Market Update Courtesy of Callaway Henderson Sotheby’s International Realty
2017 First Quarter Greater Princeton Area Residential Real Estate Market Analysis
Available: 410 Nassau Street, Princeton $2,200,000
And just like that, the first quarter of 2017 is in the books and we find ourselves well into the month of April. We’re continually amazed at the pace in which quarters are coming and going! That said, we are seeing more of the same this year in terms of the hyper-locality of the Greater Princeton Area real estate market. Trends and statistics vary considerably from municipality to municipality — and now more than ever, from neighborhood to neighborhood and even block to block. High-end real estate closings were slower in the first quarter due to slow post-election fourth quarter activity in that segment. But the $2 million+ market has done its usual post-March warm up with a number of transactions, including several with multiple bids, occurring in the first half of April. Thematically, lower inventory is something we are keeping a close on eye on. New listings were down in many municipalities for the first quarter. However, in most instances the number of contracts were not down as significantly — in some ways making for a busier market than last year. Q2 is now firmly underway, which is always the most important one in terms of defining the outcome of the entire calendar year. If the past two weeks are any indication, we are in for a busy next few months! 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!
Princeton $1 Million & UNDER
Available: 92 Winant Road, Princeton $625,000
Units Sold
2016
2017
% Change
33
50
+ 51.52 %
$701,578
+ 6.58 %
56
- 39.13 %
Average Sales Price $658,287 92 Days on Market
Units Sold
2016
2017
18
16
Average Sales Price $1,378,027 $1,427,738 82 141 Days on Market
% Change - 11.11 % + 3.61 % + 71.95 %
Princeton $1 Million to $ 2 Million
Available: 4 Hunter Road, Princeton $1,230,000
Princeton $2 million to $3 Million
Available: 505 Mercer Street, Princeton $2,375,000
Units Sold
2016
2017
3
1
Average Sales Price $2,300,000 $2,185,000 242 94 Days on Market
% Change - 66.67 % - 5.00 % - 61.16 %
Princeton $3 million and over
Available: 80 Westcott Road, Princeton $3,700,000
Units Sold Average Sales Price Days on Market
2016
2017
% Change
0
0
--
N/A
N/A
N/A
N/A
N/A
N/A
Montgomery township
Available: 54 Sourland Hills Road, Skillman (Montgomery Township) $885,000
Units Sold
2016
2017
% Change
39
52
+ 33.33 %
$618,711
+ 2.78 %
121
+ 21.00 %
Average Sales Price $601,991 100 Days on Market
Units Sold
2016
2017
% Change
7
10
+ 42.86 %
$455,580
- 21.47 %
75
- 64.79 %
Average Sales Price $580,142 213 Days on Market
pennington borough
Available: 112 King George Road, Pennington $645,000
hopewell borough
Available: 46 Model Avenue, Hopewell $333,000
Units Sold
2016
2017
% Change
4
6
+ 50.00 %
$413,150
- 16.07 %
64
+ 52.38 %
Average Sales Price $492,250 42 Days on Market
Units Sold
2016
2017
% Change
57
60
+ 5.26 %
$431,737
- 10.09 %
87
- 34.09 %
Average Sales Price $480,178 132 Days on Market
hopewell township
Available: 166 Hopewell Rocky Hill Road, Hopewell $2,350,000
west windsor township
Available: 79 Conover Road, West Windsor $919,000
Units Sold
2016
2017
% Change
64
51
- 20.31 %
$533,873
+ 1.52 %
83
--
Average Sales Price $525,863 83 Days on Market
cranbury township
Available: 89 North Main Street, Cranbury $950,000
Units Sold
2016
2017
% Change
7
6
- 14.29 %
$474,000
- 25.80 %
143
+ 14.40 %
Average Sales Price $638,857 Days on Market
125
west windsor, plainsboro and cranbury Combined
Available: 2 Partridge Run, West Windsor $986,000
Units Sold
2016
2017
% Change
107
90
- 15.89 %
$452,936
- 5.55 %
76
- 9.52 %
Average Sales Price $479,552 84 Days on Market
Units Sold
2016
2017
% Change
65
89
+ 36.92 %
$269,711
+ 15.27 %
77
- 18.09 %
Average Sales Price $234,033 94 Days on Market
Lawrence township
Available: 27 Carson Road, Princeton (Lawrence Township) $529,000
robbinsville township
Available: 8 Haines Drive, Robbinsville $1,299,000
Units Sold
2016
2017
45
44
- 2.22 %
$352,940
+ 3.96 %
60
- 43.93 %
Average Sales Price $339,481 Days on Market
107
% Change
Lambertville
Available: 89 Clinton Street, Lambertville $695,000
Units Sold
2016
2017
% Change
5
14
+ 180.00 %
Average Sales Price $339,481 Days on Market
139
$352,940
+ 3.96 %
119
- 14.39 %
2016 Year In Review
Click here to view our 2016 Year In Review video.
ON THE COVER 318 Burd Street, Pennington, NJ 08534 $849,000
Each Office Is Independently Owned And Operated. Listings Subject to errors, omissions, prior sale or withdrawal without notice. statisticS source: TREND MLS 4/12/2017. Information deemed reliable but not guaranteed.