Luxury New Jersey real estate in Hopewell is very much of interest to my clients and readers who live there or are considering purchasing a home in the Hopewell  Borough and Hopewell Township. This article provides details on the condition of the Hopewell real estate for houses sold in Hopewell in the price range of $1.5 million - $2 million. If you are considering selling your luxury home in Hopewell understanding this information could help you make intelligent and informed decisions.

Luxury Hopewell Real Estate - Summary

My the recent article “Hopewell luxury real estate 2003- 2008″ provided a summary of what happened to the the market in the $1.5million - $2million price range. “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- $2.Million- $2.5 Million there was 1 house sold in Hopewell in each of the last three years.”

This article examines in detail the history of the price declines of luxury real estate in Hopewell over the last 5 years and provides the breakdown for the number of houses sold in various luxury price ranges.*

Luxury Hopewell Real Estate - Price History 2003-2008

The unfortunate news is that the prices for luxury Hopewell homes for sale have declined approximately 26% since the high in 2004. Here are the details for the prices of luxury homes sold in Hopewell ($1.5mm-$2.5mm).

Year    Median Price     % Change        Houses Sold
                           
2003    1,847,500                                    6
2004    2,100,000            14%                 5
2005    1,995,000            -5%                 9
2006    1,870,399            -6%                 6
2007    1,772,500            -5%                 6
2008    1,550,000            -13%               3

Luxury Hopewell Real Estate - Number Of Houses Sold       
The biggest decline in the number of houses sold was in the price range of $2 million - $2.5 million -with only one house sold a year in the last three years, compared to 4 in 2004. Here are the details of the number of luxury houses sold in Hopewell broken down by price range.

Year    $1.5mm - $1.699mm  $1.7mm - $1.999mm     $2mm - $2.5mm   
2003        2                                         3                                   1
2004        1                                         1                                   3           
2005        2                                         3                                   4
2006        1                                         4                                   1
2007        1                                         4                                   1
2008        2                                         -                                    1

Hopewell Luxury Homes For Sale - Conclusion
If you are seller considering selling your home in this market in Hopewell you have to be prepared to face the hard truth - this is a slow market. I work with clients to understand their situation and give them facts to decide if this is the right time to sell for them. Be cautions of people saying “now is the right time to sell". There is no one answer that fits all, but understanding reality is critical for everyone.
What is especially important for prospective home sellers is to understand why the homes that were on the market didn’t sell. For those who have to sell this history could be the key to success. 

Call me 609-553-4175 or e-mail fsechzer@yahoo.com if you would like to receive the details on the unsold properties, have questions about this article or would like to understand what is the best course for you now.

P.S. As a follow up to this article I was asked if the decline in Hopewell homes sales in the $2million- $2.5 million price range is due to fewer house being on the market or lack of buyers. Here are the statistics to help answer this question:

2005 -Homes Listed- 7  Homes Sold - 4

2006 Homes Listed - 7  Homes Sold - 1

2007  Homes Listed -8  Homes Sold - 1

2008  Homes Listed -3  Homes Sold - 1

After 2005, the number of luxury homes sold in Hopewell has declined, even though the number of the houses listed remained the same. By 2008 the number of homes listed has declined as well. This could be the response of the home sellers of the sellers who do not think they could sell in this market.

To check what Hopewell homes for sale are on the market now (in the MLS), click on the link below:

Luxury Hopewell Homes For Sale -$1,500,000 - $2,500,000 - Princeton Area Luxury Real Estate

* Data is based on Trend MLS 09/28/2008 is considered accurate but not guaranteed.

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 have written before how comparing  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 that is most likely different in different periods. For example, preponderance of higher priced properties compared with another year, would make the median and average prices be higher. To understand what the true trends are, it s necessary to track the price changes for the same property. Case - Shiller index calculates 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 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 -$1,500,000 - $2,500,000 - Princeton Area Luxury Real Estate

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.

Read:Everything you wanted to know about Princeton area real estate

If you are interested in Hopewell real estate homes for sale, you could see what’s available in the MLS now in different price ranges.

Hopewell NJ Real Estate - Homes For Sale $300,000 - $500,000
Hopewell New Jersey Real Estate Homes For Sale- $500,000 -$750,000

Princeton area home buyers often think Princeton luxury real estate is limited to homes for sale in Princeton Borough and Princeton Township. One of the lesser known pockets of luxury real estate homes is in Hopewell Township and close to the Bedens Brook Golf Club.

12 Benson Lane, Skillman NJ  is a beautiful home for sale in Hopewell Township New Jersey. Benson Lane is a street of similar stately Hopewell homes. These large luxury homes are only minutes from downtown Princeton, yet the ambiance of the area is bucolic pastures and the mountains visible in the background.

The home is situated on 6.3 acres, has 6 bedrooms, 6 /1 bathrooms and is 5964 sq. feet. It is listed for $1,999,000 with Henderson Sotheby’s International Realty. All the amenities of a luxury estate home are here: fabulous kitchen and master bath with radiant floors, inlaid hardwood floors, large size rooms and lower level with exercise room, game room, media room and full bath.

To see this Hopewell home for sale please call 609-553-4175 - Princeton real estate agent, specializing in the luxury homes for sale in and around Princeton.

Not ready to visit a luxury Princeton area home in person yet? You could search on-line right here for all the Princeton and Hopewell real estate homes available now in the MLS:
Princeton & Hopewell Homes For Sale

Want to learn more about Hopewell real estate housing market, prices and trends?  Read:

Hopewell New Jersey Real Estate - Luxury Homes For Sale Prices And Sales 2003- 2008

Luxury Hopewell NJ Real Estate -Housing Report 2003-2008

Hopewell NJ Real Estate -Housing Report May 2008|New Jersey Real Estate

Hopewell NJ Prices of Homes For Sale - Sold In January 2008

“I am relocating to Princeton New Jersey, where should I live?” This article presents 5 key criteria to consider, since this question is one of the more frequently asked by my clients and in readers’ e-mails. The question of where to live is also part of the bigger question of how to find the home, the community, the schools that would be right for your family and within your budget?

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New Jersey Real Estate - Hopewell Housing Market May 2008

Hopewell real estate has seen a substantial 26% reduction of houses listed this month compared to same period last year and to April of 2007.  The median prices for houses for both the Hopewell Township and Hopewell Boro has decreased compared compared to May 2007, less in the township and more in the Boro. The median price for Hopewell condos has also declined from last year.The large 61% increase in the median prices for the houses sold in the Hopewell Township upon closer examination is attributed to the preponderance of less expensive homes sold during April 2008, compared to may 2008.

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