We can’t believe its already November 1st…which means our favorite holiday is around the corner! We love Thanksgiving! It’s a time where we pause, reflect, relax and enjoy a great meal! Speaking of reflecting, let’s take a moment and review last month’s market activity and where we are year-to-date (YTD). According to TREND MLS in the month of October Princeton experienced a healthy 7% increase in the average sale price (ASP), units listed were +31%, units pending -14%, units sold were +25% to last year, and the average days on market (DOM) was -69%! I know! Only 38 days! Let’s dive a little deeper to find some interesting nuggets. This October there were 5 sales over $1M, with one sale being just over $2M, and last October there were only 3 sales over $1M and all 3 sales were between $1M-$2M. The ASP for this October was $853,980 vs. $797,328 October of 2012 and 60% of the Oct. 2013 sales occurred in the $500-$1M price range vs. 50% in Oct. 2012.
How does Princeton look YTD? Through October, Princeton experienced a 14% increase in the average sale price, units listed were +6%, units pending +15%, units sold were +17% to last year, and the average days on market (DOM) was -29% (74 days). Bottom line, 39 more homes sold this year with an average selling price of $934,478 versus $820,660 in 2012, at a significantly faster rate (74 days versus 104 days) – pretty compelling statistics, in our opinion. What will November bring? Well, one thing we know is the Tusculum auction occurs 11/7. So like last year, there should be another high-end sale in November. As you may recall, last year 203 Drakes Corner Rd sold for $6,765,000. What do you think Tusculum will sell for? We are interested in hearing what the market thinks! 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!