Montgomery Township Real Estate Review - Market In Last Five Years

By Faina Sechzer

Real Estate Agent with Henderson-Sotheby's International Realty

February 03, 2009 10:59 AM

Princeton Real Estate has released it's report on the real estate market in Montgomery Township for the last 5 years.

If you are thinking of selling your home in Montgomery Township this data could help you. If this you are considering buying a Montgomery township home for sale and wondering if now is the right time and to buy, this report could provide some answers.

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.