January was an interesting month for the Princeton residential real estate market. Units Sold were flat to last year (20 vs. 20), while Units Listed were down -45.5% (18 vs. 33). The Average Sale Price (ASP) also experienced a decrease of -29.2% ($830,204 vs. $1,173,350) as did the Days on Market(DOM) of -38.1% (70 vs. 113). Why the decrease in ASP? Well, we believe there are two reasons. Firstly, in January 2016 two homes sold over $2M ($2.2M and $2.7M) while in January 2017 the highest sale was $1,650,000. Secondly, in January 2016 more properties sold between $1M-$2M (45%) than in January 2017 (15%). Units Listed is another intriguing statistic worth watching and we look forward to seeing both how many and the types of properties that will be introduced over the next couple of months. Currently, there are 87 active units on the market between $474,800 and $6,900,000. As for DOM, 70 days looks pretty healthy and it will be interesting to see if/how that number changes over time.
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