May and the Princeton Residential Real Estate Market

May 2018 (3)

What happened in May? While there were a couple more units listed and one more unit sold in May, the major difference to note is the decrease in Average Sale Price (ASP) (-17%, $860,164 vs. $1,034,333). Why the change in the ASP? The majority of sales in May 2018 were under $1M (80% vs. 67%) and the maximum sales price this May was significantly lower ($1.8M vs. $3.1M). In fact, there were two $3M+ sales in May 2017 ($3.0M and $3.1M) compared to zero in May 2018.

How does Princeton look year-to-date? Units Sold are down (-19%, 86 vs. 106) during the same period last year as are Units Listed (-4%, 223 vs. 233). The Average Sale Price is down (-3%, $963,202 vs. $989,538) while Days on Market (+15%, 77 vs. 67).  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 $3,100,000 during the same time last year.

So what is happening now? There are currently 157 Active Units on the market between $280,000 and $6,000,000, and 61 Pending Units. So far this month, 10 new listings have been introduced.

With May behind us, we are super curious to see what the 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 usSig & Syl

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