April and the Princeton Residential Real Estate Market

April 2018 (1)

So what was April’s story? LISTINGS and SALES! Units Listed were up 34% (67 vs. 50) compared to April 2017 – this is BIG.  Why? As you know, the first quarter narrative was low inventory and in just ONE month Princeton went from experiencing a 30% decrease in Units Listed to now only being down 9% year-to-date (156 vs 172) compared to the same period last year. Will May experience the same phenomenon? We don’t know about you, but I can’t wait to find out!

The other interesting chapter in April’s story is SALES. There was a 35% increase in Units Sold compared to April 2017. While Units Sold increased, the Average Sale Price decreased (-19%) over the same period. Why? Well, over half of April 2018 sales (52%) were properties under $1M ($280,000-$780,000) compared to 47% in April 2017 ($325,000-$935,000). Additionally, while there were 2 sales over $2M in both April 2018 and April 2017, the two 2018 sales were on the lower end of the spectrum at $2,050,000 and $2,100,000 compared to $2,141,667 and $2,800,000 in April of 2017.

How does Princeton look year-to-date? Units Sold are down (-26%) during the same period last year as are Units Listed (-9%). The Average Sale Price is up (+3% – $1,005,431 vs. $976,427) as is the Days on Market (+22% – 96 vs. 79).  Lastly, year-to-date the minimum sale price is $275,000 compared to $322,500 last year and the maximum sale price is $2,525,000 versus $2,800,000 during the same time last year.

So what is happening now? There are currently 138 Active Units on the market between $315,000 and $6,000,000. Last year at this time there were 134 Active Units on the market between $498,500 and $6,900,000. So far this month, 12 new listings have been introduced.

With April behind us, we are super curious to see what May and June 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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