MARKET UPDATE Courtesy of Callaway Henderson Sotheby’s International Realty
2018 Third Quarter Greater Princeton Area Residential Real Estate Market Analysis
Available: 1479 Great Road | Skillman, NJ 08558 (Montgomery Township) $2,500,000
It’s official: The market has changed. This is a blanket statement, but it does apply to pretty much every corner of the real estate market in the Greater Princeton area. Residual effects from the Tax Cuts & Jobs Act have taken hold in the higher end of the market across the region, while higher interest rates have also settled in—impacting the broader market across all price points. Based on trending data from recent quarters and larger metropolitan markets, none of this is surprising. (Note: The latest data shows Manhattan sales have slowed significantly for the fourth quarter in a row.) Educated consumers on the buy side are looking for a deal, especially as we head into the winter months. That said, it’s not all negative news in our local market area. Average sale prices in Montgomery, Hopewell, West Windsor, Lawrence, and Robbinsville have all stretched higher as lower inventory earlier in the year and rising interest rates had a significant impact on this year’s spring market. Moreover, consumer behavior has shifted and there are a number of deals in Princeton above $2 million that have occurred outside the MLS this year. In fact, while MLS data shows only 7 closed sales year-to-date in that price range, we have participated in an additional 4 closed sales that are not reflected in that data—along with a couple of others in preliminary contract phases. We really have to strategize about the best game plan for each high-end seller, now so more than ever. It’s a lot to take in, but we are here to help. Please contact your favorite Callaway Henderson Sotheby’s International Realty agent to answer any questions or provide guidance as to how this information impacts your individual situation. We pride ourselves in being the local market experts and look forward to helping in any way at all.
PRINCETON $1 MILLION & UNDER
Available: 16 Greenview Avenue | Princeton, NJ 08542 $965,000
Units Sold
2017
2018
54
50
- 7.41 %
$693,440
- 7.47 %
49
+ 2.08 %
Average Sales Price $749,458 48 Days on Market
% Change
Units Sold
2017
2018
30
32
Average Sales Price $1,390,354 $1,339,340 83 77 Days on Market
% Change + 6.67 % - 3.67 % - 7.23 %
PRINCETON $1 MILLION TO $ 2 MILLION
Available: 25 Foulet Drive | Princeton, NJ 08540 $1,550,000
PRINCETON $2 MILLION TO $3 MILLION
Available: 121 Winfield Road | Princeton, NJ 08540 $2,050,000
2017
2018
8 3 Units Sold Average Sales Price $2,244,000 $2,566,667 42 31 Days on Market
% Change - 62.50 % + 14.38 % - 26.19 %
PRINCETON $3 MILLION AND OVER
Available: 75 Cleveland Lane | Princeton, NJ 08540 $3,995,000
Units Sold
2017
2018
1
0
% Change -100%
--
N/A
--
N/A
Average Sales Price $4,950,000 Days on Market 521
MONTGOMERY TOWNSHIP
Available: 36 Meadow Lark Lane | Belle Mead, NJ 08502 (Montgomery Township) $2,495,000
Units Sold
2017
2018
77
84
+ 9.09 %
$740,523
+ 4.10 %
57
+ 9.62 %
Average Sales Price $711,326 52 Days on Market
% Change
Units Sold
2017
2018
17
12
- 29.41 %
$499,408
- 6.70 %
Average Sales Price $535,274 70 Days on Market
156
PENNINGTON BOROUGH
Available: 38 Eglantine Avenue | Pennington, NJ 08534 $625,000
% Change
+ 122.86 %
HOPEWELL BOROUGH
Available: 21 Louellen Street | Hopewell, NJ 08525 $650,000
Units Sold
2017
2018
12
6
- 50.00 %
$581,167
+ 44.24 %
46
- 36.11 %
Average Sales Price $402,917 72 Days on Market
% Change
Units Sold
2017
2018
105
97
- 7.62 %
$520,732
+ 2.20 %
69
--
Average Sales Price $509,504 Days on Market
69
% Change
HOPEWELL TOWNSHIP
Available: 190 Woosamonsa Road | Pennington, NJ 08534 (Hopewell Township) $2,295,000
WEST WINDSOR TOWNSHIP
Available: 374 Village Road East | West Windsor, NJ 08550 $700,000
2017 133 Units Sold Average Sales Price $619,422
Days on Market
47
2018 120
% Change - 9.77 %
$633,367
+ 2.25 %
35
- 25.53 %
CRANBURY TOWNSHIP
Available: 54 Maplewood Avenue | Cranbury, NJ 08512 $549,000
Units Sold
2017
2018
18
15
- 16.67 %
$588,900
- 2.70 %
54
- 6.90 %
Average Sales Price $605,213 Days on Market
58
% Change
WEST WINDSOR, PLAINSBORO AND CRANBURY COMBINED
Available: 10 Cypress Court | Plainsboro, NJ 08536 $879,000
Units Sold
2017
2018
237
201
- 15.19 %
$568,854
+5.84 %
45
- 8.16 %
Average Sales Price $537,444 49 Days on Market
% Change
Units Sold
2017
2018
119
137
+ 15.13 %
$350,034
+ 4.26 %
44
- 24.14 %
Average Sales Price $335,719 58 Days on Market
% Change
LAWRENCE TOWNSHIP
Available: 3481 Lawrenceville Road | Princeton, NJ 08540 (Lawrence Township) $799,000
ROBBINSVILLE TOWNSHIP
Available: 504 Perrineville Road | Robbinsville, NJ 08691 $649,700
Units Sold
2017
2018
103
82
- 20.39 %
$435,823
+ 10.99 %
46
- 30.30 %
Average Sales Price $392,684 Days on Market
66
% Change
LAMBERTVILLE
Available: 39 Delaware Avenue | Lambertville, NJ 08530 $525,000
Units Sold
2017
2018
14
14
--
$450,866
- 6.00 %
Average Sales Price $479,663 Days on Market
67
110
% Change
+ 64.18 %
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Callaway Henderson Sotheby’s International Realty
@calhensir
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Callaway Henderson Sotheby’s International Realty
Callaway Henderson Sotheby’s International Realty
@calhensir
Callaway Henderson Sotheby’s International Realty
ON THE COVER 1772 Stuart Road West | Princeton, NJ 08540 $1,249,000
EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED. LISTINGS SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE OR WITHDRAWAL WITHOUT NOTICE. STATISTICS SOURCE: TREND MLS 10/15/2018. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED.