callaway henderson sotheby's international realty 2012 year end market review
DESCRIPTION
Callaway Henderson Sotheby's International Realty 2012 Year End Market Review of the Greater Princeton Area.TRANSCRIPT
Your year-end Greater Princeton Area residential real estate market analysis.
MArket UPdAte Courtesy of Callaway Henderson Sotheby’s International Realty
It is hard to believe another year has already come and gone and that we are officially in 2013. Callaway Henderson Sotheby’s International Realty has much to reflect on from 2012. It was a significant moment in our professional history when two life long competitors decided to join forces and create central New Jersey’s most premier residential real estate company. The challenges were great, but with the combination of dedicated leadership, extraordinary agents and astounding community support we were able to make our first year together an overwhelming success.
One ongoing challenge we all face is the slow, but steady recovery of our real estate markets throughout central New Jersey. Now that we have all of the data available we are able to truly analyze what is happening in our neighborhoods. This market update provides important information about what is happening in Princeton, Pennington, Cranbury, Montgomery, Hopewell, West Windsor, Plainsboro, Lawrence and Robbinsville. If you have any questions about this information and what it means for your home, please reach out to your realtor or call one of our offices to speak with a local expert in your area.
Our company was thrilled to participate in all top ten sales in Mercer County in 2012. Dedicated to the extraordinary, Callaway Henderson Sotheby’s International Realty agents represented their buyers and sellers remarkably through each transaction. In addition, we continue to offer million dollar marketing at all price ranges with our average sales price being $701,199 for the year.
Looking ahead to what the rest of this year will bring, we are hopeful the market will continue to show improvements. The most important factors to ensure that happens is to ensure your property is in the best shape it can be and is priced correctly from the start. Now is an excellent time discuss your options if you are considering buying, selling or relocating in 2013. With five strategically located offices throughout central New Jersey as well as affiliates in over 45 countries, we are able to connect you with real estate in your own backyard and around the world.
CONNeCt
Princeton4 Nassau StreetPrinceton, NJ 08542t 609.921.1050
Lambertville69 Bridge StreetLambertville, NJ 08535t 609.397.1700
Montgomery1325 Route 206, Suite 30Skillman, NJ 08558t 908.874.0000
Pennington10 South Main StreetPennington, NJ 08534t 609.737.7765
Cranbury39 North Main StreetCranbury, NJ 08512t 609.395.0444
Units Sold
Average Sales Price
days on Market
2011 2012 % Change
PRINCetON uNDeR $1 MILLION
Currently Available 171 Westcott Road $849,000 Princeton
184 204 +10.86%
$621,390 -2.25%$607,390
86 110 +27.90%
PRINCetON $1 MILLION tO $ 2 MILLION
Currently Available 58 Beech Hollow Lane $1,895,000 Princeton
Units Sold
Average Sales Price
days on Market
2011 2012 % Change61 55 -9.83%
$1,426,670 -5.04%$1,354,696
135 130 -3.70%
Currently Available 6 Haslet Avenue $2,695,000 Princeton
PRINCetON $2 MILLION tO $3 MILLION
Units Sold
Average Sales Price
days on Market
2011 2012 % Change7 9 +28.57%
$2,424,000 +2.87%$2,493,659
131 115 -12.21%
Units Sold
Average Sales Price
days on Market
2011 2012 % Change
PRINCetON $3 MILLION aND OveR
Currently Available 129 Hodge Road $3,999,000 Princeton
2 2 +0.00%
$5,375,000 -3.69%$5,176,250
187 121 -35.29%
MONtgOMeRy tOWNSHIP
Units Sold
Average Sales Price
days on Market
2011 2012 % Change
Currently Available 208 Orchard Road $1,195,000 Montgomery Township
200 230 +15%
$658,176 -10.38%$589,847
93 78 -16.12%
Units Sold
Average Sales Price
days on Market
2011 2012 % Change29 46 +58.62%
$470,133 -11.84%$414,453
80 117 +46.25%
PeNNINgtON BOROugH
Currently Available 13 East Welling Avenue $698,900 Pennington Borough
Units Sold
Average Sales Price
days on Market
2011 2012 % Change
HOPeWeLL BOROugH
Currently Available 60 Lafayette Street $290,000 Hopewell Borough
18 27 +50.00%
$383,186 -6.89%$356,774
121 93 -23.14%
HOPeWeLL tOWNSHIP
Currently Available 51 Aunt Molly Road $1,350,000 Hopewell Township
Units Sold
Average Sales Price
days on Market
2011 2012 % Change146 215 +47.26%
$447,195 +1.18%$452,491
124 113 -8.87%
Currently Available 3 Dey Farm Road $1,875,000 West Windsor
WeSt WINDSOR tOWNSHIP
Units Sold
Average Sales Price
days on Market
2011 2012 % Change274 312 +13.86%
$523,337 -2.02%$512,719
75 67 -10.66%
Units Sold
Average Sales Price
days on Market
2011 2012 % Change
CRaNBuRy tOWNSHIP
Currently Available 3 Nicola Court $3,100,000 Cranbury Township
29 32 +10.34%
$614,903 +0.41%$617,450
127 70 -44.88%
WeSt WINDSOR, PLaINSBORO aND CRaNBuRy COMBINeD
Units Sold
Average Sales Price
days on Market
2011 2012 % Change
Currently Available 153 Cranbury Neck Road $685,000 Plainsboro Township
468 554 +18.37%
$483,361 - 2.34 %$472,010
94 84 +12%
Units Sold
Average Sales Price
days on Market
2011 2012 % Change231 237 +2.59%
$301,766 +8.97 %$328,858
105 121 +15.23%
LaWReNCe tOWNSHIP
Currently Available 639 Rosedale Road $550,000 Lawrence Township
Units Sold
Average Sales Price
days on Market
2011 2012 % Change
ROBBINSvILLe tOWNSHIP
Currently Available 143 Heritage Street $425,000 Robbinsville
158 184 +16.45%
$347,186 +2.85%$357,098
114 104 -8.77%
Pricing a home correctly can be the the most signigifant factor in the successful sale of your property. We have found that simply trying to test the market rarely works and most times those sellers result in chasing the market to the bottom.
PriCiNG
Of the 50 tops sales, we found that those homes that required no price reductions sold, on average, at 96% of their list price in 57 days. Those homes that did require at least one price reduction sold at 70% of their list price in 657 days.
Pricing is critical and Callaway Henderson Sotheby’s International Realty associates are experts. If you are considering buying, selling or relocating in 2013, please call your realtor to discuss a pricing and marketing strategy to meet your goals.
NO redUCtiONS 1 Or MOre redUCtiONS
96% of original list price 70% of original
list price
57 days on market
657 days on market
© MMXII Sotheby’s International Realty Affiliates LLC. A Realogy Company. All Rights Reserved. Equal Housing Opportunity. Each Office Is Independently Owned And Operated. Provence France, Trotter. Used with permission. Subject to errors, omissions,
prior sale or withdrawal without notice. All statistics from TREND MLS and Trendgraphix as of 1.14.13. Information deemed reliable but not gauranteed.