What was February’s residential real estate story? Unlike January where there was a clear narrative with a 186% increase in Listings compared to January of 2018, February 2019 didn’t necessarily have a clear-cut tale. Units Sold (10 vs. 9) and the Average Sale Price ($919,750 vs. $825,111) were both up 11% over the same period last year. Units Listed (-16%, 26 vs. 31), Units Pending (-54%, 13 vs. 28), and Days On Market (-27%, 91 vs. 125) all experienced a decrease compared to February 2018. The composition of sales in February was pretty even with 5 Units Sold under $1M and 5 Units Sold between $1M-$1.4M. Last year 7 Units Sold under $1M and 2 Units Sold between $1M-$1.3M.
Some other interesting tidbits of data: the last time there were 26 Units Listed in February was 2010, and 13 Units Pending in February is the second lowest it’s been in the last 12 years. The lowest was 9 Units Pending in February 2009.
How does Princeton look year-to-date? Units Sold were flat (21 vs. 21) and Units Listed were up 49% (67 vs. 45) compared to last year. Both the Average Sale Price (-6%, $916,619 vs. $977,714) and Days on Market experienced a decrease (-24%, 99 vs. 131) over the same period. Additionally, through February the minimum sale price was $525,000 compared to $456,000 last year and the maximum sale price was $1,810,000 versus $1,675,000 during the same time last year.
So what is happening now? There are currently 118 Active Units on the market between $115,000 and $12,000,000 and 19 properties that are Active Under Contract between $425,000-$1,499,000. Additionally, there are 17 Pending Units between $449,000 and $2,495,000. Lastly, 15 new listings have been introduced thus far in March between $365,000 and $3,975,000.
With February behind us, we super curious to see what the next few months 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