Luxury Hopewell NJ Real Estate -Housing Report 2003-2008

Luxury Hopewell real estate is a subset of luxury real estate in the greater Princeton, NJ. This article focuses on trends in prices, days on the market and other statistics for luxury Hopewell real estate.

Hopewell homes for sale do not get  as much coverage as the Princeton real estate, in part, because many buyers are more familiar with Princeton and often start their search there.  Luxury Hopewell real estate could be even less known. This series of articles examines the luxury real estate in Hopewell.

I my last article I described one Hopewell home for sale on Banson Lane, a little enclave of beautiful estate houses. This article looks at Hopewell real estate prices and other trends for the period of 2003 – 2008. Looking at the luxury end of the Hopewell real estate this analysis is only for  the Hopewell homes sold in the $1.5 million to $2.5 million.

Prices – Luxury Hopewell Real Estate

2004 was the year of the highest median price for  luxury Hopewell real estate – $2,100,000. Since 2004 the median prices have declined steadily for the luxury Hopewell homes for sale. The median price so far for 2008  is  $1,550,000. It  is the lowest in the last six years and is 25% less then in 2004 and 13% decline since last year. You could read year by year detail in this article: Hopewell New Jersey Real Estate – Luxury Homes For Sale Prices And Sales 2003- 2008

Repeat Sales – Luxury Hopewell Real Estate

I wrote before how median and average sales prices may not be the true indication of the trends in real estate market.
Read:  Who else wants clarity about real estate prices?
Median and average prices reflect the mix of properties most likely different in different reporting periods. For example, preponderance of higher priced properties compared with another year, would make the median and average prices higher. To understand the true trends, it s necessary to track the price changes for the same property. Case – Shiller index does this by calculating this statistics for the 20 major metropolitan areas.

Since Hopewell real estate is not one of the areas tracked, I did my own analysis of the same Hopewell houses sold in 2003-2008 in the price range $1,500,000 – $2,500,000. There were only two such properties so this analysis is by no means comprehensive.
Hopewell home for sale bought in 2004 and sold in 2007 – declined 3% in price. Hopewell home bought in 2006 and sold in 2008 declined 12%. 

Days On The Market – Luxury Hopewell Real Estate

The good news comes in the steady reduction in the days on the market since 2005.  This year is the lowest days on the market – 95, which is 34% less then in 2007.

Sales – Luxury Hopewell Real Estate

The largest number of Hopewell homes sold in the $1.5 -$2.5 million range, was in 2005. So far in 2008 there were 3 homes sold in this price range and only 1 of then was over $2 million. The biggest decline is in the $1,700,000 – $1,999,999 price range with no houses sold in 2008 compared to 4 houses sold in 2007 and 2006. At the top of the range – Princeton real estate  $2.Million- $2.5 Million there was 1 house sold in each of the last three years.

You could read year by year detail in this article: Hopewell New Jersey Real Estate – Luxury Homes For Sale Prices And Sales 2003- 2008

Hopewell Homes For Sale Listings Now In MLS

If you would like to see Hopewell homes for sale available on the market now – you could do it here on Princeton Real Estate blog by clicking on the link below.

Luxury Hopewell Homes For Sale – Over $1,500,000

Call Princeton real estate agent, specializing in Hopewell luxury homes for sale, if you have any questions about Hopewell real estate or how the present real estate market affects the price of your home. If you are not ready to speak to an agent, there is plenty of research you could do on your own right here on Princeton real estate blog.