March and the Princeton Residential Real Estate Market

March 2019

And just like that, it’s Spring and the beginning of April has been BUSY! But what happened in March? March’s residential real estate story was all about LISTINGS! There was a 37% increase in Units Listed this March compared to March 2018. If you recall, last March we experienced 4 back-to-back Nor’easters. One could argue the milder weather this March’s may have something to do with the increase in Units Listed. As for other metrics, Units Sold experienced a decrease (-18%, 14 vs. 17) as did the Average Sale Price (-10%, $979,349 vs. $1,087,206) over the same period last year. While Units Listed (+37%, 63 vs 46), Units Pending (+13%, 27 vs. 24), and Days On Market (+93%, 414 vs. 215) all experienced an increase compared to March 2018. The composition of sales in March was pretty similar with 8 Units Sold under $1M and 5 Units Sold between $1M-$2M, and 1 Unit Sold over $2M. Last year 10 Units Sold under $1M and 5 Units Sold between $1M-$2M, and 1 Unit Sold over $2M.

Some other interesting tidbits of data…over the last 12 years the average Units Sold was 18, Average Sale Price (ASP) was $908,993, average Units Listed was 55, average Units Pending was 28, and the Average Days on Market (DOM) was 200. Relative to the aforementioned data, March 2018 was an above average month in Units Listed, about average in Units Pending, and below average in Units Sold, ASP, and DOM.

How does Princeton look year-to-date through March? Units Sold (35 vs. 38) and the ASP ($941,711 vs. $1,026,697) were both down -8% compared to last year. Units Listed (+43%, 130 vs. 91) and DOM (+33%, 225 vs. 169) both experienced an increase over the same period. Additionally, through March the minimum sale price was $250,000 compared to $275,000 last year and the maximum sale price was $2,075,000 versus $2,525,000 during the same time last year.

So what is happening now? There are currently 163 Active Units on the market between $115,000 and $12,000,000 and 17 properties that are Active Under Contract between $455,000-$2,795,000. Additionally, there are 32 Pending Units between $425,000 and $2,495,000. Lastly, 31 new listings have been introduced thus far in April between $519,000 and $2,250,000.

With March behind us, we are 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

Advertisements