MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty
2020 Third Quarter Greater Princeton Area Residential Real Estate Market Analysis
Available: 32 Farnsworth Avenue, Bordentown, NJ 08505 $750,000 Beyond thanking you for reading our Q3 market report, we would like to take this opportunity to thank our clients, agents and vendors for their support, dedication, and loyalty throughout this time—and always. When you are in the real estate business, you are constantly asked, “How’s the market?” It comes with the territory, and at Callaway Henderson Sotheby’s International Realty we pride ourselves on being able to answer the question succinctly yet thoroughly. This can be difficult to do during ‘normal’ times, but in a pandemic we’ve learned that, like everything else, it’s even harder. The fact of the matter is that the market has rebounded, and in some cases mightily, from the depths of April—but the recovery has not been totally uniform, and it has taken an extraordinary amount of work to get there. Buyers, sellers, agents, and vendors (inspectors, appraisers, contractors, etc.) have all been working hard over the past several months to strike a balance between solving their real estate needs and maintaining their livelihoods, all the while trying to prioritize their health and safety. Add to this the way in which market activity picked up (you will see that July’s numbers show a dramatic turnaround), and the efforts to achieve this balance were incredibly admirable all around. The enclosed data tells the story of the rebound, with a convergence of factors at play: low interest rates, urban flight, and the need for more space at home. While inventory (or lack thereof) has been a contributing factor to the ebb and flow of transactions, you will find that municipalities like Hopewell and Lawrence are now up considerably this year vs. last, which is a testament to the values to be found there. Princeton, although still down year-over-year, has outpaced its lack of inventory—so from a relative standpoint it’s busier there, too. There’s a lot to review, and this year more than ever when you ask one of us, “How’s the market?” it might take a few seconds longer to answer that question. Please reach out to your favorite Callaway Henderson Sotheby’s International Realty agent for help as you navigate the current environment, and we hope that you and yours remain safe and sound.
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One-of-a-kind townhomes and condominiums in the heart of downtown Princeton – distinctive residences featuring grand master bedrooms, contemporary kitchens, and spa-style baths. Own or rent to live in the center of it all.
PALMERSQUARERESIDENCES.COM TO OWN: 609.921.1050 ❖ TO RENT: 609.921.2333
PRINCETON $1 MILLION & UNDER
Available: 12 Harris Road, Princeton, NJ 08540 $875,000
Units Sold
2019
2020
62
65
+ 4.84 %
$723,665
- 2.51 %
48
- 9.43 %
Average Sales Price $742,321 53 Days on Market
% Change
Units Sold
2019
2020
31
43
Average Sales Price $1,388,531 $1,478,292 61 61 Days on Market
% Change + 38.71 % + 6.46 % --
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 132 Mercer Street, Princeton, NJ 08540 $1,599,000
PRINCETON $2 MILLION AND OVER
Available: 176 Parkside Drive, Princeton, NJ 08540 $3,950,000
Units Sold
2019
2020
8
4
Average Sales Price $2,569,375 $2,243,750 150 38 Days on Market
% Change - 50.00 % - 12.67 % - 74.67 %
MONTGOMERY TOWNSHIP
Available: 3 Pecan Valley Court, Skillman, NJ 08558 (Montgomery Township) $1,175,000
Units Sold
2019
2020
% Change
86
87
+ 1.16 %
$645,409
- 4.80 %
48
- 30.43 %
Average Sales Price $677,961 69 Days on Market
Units Sold
2019
2020
% Change
13
21
+ 61.54 %
Average Sales Price $540,865 97 Days on Market
PENNINGTON BOROUGH
Available: 33 Baldwin Street, Pennington, NJ 08534 $735,000
$512,753
- 5.20 %
47
- 51.55 %
HOPEWELL BOROUGH
Available: 60 North Greenwood Avenue, Hopewell, NJ 08525 $1,250,000
2019 9 Units Sold Average Sales Price $380,044 65 Days on Market
2020
% Change
10
+ 11.11 %
$434,840
+ 14.42 %
41
- 36.92 %
Units Sold
2019
2020
77
104
+ 35.06 %
$565,348
+ 7.79 %
66
+ 10.00 %
Average Sales Price $524,498 60 Days on Market
% Change
HOPEWELL TOWNSHIP
Available: 58 Titus Mill Road, Pennington, NJ 08534 (Hopewell Township) $925,000
WEST WINDSOR TOWNSHIP
Available: 2 Bush Court, West Windsor, NJ 08550 $925,000
Units Sold
2019
2020
110
104
- 5.45 %
$602,612
- 5.90 %
Average Sales Price $640,415 50 Days on Market
59
% Change
+ 18.00 %
CRANBURY TOWNSHIP
Available: 9 Hardley Drive, Cranbury, NJ 08512 $699,000
Units Sold
2019
2020
9
9
--
$741,200
- 8.47 %
60
- 31.82 %
Average Sales Price $809,778 88 Days on Market
% Change
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 20 Cliffview Court, Princeton Junction, NJ 08550 (West Windsor Township) $1,100,000
Units Sold
% Change
2019
2020
181
176
- 2.76 %
$549,376
- 8.15 %
59
+ 9.26 %
Average Sales Price $598,154 54 Days on Market
Units Sold
2019
2020
116
169
+ 45.69 %
$381,496
+ 17.61 %
43
- 17.31 %
Average Sales Price $324,380 52 Days on Market
LAWRENCE TOWNSHIP
Available: 29 Craven Lane, Lawrenceville, NJ 08648 $629,900
% Change
ROBBINSVILLE TOWNSHIP
Available: 29 Carson Street, Robbinsville, NJ 08691 $609,900
Units Sold
2019
2020
% Change
71
91
+ 28.17 %
Average Sales Price $449,407 Days on Market
68
$442,079
- 1.63 %
45
- 33.82 %
LAMBERTVILLE
Available: 53 Ferry Street, Lambertville, NJ 08530 $499,000
Units Sold
2019
2020
15
13
- 13.33 %
$504,374
- 2.59 %
Average Sales Price $517,810 Days on Market
58
100
% Change
+ 72.41 %
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EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: BRIGHT MLS, 10/13/2020. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.