March and the Princeton Residential Real Estate Market

March 2018 (2)

March’s story definitely had a long chapter related to weather, don’t you agree? After four back-to-back Nor’easters we are happy the month is over and am hopeful for some delightful spring weather soon. Statistically speaking, low inventory was another chapter in March’s narrative with only 43 new listings compared to 58 last year. This trend is consistent with January and February’s Units Listed and the question is, has weather played a factor and/or will this trend continue? April and May will definitely have the answer. Another consistent theme this year has been the decrease in Units Sold which was down (-39.3%) in March. What increased? The Average Sale Price (+12.5%) and the Days on Market (+49.3%).

So what is happening now? There are currently 105 active units on the market between $390,000 and $6,900,000. Last year at this time there were 121 active units on the market between $525,000 and $6,900,000. And of the 15 listings that have been introduced thus far in April, 2 have already gone pending.

How do we look year-to-date (YTD)? Units Sold were down (-41.5%) during the same period last year as were Units Listed (-30.3%). The Average Sale Price (ASP) experienced an increase (+11.9% – $1,026,697 vs. $917,160) as did the Days on Market (+34.2%). Lastly, through March the minimum sale price was $275,000 compared to $322,500 last year and the maximum sale price was $2,525,000 versus $2,185,000 during the same time last year.

 
With March 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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