New Jersey Real Estate Agent

Princeton Real Estate has released it’s report on the real estate market in Montgomery Township for the last 5 years. Considering selling your home your home in Montgomery Township soon? Thinking if this is the right time and place to buy? This report is for you. The report contains some positive news, unlike most of the country that suffered much more severe real estate downturn. Here are several key observations:

• The good news is that the average price of $625,064 has increased 5% compared to the prices 5 years  ago.  Many people who bought their homes before 2003 may still see positive appreciation. That may not be the case for those who bought in the last several years.  Read More: Understanding Real Estate Prices.
• The not so good news -the average price of homes sold in Montgomery has declined 7% in 2008 vs. 2007.
• The highest average price of the homes sold in Montgomery Township in the last 5 years was in 2005. It has declined 8% since that high.
• The number of homes sold has declined 16%. This is coupled with an almost corresponding decline in the number of houses listed, reflecting the sellers’ hesitation of selling in this market.
• The “days on the market” has increased very slightly compared to last year, but rather significantly -70% from 2005, when the houses were selling in record times.
• The highest average sold price was $2,300,000 -reflection of the buyers continued interest in the Montgomery Township luxury real estate. This is a 47% increase since 2004.
• It is important for buyers and sellers to understand how how these results compare with the surrounding communities. In Princeton average price has increased 10%, in Hopewell - it has declined 9%, and in Pennington - increased 14% compared to last year. The number of houses sold has declined significantly in these communities as well as in Montgomery.

If you would like to know how your Montgomery Township homes’ value and how it’s weathering this market, please call 609-553-4175.

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