Busy February for Residential Real Estate in Princeton

Feb 2017 (1).jpg

Happy March!!!  So what happened with the Princeton residential real estate market in February? Units Sold increased 45.5% over last year (16 vs. 11), while Units Listed decreased -4.7% (41 vs. 43).  The Average Sale Price (ASP) increased 4.8% ($906,531 vs. $864,909) as did the Days on Market (DOM) which were up 21.2% (103 vs. 85).  How does this information compare to last month? Units Sold were flat to last year last month and if we combine the first two months of 2017, Units Sold are actually up 16.1% (36 vs. 31) over the first two months of 2016. As for the Average Sale Price, last month it was down -29.2%, but looking at both January and February the ASP only decreased -18.7% over the same period in 2016. Taking a closer look at Units Listed, last month Units Listed (UL) were down -45.5%, combining the two months UL were only down -19.7% over the same two months in 2016. Speaking of Units Listed, over the last 10 years March and April were the busiest months for new listings. As such, it will be interesting to see how many listings are introduced over the next two months.  So far, 13 new listings were introduced this month and there are a total of 103 active units on the market between $395,000 and $6,900,000.

In summary, February was another busy month for the Princeton residential real estate market and we are super curious to see what the Spring 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