June and the Princeton Residential Real Estate Market

June 2018

Happy Independence Day!!!

It’s crazy to think we are half way through 2018 and the slower-paced summer days are upon us. July and August will bring a fair amount of closings and then we will ramp up again for the fall selling season. Before we get too far ahead of ourselves, let’s take a moment to reflect on June’s residential real estate activity. Units Sold and the Average Sale Price (ASP) both experienced a 15% decrease compared to June 2017. And while there were a couple less units listed (43 vs. 45), the Days on Market (DOM) increased 5% (41 vs. 39) over the same period last year.

Let’s take a closer look at June’s ASP. The reason for the decrease ($980,746 vs. $1,160,423) is there were 6 sales over $2M in June 2017 ($2,100,000-$2.625,500) compared to zero sales in June 2018. Important to note, while there have been 4 known sales over $2M in the last couple of months, they were not recorded in the MLS and as such are not reflected in the MLS data.  Either way, the highest sale year-to-date, which was not in the MLS, was for $2,898,000 compared to highest sale during the same period last year at $3,100,000. While clearly the difference in higher-end sales is dragging the ASP down, the other sales categories, under $1M and under $2M, are effectively flat to last year.  In our minds, this is an indication that the June market was still fairly robust.

How does Princeton look year-to-date? Units Sold are down (-18%, 126 vs. 153) compared to last year as are Units Listed (-4%, 266 vs. 278). The Average Sale Price is down (-8%, $968,772 vs. $1,042,032) while Days on Market increased 14% (66 vs. 58). Lastly, year-to-date the minimum sale price is $275,000 compared to $305,000 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 160 Active Units on the market between $280,000 and $6,000,000 and 51 Pending Units between $360,000 and $2,995,000. So far this month, 2 new listings have been introduced.

With June behind us, we are super curious to see what July 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