Happy December!!! It seems like yesterday when we were curiously waiting to see what the New Year would bring. 2013 has definitely been a busy year and the cadence continued into the month of November. According to TREND MLS, in the month of November Princeton experienced a -35.6% in the average sale price (ASP). Yes, you read that correctly and please do not panic. There is a major outlier. As you may recall, in November of 2012 there was a $6,765,000 sale. To provide some perspective, in the last 10 years, including last year’s sale, there have only been 3 sales over $6M. If one were to exclude the outlier the ASP was actually -3.3%. Units listed were -23.5%(13 vs. 17), units pending -17.6% (14 vs. 17) , units sold were -12.5% (14 vs. 16) to last year, and the average days on market (DOM) was -41.3% (111 vs. 189). November’s story is the listings that went under contract and pending. For example, Tusculum sold at auction on 11/7 and closes 12/6. Additionally 3 listings over $2.5M went under contract and 2 others went pending over $2M. Another interesting nugget of information is how many pending sales are scheduled to close this month. Last year 13 sales closed in December, if all pending sales actually close we may see double that number. Did October’s government shutdown push sales out a bit? Maybe. Either way, it will be interesting to see how December shakes out.
How does Princeton look YTD? Through November, Princeton experienced a 9.8% increase in the average sale price (remember the outlier), units listed were +5.5%, units pending +15.5%, units sold were +15.3% to last year, and the average days on market (DOM) was -30.9% (76 days). Still very compelling stats and we are excited to see how we close out the year. Speaking of year, we wanted to take a moment and thank all of our clients for their continued support and referrals. It is an honor to work with such amazing people and there is nothing more gratifying than to help clients find and/or sell their home. Thank you again and we hope this New Year brings much peace, love, happiness and laughter. And as always, if you are thinking about buying or selling your home, know someone who could use our help, or like us love statistics and want to learn more about Princeton and/or the surrounding areas, feel free to email us!