Happy fall, happy back to school, and happy back to work! Doesn’t it feel like the summer flew by?! And it seems that lovely, crisp fall weather is already upon us! But before we move on to the next busy residential real estate selling season, let’s take a moment and reflect on last month’s market activity and where we are year-to-date (YTD). According to TREND MLS in the month of August there was an 8.1% increase in the average sale price, units listed were +26.3%, units pending -24%, units sold were flat to last year, and the average days on market (DOM) was -39.8%. Yes, you read that correctly, the average DOM was 58 days this year versus 88 days in 2012! Also interesting to note is of the 45 units that sold this year, 19 were over $1M versus only 16 in 2012. And of the 19, 2 were between $2-$3M and one home sold over $3M. In 2012, 12 units sold between $1-$2M and 4 homes between $2-3M and not one home over sold over $3M through August of 2012.
How did Princeton fair YTD? Year-to-date through August the average sale price was +12.6%, units listed were +4.2%, units pending +11.7%, units sold +21.5% and the average days on market was -26.2%. Bottom line, 41 more homes were sold this year with an average selling price of $939,199 , versus $833,809 in 2012, at a significantly faster rate (79 days versus 107 days). Pretty compelling statistics in our opinion. What will the fall bring? So far, there have been some really great new listings introduced to the market in the last 5 days. 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! Sig & Syl