February and the Princeton Residential Real Estate Market

Feb 2018
While on paper it may look like February was a quiet month, it felt super busy to us. There continues to be low inventory, but we have a feeling that may change in the coming weeks. Before we start to ramble on too much, let’s take a moment to review February data. Units Sold were down (-47.6%) to last year as were Units Listed (-33.3%). The Average Sale Price (ASP) experienced a decrease (-12.08%) as did the Days on Market (-0.93%). Why the decrease in ASP? Well, 78% of the units sold in February were under $1M compared to only 71% in February of 2017. Another interesting tidbit to note is that currently there are 88 active units on the market between $425,000 and $6,900,000. Last year at this time there were 103 active units on the market between $395,000 and $6,900,000.
How do we look year-to-date (YTD)? Units Sold were down( -43.2%) during the same period last year as were Units Listed (-34.4%). The Average Sale Price (ASP) experienced an increase (+11.1% – $977,714 vs. $879,962) as did the Days on Market (+24.4%).  Additionally, through February the minimum sale price was $456,000 compared to $340,000 last year and the maximum sale price was $1,675,000 versus $1,950,000 during the same time last year.

With February behind us, 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 us! Sig & Syl

 

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