Happy 2014!!! A new year brings a sense of hope and renewal. Resolutions are formed, promises are made, and good health and organization are at the top of our lists. We all want to be and do better and the New Year allows us to regroup and reset. We are looking forward to a happy, healthy, and productive 2014. But before we look ahead, let’s take a moment to review December, Q4, and YTD Princeton residential real estate data. According to TREND MLS, in the month of December Princeton experienced a -33% in the average sale price (ASP), units listed were also -33%, units pending +25%, units sold were +32% to last year, and the average days on market (DOM) was -113%. As with November, the big story here is SHIFT. While we did see many of the scheduled December closings we anticipated come to fruition, including two interesting sales…Tusculum, which sold for $5.0M, and 79 Chambers Street, one of the Palmer Square townhouses, which sold for $1.775M, as SHIFT is the story, let’s analyze Q4 data before summarizing the year. According to TREND MLS, in Q4 Princeton experienced a -23% in the average sale price (ASP), units listed were flat to last year, units pending +20%, units sold were +17% to last year, and the average days on market (DOM) was -128%. Why the decrease in ASP in Q4? A couple of reasons…remember the outlier of Drakes Corner road at $6.765M in 2012? And not only were there 3 more sales over $1M in 2013 (16 vs. 13), but there were 2 more over $2M sales (4 vs. 2). And guess what? Some of the +$2M sales have SHIFTED into January with 4 scheduled to close this month versus 2 which actually closed in January of 2013.
In 2013, Princeton experienced a healthy 7% increase in the average sale price ($930,518 vs. $867.708), units listed were +5.0% (434 vs. 415), units pending +18% (311 vs. 264), units sold were +17% (306 vs. 262) to last year, and the average days on market (DOM) was -32% (76 days vs. 112 days). Very compelling statistics and we are excited to see what 2014 will bring. Speaking of the New Year, we wanted to thank you for reading our blog and for your continued support and referrals. We hope you have had a great start to your New Year and as always, if you are thinking about buying or selling your home, know someone who could use my help, or like us love statistics and want to learn more about Princeton and/or the surrounding areas, feel free to email us!