November and the Princeton Residential Real Estate Market

Nov 2018 (1)

So what was November’s story? Let’s just say the numbers don’t necessarily reflect the activity. As you know the data we share originates from TrendMLS. This year, in particular, there has been a significant number of high-end sales that have occurred outside the MLS system. As such, this data is not included in the above statistics. All that being said, there is still much to be learned from the MLS information.  In November 2018 only Units Listed experienced an increase (+27%, 19 vs. 15) compared to November 2017. While Units Sold (-19%, 17 vs. 21), Average Sale Price (-11%, $891,906 vs. $1,001,429), Units Pending (-53%, 8 vs. 17), and Days on Market (-14%, 66 vs. 77) all decreased over the same period last year.

How does Princeton look year-to-date? Units Sold (-13%, 244 vs. 279),  Average Sale Price (-9%, $966,064 vs. $1,061,888), and Days on Market  (-5%, 62 vs. 65) are all down to last year during the same period. Units Listed has slightly increased compared to last year (+1%, 413 vs. 409).  In summary, fewer units have sold at a faster rate and we have now slightly surpassed the number of Units Listed last year. The story behind the Average Sale Price (ASP) has stayed the same – composition of sales and fewer high-end sales. Year-to-date there have been only 8 over $2M sales in the MLS (that said there are about 7, that we know of, outside the MLS) compared to 20 over $2M sales in the MLS over the same time period in 2017. Having said that, most of the deals outside of the MLS have been between $2M-$2.5M. Also important to note, year-to-date the minimum sale price is $275,000 vs. $295,000 and the reported 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 133 Active Units on the market between $115,000 and $12,000,000 – of which 11 are currently under contract. Additionally, there are 16 Pending Units between $275,000 and $2,795,000 and 3 new listings have been introduced thus far in December – including one $3,200,000 property.
With November behind us, we are super curious to see what December 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!

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