Happy May! Spring is one of our favorite seasons in Princeton. There are a ton of activities to enjoy and mother nature is busy introducing her vibrant spring colors. As real estate agents, this season brings another cause for excitement – new inventory! Typically, April and May are the busiest months for Units Listed and it’s a time when we constantly check the MLS to see which properties are being introduced. This year has been a little different. Why? Because YTD Units Listed are -25.6% and April is a big reason for the decrease (-40.3%). Now I don’t want to sound off any alarms just yet, but we think this is an important trend to watch. There could be many explanations for this decrease: rainy weather, a later public school spring break, an earlier private school spring break, a late Easter/Passover, and who can forget the interesting political climate. What does this is all mean? Well, if you are a buyer finding the right house may be tricky and you may have to move quickly. If you are a seller, and have appropriately priced your home, you may be able to sell at a faster rate. Either way, it is still important to keep in mind that the Princeton area residential real estate market is keenly nuanced and sweeping generalizations cannot be made – the location and the condition of a house still matter.
In summary, May is going to be a really telling month. Will the downward listing trend continue? Or will May be flooded with new inventory? While YTD Units Listed are -25.6%, YTD Unit Sales are +17.4% – maybe this new absorption rate is the “new normal”. So what has happened the first 3 days in May? Currently 4 new listings were introduced and there are a total of 134 Active Units on the market between $498,500 and $6,900,000. We are super curious to see what May will bring and as always, 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!