Happy 2018! A new year brings a sense of hope, opportunity, and renewal. Resolutions are made and good health, mindfulness, and organization are usually at the top of the list. Personally, we are looking forward to a happy, healthy, and productive 2018. Before we look ahead, let’s review the 2017 Princeton residential real estate market.
Compared to 2016, the Average Sale Price (ASP) increased (1.74%) and the number of Units Sold decreased (-2.18%). The number of Units Listed also decreased (-7.95%) as did the Days on Market (-2.82%). Now let’s dive a little deeper and start with the Average Sales Price (ASP). The ASP is the highest it has been at $1,047,283. The next closest year was in 2015, $1,032,734, when there were 7 sales over $3M. In 2017 there were 3 sales over $3M compared to only 2 sales in 2016. Interesting to note, one of the 3 sales was for $4,950,000. The last time a property sold around that amount was in 2013 and before that was 2010. So, if we exclude the outlier sale, the ASP for 2017 is $1,034,814 which is effectively flat to last year’s $1,029,834.
Another interesting tidbit is approximately 62.4% of Units Sold were below $1M vs 59.5% (196 vs 191) in 2016. In the higher price ranges, 13 fewer units sold in the $1M-$1.99M range (97 vs 110) and the $2M-$2.99M range was flat to last year (18 vs 18). Lastly, as previously mentioned, there was a one unit increase in sales in the +$3M range (3 vs 2).
As it relates to Days on Market (DOM), the quickest selling homes were in the below $1M range at an average of 53 DOM. The slowest range was the +$3M at an average of 186 DOM.
In summary, 2017 was another active year in Princeton. The Average Sale Price continues to maintain a record level with fewer unit sales and units listed all at a faster pace than last year. That all 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 market trends. Speaking of markets, 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 us! Happy New Year! Sig & Syl