Happy October 1st! October happens to be one of our favorite months of the year. The weather is mild, the trees are beautiful, and the air feels clean and crisp. It’s the start of a new season, one filled with lots of activities and holidays with family and friends. Speaking of activity, let’s take a moment and reflect on last month’s market activity, where we ended Q3, and where we are year-to-date (YTD). According to TREND MLS in the month of September Princeton experienced a 15% increase in the average sale price, units listed were -8%, units pending +8%, units sold were -27% to last year, and the average days on market (DOM) was -14% (59 days). Yes, you read correctly, units sold were down -27%, but don’t panic. It appears there was a shift – July of 2012 only 31 units sold vs. 42 units in 2013 and August was flat year over year. How did the quarter fair? Units sold in Q3 were +5% over last year. Let’s look at the rest of Q3. There was a 6% increase in the average sale price, units listed were -2%, units pending -7%, and the average days on market (DOM) was -38% (54 days).
How does Princeton look YTD? Through September, Princeton experienced a 13% increase in the average sale price, units listed were +4%, units pending +13%, units sold were +16% to last year, and the average days on market (DOM) was -24% (78 days). Bottom line, 34 more homes were sold this year with an average selling price of $932,643 versus $822,381 in 2012, at a significantly faster rate (78 days versus 103 days) – pretty compelling statistics, in our opinion. There also were some shifts that occurred this year, such as 81 homes came on the market in April – more than any one month in 2012. In fact, the month with the greatest number of units listed in 2012 was March with 61 homes. In my opinion, this phenomenon was probably caused by the flurry of activity that occurred the first 3 months of 2013 when units sold were +29% and units pending were +32%. What will Q4 bring? We are excited to see what the next three months will bring and where Princeton will end such an exciting year! So far in addition to some great new listings the level of market activity is steady. 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 contact us! Sig & Syl