available: 9-11 East Curlis Avenue | Pennington, NJ 08534 $659,000
% Change
- 6.38 %
HOPEWELL BOROUGH
Available: 134 West Broad Street | Hopewell, NJ 08525 $469,500
Units Sold
2017
2018
21
9
- 57.14 %
$470,500
+ 28.26 %
Average Sales Price $366,829 63 Days on Market
57
% Change
- 9.52 %
Units Sold
2017
2018
79
72
- 8.86 %
$497,156
+ 6.71 %
82
+ 1.23 %
Average Sales Price $465,890 Days on Market
81
% Change
HOPEWELL TOWNSHIP
Available: 1 Fairway Drive | Hopewell, NJ 08525 $610,000
WEST WINDSOR TOWNSHIP
Available: 4 Jarrett Court | Princeton Junction, NJ 08550 $935,000
2017 99 Units Sold Average Sales Price $544,982
Days on Market
49
2018
% Change
89
- 10.10 %
$628,144
+ 15.26 %
38
- 22.45 %
CRANBURY TOWNSHIP
Available: 23 Parkview Road | Cranbury, NJ 08512 $949,000
Units Sold
2017
2018
% Change
12
14
+ 16.67 %
$627,206
+ 23.06 %
60
+ 3.45 %
Average Sales Price $509,675 Days on Market
58
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 2 Barley Court | Plainsboro, NJ 08536 $950,000
Units Sold
2017
2018
185
177
Average Sales Price $481,656 52 Days on Market
% Change - 4.32 %
$552,727
+14.76 %
42
- 19.23 %
Units Sold
2017
2018
110
130
+ 18.18 %
$335,355
+ 0.97 %
56
- 16.42 %
Average Sales Price $332,123 67 Days on Market
% Change
LAWRENCE TOWNSHIP
Available: 29 Manning Lane | Lawrenceville, NJ 08648 $849,000
ROBBINSVILLE TOWNSHIP
Available: 810 Cypress Street | Robbinsville, NJ 08691 $545,000
Units Sold
2017
2018
74
64
- 13.51 %
$415,364
+ 15.38 %
46
- 30.30 %
Average Sales Price $359,984 Days on Market
66
% Change
LAMBERTVILLE
Available: 18 Jefferson Street | Lambertville, NJ 08530 $950,000
Units Sold
2017
2018
20
16
- 20.00 %
$428,816
+ 5.14 %
Average Sales Price $407,863 Days on Market
45
105
% Change
+ 133.33 %
ON THE COVER 209 Nassau Street | 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 7/12/2018. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.