Luxury New Jersey real estate in Hopewell is something many of my clients and readers are interested in, especially given the recent financial crisis. This article provides the 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 an extremely 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.
Please call me at 609-553-4175 if you have questions about this article or would like to understand what is the best course for you now.
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.
Comments(2)