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 in the $1.5mm-$2.5mm price range.
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.
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 houses being on the market or a 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 a response of the sellers of Hopewell luxury homes 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.