We hope you are having a great summer thus far and that you enjoy this last month of lazy days before we all gear up for the fall! It’s that time again where we share recent Princeton residential market statistics. According to TREND MLS in the month of July 40 homes sold in Princeton vs. 31 last year (+29%) and the average sale price was -1.4% ($787, 656 vs. $799,096). Units listed were -23%, units pending -43.8% and the average days on market was -46.1%. Year-to-date through July, the average sale price was +16% ($910,996 vs. $786,622), units listed were +2%, units pending +12%, units sold +27% and the average days on market was -23%. What’s ahead for fall? While it has been a busy and exciting spring season, we are looking forward to see what the fall market will bring. In June, units listed and units pending were flat compared to LY while in July both experienced a decrease. In the same period, units sold enjoyed a significant increase over LY. Will these patterns continue into the fall and how will that impact inventory? Are buyers who missed out on their perfect home last spring waiting to see if there will be fresh inventory in the fall? Are potential sellers waiting until they have a more captive audience after Labor Day? While rising interest rates may be impacting refis, will potential homebuyers be encouraged to act sooner rather than later? How will all of this affect the Princeton fall market? Speaking of market, if you are thinking about buying or selling your home, or like us love statistics and want to learn more about Princeton and/or the surrounding areas, feel free to email us!
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