February is finally behind us and we are definitely looking forward to the spring…this will be a winter we will never forget!!! Speaking of winter, over the last month or so, we have often been asked how/if we think the weather has affected the market. Well, here are some stats that may help to answer that question. According to Trend MLS, in the month of February in Princeton 14 units sold vs. 8 units LY (+75%), the average sale price was $894,181 vs. $860,437 LY (+4%), 36 units were listed vs. 37 LY (-3%), 9 units went pending vs. 29 LY (-69%), and the average days on market (DOM) was 94 vs. 75 (+25%). We believe the answer is YES; the weather has affected market activity. We have had clients either cancel or reschedule appointments due to unsafe driving conditions and/or school snow days. Once we get through this next storm, which will hopefully be our last, we have a feeling we are in for a very busy March and April.
Year-to-date, compared to 2013, Princeton experienced a healthy 9% increase in the average sale price ($1,094,003 vs. $1,000,174), units sold were +11% (31 vs. 28), units listed +5% (61 vs. 58), units pending were -54% (21 vs. 46), and the average DOM was -16% (87 days vs. 104 days). Now let’s dive a little deeper into the sea of statistics. YTD there have been 14 sales over $1M vs. 6 sales over $1M in 2013. You might be wondering if there was a +133% in the number of units sold over $1M why isn’t the ASP significantly higher? Well, remember last year there was an outlier… the American Boy Choir School sold for $5.9M and closed last January. So which price range over $1M experienced the largest increase? The $1M-$2M range with 11 units selling in 2014 vs. 3 units in 2013. Pretty compelling data. Like a child on the eve of their birthday, we are excited to see which new homes come on the market and how March and April are going to shake out once we thaw out from the cold. Will we experience many of the same trends as last year? Will lack of inventory continue to be the story? Only time will tell. Thank you for your time and please remember, 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! Sig & Syl