Happy February!!! We are already over a month into 2016 and the Princeton residential real estate market is busy! January Units Sold were up +26.7% and January Units Listed were up +23.1% compared to last year. The Average Sale price was lower by -4.5%. Why the decrease? One of last year’s highest residential sales,132 Elm Road which sold for $4,325,000, occurred in January. When you exclude this data point, the Average Sale Price was up +16.3% over last January ($1,180,105 vs. $1,014,571). Why the increase? There were twice as many +$1M sales in 2016 (10 vs. 5). Lastly, Days on Market (DOM) was up +154.17% as 73% of the homes sold this past January had been on the market for over 100 days.
In summary, January was another active month for the Princeton residential real estate market and we are super curious to see what the next few months will bring. Speaking of curious, 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