As you know October is one of our favorite months of the year. The weather is mild, the trees are beautiful, and the crisp air feels wonderful. In Princeton, October also tends to be the busiest month of the fall selling season. How active was the month of September? The data shows it was pretty busy! In September 2018 Units Sold increased (+24%, 21 vs. 17) compared to September 2017. While the Average Sale Price (-29%, $1,062,047 vs. $1,494,448), Days on Market (-25%, 70 vs. 93), and Units Listed (-20%, 33 vs. 41) all decreased over the same period last year.
Why the difference in the Average Sale Price year-over-year? Well, of the 21 units sold in September 2018, 10 were below $1M, 10 were between $1M-$2M, and only 1 was above $2M ($2.8M). Compared to September 2017, when 5 units sold below $1M, 10 units sold between $1M-$2M, and 2 units sold above $2M ($2.2M and $4.95M). Clearly the $4.95M outlier is contributing to higher September 2017 ASP. The data also reveals that 38% of the sales between $1M-$2M in September 2017 were above $1.5M compared to zero sales in the same price range in September 2018. In other words, all 10 of this September’s sales between $1M-$2M were under $1.5M; which also contributed to the decrease in the Average Sale Price.
How does Princeton look year-to-date? Units Sold are down (-14%, 208 vs. 241) compared to last year as are Units Listed (-6%, 353 vs. 377). The Average Sale Price is down (-8%, $981,630 vs. $1,070,498) while the Days on Market increased slightly (+3%, 63 vs. 61). In summary, less units have sold at about the same rate, but there were also fewer properties introduced. As for the change in Average Sale Price (ASP), similar to September’s story, year-to-date there have been only 7 over $2M sales in the MLS (as you may recall there were 4, that I know of, outside the MLS) compared to 18 over $2M sales in the MLS over the same time in 2017. Also important to note, year-to-date the minimum sale price is $275,000 vs. $305,000 and the maximum sale price is $2,800,000 versus $4,950,000 during the same period last year.
So what is happening now? There are currently 139 Active Units on the market between $280,000 and $12,000,000 – of which 9 are currently under contract. Additionally, there are 23 Pending Units between $275,000 and $1,895,000 and 5 new listings have been introduced thus far in October.
With September behind us, we are super curious to see what October 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