It is that time of year where we try savor the longer, slower pace of summer days before they end. And in the Princeton residential real estate market, August is the month where a fair amount of closings occur as a result of the busy spring market. Speaking of closings, let’s take a moment to review July’s residential real estate activity. Units Sold experienced an increase (+21%, 35 vs. 29) as did Units Listed (+25%, 30 vs. 24) compared to July 2017. While the Average Sale Price (-8%, $952,343 vs. $1,031,454) and the Days on Market (-21%, 33 vs. 42) also decreased over the same period last year.
Let’s dive a little deeper into July’s data. Of the 35 units sold in July 2018, 22 were below $1M, 12 were between $1M- $2M, and only 1 was above $2M. Compared to July 2017, when 19 units sold below $1M, 8 units sold between $1M- $2M, and 2 units sold above $2M. As you can see, the composition of sales changed year-over-year from 93% of properties selling under $2M in July 2017 to 97% in July 2018. This trend affects the Average Sale Price and one could argue the Days on Market as typically the more expensive the property, the longer it takes to sell.
How does Princeton look year-to-date? Units Sold are down (-11%, 162 vs. 182) compared to last year as are Units Listed (-1%, 300 vs. 302). The Average Sale Price is down (-7%, $963,440 vs. $1,042,347) while Days on Market increased (+5%, 59 vs. 56). The year-to-date minimum sale price is $275,000 compared to $295,000 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 159 Active Units on the market between $275,000 and $6,000,000 – of which 12 are currently under contract. Additionally, there are 28 Pending Units between $360,000 and $2,995,000. Lastly, 4 new listings have been introduced thus far in August.
With July behind us, we are super curious to see what August 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