May and the Princeton Residential Real Estate Market

May 2019 (3)

What was May’s story? The increase in both Units Sold (+12%, 28 vs. 25) and the Average Sale Price (+13%, $970,217 vs. $860,164) were a big part of May’s tale as was the increase in the Days on Market (+232%, 103 vs. 31). How do these statistics compare to the last 12 years? The number of Units Sold is well above the average of 24, and is the second most Units Sold with the highest number, 29, occurring in May of 2012 and again in May of 2016.

As for the increase in the Average Sale Price (ASP), in May 2019, twice as many properties sold over $1M compared to May 2018 (10 vs 5). Of the 10 properties that sold over $1M in May 2019, half of them were between $1.6M and $1.8M, compared to only one of the 5 properties selling for over $1.5M in May 2018.

The +232% increase in the Days on Market (DOM) compared to May 2018 at first glance seems a bit troubling, but my guess is the reason for this large spread is due to the lack of inventory we experienced in the early part of 2018. As you may recall we had 4 back-to-back Nor’Easters in March of 2018 which may have delayed the introduction of new listings last spring. When properties were finally listed in April and May of 2018, the pent up demand may have accelerated the sales cycle. That said, 103 DOM for May 2019 is the average DOM for the last 12 years. The lowest DOM, 31, was experienced in May 2018 and the highest, 182, was in May of 2013.

How does Princeton look year-to-date through May? Units Sold are up +4% (88 vs. 85) and the ASP was down -2% ($949,435 vs. $970,769). Units Listed (+19%, 269 vs. 227) and DOM (+37%, 127 vs. 93) both experienced an increase over the same period. Additionally, through May 2019 the minimum sale price was $250,000 compared to $275,000 through May 2018. The maximum sale price through May 2019 was $2,175,000 versus $2,525,000 during the same time last year.

So what is happening now? There are currently 180 Active Units on the market between $115,000 and $12,000,000 and 35 properties that are Active Under Contract between $360,000-$2,850,000. Additionally, there are 42 Pending Units between $360,000 and $2,795,000. Lastly, 16 new listings have been introduced thus far in April between $479,000 and $2,450,000.

With May behind us, we are super curious to see what June will bring as historically this month ranks as the third highest when listings to go under contract and the fourth highest month when properties are listed in Mercer County. 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