Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
2017 Third Quarter Greater Princeton Area Residential Real Estate Market Analysis
Available: 600 Pretty Brook Road, Princeton $5,950,000 Thank you for your interest in our quarterly market statistics. Those of you who consistently read these reports know that the past few years have all had a common theme: that it’s difficult to generalize how the greater Princeton area real estate market is performing as a whole, and that any such analysis needs to be discussed on a ‘hyper-local’ level. This is certainly the case again through Q3 2017, as the market continues to be busier in some locations and price points than others. Certainly a key component of this year’s market has been a shortage of inventory that has translated into the number of transactions being accordingly smaller, and in many ways has made the market more competitive for buyers. Even into October we are experiencing bidding wars on properly priced properties newly introduced to the market—the kind of activity that we more typically associate with April and May. It will be interesting to watch the higher end of the market in Q4, which should be busier than last year when we saw discretionary local buyers sitting on the sidelines in the midst of the presidential election. However, it’s worth keeping an eye on the New Jersey gubernatorial campaign promises and election results, which may work themselves into the mix and impact real estate market activity as well. As always, please contact your favorite Callaway Henderson Sotheby’s International Realty agent to answer any questions or help make sense of how this information impacts your individual real estate needs.
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Princeton under $1 Million
Available: 19 Constitution Hill West, Princeton $895,000
Units Sold
2016
2017
52
54
+ 3.85 %
$749,458
+ 8.35 %
48
- 2.04 %
Average Sales Price $691,731 49 Days on Market
% Change
Units Sold
2016
2017
35
30
Average Sales Price $1,486,425 $1,390,354 89 83 Days on Market
% Change - 14.29 % - 6.46 % - 6.74 %
Princeton $1 Million to <$2 Million
Available: 59 Talbot Lane, Princeton $1,450,000
Princeton $2 million to <$3 Million
Available: 1 Hageman Lane, Princeton $2,200,000
Units Sold
2016
2017
% Change
6
8
+ 33.33 %
Average Sales Price $2,438,167 $2,244,000 47 42 Days on Market
- 7.96 % - 10.64 %
Princeton $3 million and over
Available: 148 Hodge Road, Princeton $3,650,000
Units Sold
2016
2017
1
1
% Change --
Average Sales Price $3,100,000 $4,950,000 + 59.68 % Days on Market 43 521 + 1,111.63 %
Montgomery township
Available: 27 Scenic Hills Court, Belle Mead (Montgomery Township) $779,000
Units Sold
2016
2017
114
77
- 32.46 %
$711,326
+ 4.54 %
52
- 13.33 %
Average Sales Price $680,430 60 Days on Market
% Change
2016 16 Units Sold Average Sales Price $516,800 52 Days on Market
2017
% Change
17
+ 6.25 %
$535,274
+ 3.57 %
70
+ 34.62 %
pennington borough
Available: 1 Baldwin Court, Pennington $724,500
hopewell borough
Available: 50 North Greenwood Avenue, Hopewell $499,900
Units Sold
2016
2017
14
12
- 14.29 %
$402,917
- 9.83 %
Average Sales Price $446,864 49 Days on Market
72
% Change
+ 46.94 %
Units Sold
2016
2017
87
105
Average Sales Price $558,192 76 Days on Market
% Change + 20.69 %
$509,504
- 8.72 %
69
- 9.21 %
hopewell township
Available: 61 West Shore Drive, Pennington (Hopewell Township) $835,000
west windsor township
Available: 58 Reed Drive South, West Windsor $869,000
2016 142 Units Sold Average Sales Price $576,417 44 Days on Market
2017
% Change
133
- 6.34 %
$619,422
+ 7.46 %
47
+ 6.82 %
cranbury township
Available: 138 North Main Street, Cranbury $495,000
Units Sold
2016
2017
% Change
14
18
+ 28.57 %
$605,213
- 11.42 %
58
+ 28.89 %
Average Sales Price $683,236 Days on Market
45
west windsor, plainsboro and cranbury Combined
Available: 10 Cranbury Neck Road, Cranbury $629,000
2016
2017
244 237 Units Sold Average Sales Price $534,750 $537,444 43 49 Days on Market
% Change - 2.87 % + 0.50 % + 13.95 %
Units Sold
2016
2017
118
119
+ 0.85 %
$335,719
+ 6.55 %
58
- 18.31 %
Average Sales Price $315,095 71 Days on Market
% Change
Lawrence township
Available: 2739 Main Street, Lawrenceville $699,000
robbinsville township
Available: 8 Haines Drive, Robbinsville $1,299,000
2016 93 Units Sold Average Sales Price $424,036
Days on Market
70
2017
% Change
103
+ 10.75 %
$392,684
- 7.39 %
66
- 5.71 %
Lambertville
Available: 12 North Main Street, Lambertville $850,000
Units Sold
2016
2017
15
14
Average Sales Price $406,400 Days on Market
107
% Change - 6.67 %
$479,663
+ 18.03 %
67
- 37.38 %
ON THE COVER 40 Mercer Street | Princeton, NJ 08540 $1,400,000
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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 10/10/2017. Information deemed reliable but not guaranteed.