Princeton Area Real Estate 2015 Year In Review

2015 v 2014 Princeton Stats (1)
Happy 2016!!!  A new year brings a sense of hope and renewal. Resolutions are made and good health and organization are usually at the top of our lists.  We all want to be and do better and the New Year gives us the opportunity to regroup and reset.  We are looking forward to a happy, healthy, and productive 2016.  Before we look ahead, let’s take a moment to review the 2015 Princeton residential real estate market as it was quite a year!

Compared to 2014, the Average Sale Price (ASP) was up 9% as was the number of Units Listed (+8%).  Units Sold decreased (-5%) as did the Days On Market (-9%).  Now let’s dive a little deeper.  Over 64% of Units Sold were at or below $1M vs 67% in 2014.  In the higher price ranges, three additional units sold in both the $1M-$2M range (89 vs 86) and the +$3M range (7 vs 4) respectively, thus increasing the penetration of units sold over $1M to 36% from 33% in 2014.  Another interesting tidbit from last year is that four townhomes sold at The Residences at Palmer Square (1 was a resale), which is notable since the last time a townhome sold there was in 2013.

In summary, 2015 was an active year when the ASP surpassed the most recent high reached in 2008 ($1,016,38) and Units Sold were similar to the 2007 level (297).  That being said, sweeping generalizations cannot be made about our market.  Certain price points, locations, and more recently updated houses behave differently from a statistical standpoint.  And while pricing a home is not an exact science and other factors often come into play, it is helpful to understand the market trends.  Speaking of unique market, if you are thinking about buying or selling your home or want to learn more about Princeton area real estate market statistics, feel free to email or call us! Sig & Syl