Greater Princeton Area 2015 Market Update
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Transcript of Greater Princeton Area 2015 Market Update
2015 Year EndGreater Princeton Area
Residential Real Estate Market Analysis
MARkEt UPdAtE Courtesy of Callaway Henderson Sotheby’s International Realty
Available: 22 Paul Robeson Place, Princeton $1,825,000
Well, that was quick! 2015 is officially in the books, and left in its wake is a whole lot of interesting data around the impact of last year’s events on the Greater Princeton area real estate market.
While Princeton enjoyed its highest annual average sale price ever, for the first time in 6 years there were fewer properties sold than the year before and we find ourselves back to 2007 in terms of units sold. This is just fine, as unit sales simply cannot increase every year and trading within a more “normal” range is imperative for sustainable, long-term growth. Conversely, Montgomery unit sales were up almost 10%, while the average sale price was down 2%. A big story was Hopewell Township, where units were up 16%. Another continuation of a theme is the demand for in-town living, with increased unit sales in Cranbury, Hopewell Borough, Lambertville, and Pennington. Also of note was the high end, with 7 deals trading over $3 million — the highest number since 2005. While all of this occurred, Callaway Henderson Sotheby’s International Realty enjoyed its best year ever in terms of sales volume. We owe our success to each and every one of our clients, whose trust we are extremely grateful for, and to our dedicated agents — 33 of whom are the top 50 agents in Princeton (with no other company having more than 4), and 4 of whom are the top 5 in Mercer County… Extraordinary agents, compiling extraordinary results.
Mild weather and the potential threat of rising interest rates kept the market busy through December and now into January as well. Please contact your favorite Callaway Henderson Sotheby’s International Realty agent, who can keep you up to speed as things progress through the new year and beyond.
2015 By The NumBers
133%
annual growth achieved by our Lambertville office
CallawayHenderson.com Each Office Is Independently Owned And Operated. 1/1/15- 12/31/15 Trend MLS and Trendgraphix data for Princeton and Mercer County as of January 2016. *Of companies which have sold more than 15 listings in Mercer County.
We help our clients
buy and sell homes
here, there, and everywhere.
Referrals placed and received
From New York to Florida,
California to the Jersey Shore,
France to the Cayman Islands
The A-LisT
#1
market share in Princeton
More than every other
competitor combined!
2015 Sales in Princeton
6,215
social media followers from all over the world
197
60%
higher than our next closest competitor
in Mercer County.*
Our average sold listing price is
2,505Interactions using the
TouchGallery home search tool in our Princeton office window
Next up: Lambertville
LocaL Ownership • GLobaL Connections • remarkabLe Agents
UnrivaLed resULts
Of the 7 sales in Mercer County over $3 million,
number of sellers we reprented:
7
76
charitable partners and non-profit organizations.
We are proud to support and reinvest in our local community,with financial contributions to
33
of the top 50 agents in Princeton.
No other company has more than 4.
We proudly boast
57,867
Number of times our #LoveWhereYouLive
community videos have been viewed
We sold properties in:
states
counties
municipalities
29
42
Buyers came to us from:
continents
countries
states
36
22
Volume of private, non-published sales:
$30million
Properties we sold above $1.5 million,
ANDProperties we soldbelow $200,000:
50
Units Sold
Average Sales Price
days on Market
2015 2014 % Change
Princeton $1 Million & UnDer
200 -4.31%
$659,298
209
$632,136 +4.30%
68 71 -4.23%
Available: 771 Kingston Road, Princeton $850,000
Princeton $1 Million to $ 2 Million
Units Sold
Average Sales Price
days on Market
2015 2014 % Change90 +4.65%
$1,419,706
86
$1,419,233 +0.03%
76 70 +8.57%
Available: 1041 Princeton Kingston Road, Princeton $1,895,000
Princeton $2 Million to $3 Million
Units Sold
Average Sales Price
days on Market
2015 2014 % Change12 --
$2,520,958
12
$2,331,166 +8.14%
122 171 -28.65%
Available: 90 Montadale Drive, $2,675,000
Princeton $3 Million anD over
Units Sold
Average Sales Price
days on Market
2015 2014 % Change7 +75.00%
$3,592,857
4
$3,304,040 +8.74%
41 309 -86.73%
Available: 5279 Province Line Road, Princeton $7,900,000
MontgoMery townshiP
Units Sold
Average Sales Price
days on Market
2015 2014 % Change258 +9.79%
$611,949
235
$626,201 -2.28%
60 61 -1.64%
Available: 182 North Street, Belle Mead $825,000
Pennington boroUgh
Units Sold
Average Sales Price
days on Market
2015 2014 % Change49 +11.36%
$437,425
44
$521,418 -16.11%
91 102 -10.78%
Available: 43 Eglantine Avenue, Pennington $649,000
hoPewell boroUgh
Units Sold
Average Sales Price
days on Market
2015 2014 % Change25 +25.00%
$393,496
20
$349,302 +12.65%
62 100 -38.00%
Available: 55 Hart Avenue, Hopewell $375,000
hoPewell townshiP
Units Sold
Average Sales Price
days on Market
2015 2014 % Change266 +15.65%
$519,633
230
$505,548 +2.79%
101 96 +5.21%
Available: 206 Hopewell Amwell Road, Hopewell $885,000
west winDsor townshiP
Units Sold
Average Sales Price
days on Market
2015 2014 % Change345 +4.55%
$574,024
330
$588,731 -2.50%
52 51 +1.96%
Available: 134 South Mill Road, Princeton Junction $1,100,000
cranbUry townshiP
Units Sold
Average Sales Price
days on Market
2015 2014 % Change36 +20.00%
$735,805
30
$623,653 +17.98%
76 56 +35.71%
Available: 15 Prospect Street, Cranbury $600,000
west winDsor, Plainsboro anD cranbUry coMbineD
Units Sold
Average Sales Price
days on Market
2015 2014 % Change602 +8.66%
$525,449
554
$533,558 -1.52%
56 51 +9.80%
Available: 1 Pasture Lane, Plainsboro $575,000
lawrence townshiP
Units Sold
Average Sales Price
days on Market
2015 2014 % Change319 -3.92%
$310,104
332
$305,111 +1.64%
89 73 +21.92%
Available: 14 Belleview Terrace, Princeton $1,100,000
robbinsville townshiP
Units Sold
Average Sales Price
days on Market
2015 2014 % Change239 +12.74%
$357,777
212
$376,065 -4.86%
76 70 +8.57%
Available: 2 McCabe Street, Robbinsville $430,000
laMbertville
Units Sold
Average Sales Price
days on Market
2015 2014 % Change54 +25.58%
$353,541
43
$360,234 -1.86%
76 108 -29.63%
Available: 51 Lambert Lane, Lambertville $399,000
EACh OffiCE iS indEPEndEntlY OwnEd And OPERAtEd. suns and houses bY jOEl bARRi, USEd with PERMiSSiOn.
liStinGS SUbjECt tO ERRORS, OMiSSiOnS, PRiOR SAlE OR withdRAwAl withOUt nOtiCE. StAtiStiCS SOURCE: tREnd MlS 1/8/2016. infORMAtiOn dEEMEd REliAblE bUt nOt GUARAntEEd.
2015 year In review
Click here to view our 2015 Year In Review video.