June and the Princeton Residential Real Estate Market

June 2019

Happy July! And just like that, it’s the end of the second quarter! This is an interesting time in the Princeton residential real estate market as properties begin to close and one can more deeply reflect on the state of the market. So what happened in June? In general, fewer units sold at a higher Average Sale Price in a longer period of time compared to June 2018. More specifically, there was a decrease in Units Sold (-12%, 36 vs. 41), Units Listed (-27%, 35 vs. 48), and Units Pending (-27%, 24 vs. 33) over the same period last year. However, the Average Sale Price (+15%, $1,117,983 vs. $973,411) and Days On Market (+140%, 96 vs. 40) experienced an increase compared to June 2018. How do these statistics compare to the last 10 years? The number of Units Sold, Units Listed, and Units Pending in June 2019 were all below average (their averages were 45, 41, and 32 respectively). The Average Sale Price, the Median Sale Price, and the DOM were all above average (their averages were $988,037, $850,675, and 90 respectively).

Let’s dive a little deeper into the composition of the Unit Sales and the Average Sale Price (ASP). In June 2019 of the 36 Units Sold, 18 properties sold under $1M compared to 25 properties to the same month last year. The same number of houses, 16, sold between $1M-$2M in June 2019 and in June 2018 with more houses (5 vs. 3) selling over $1.5M. According to the MLS, in June 2019 there were 2 properties that traded over $2M compared to zero, in 2019. As you may recall, last year approximately 9 sales over $2M occurred outside the MLS. As such, the information associated with the aforementioned sales was not captured. That being said, one can extrapolate that the reason for the increase in ASP is because not only were there more sales above $1.5M  in 2019 compared to 2019, but also the missing +$2M sales from the 2018 MLS could be skewing the 2018 data.

How does Princeton look year-to-date through June? Units Sold were effectively flat (125 vs. 126) as was the Median Sale Price ($900,000 vs. $900,056). Units Listed (+11%, 304 vs. 275), DOM (+62%, 125 vs. 77), and the ASP (+3%, $1,002,381 vs. $971,629) all experienced an increase over the same period. In summary, year-to-date there has been about the same number of sales at a slightly higher ASP but it has taken longer to sell the units and more properties were listed compared to the same time last year. Lastly, through June 2019 the minimum sale price was $250,000 compared to $275,000 through June 2018. The maximum sale price through June 2019 was $2,400,000 versus $2,525,000 during the same time last year.

So what is happening now? There are currently 164 Active Units on the market between $99,000 and $12,000,000 and 34 properties that are Active Under Contract between $425,000 and $2,795,000. Additionally, there are 42 Pending Units between $360,000 and $2,850,000. Lastly, 12 new listings have been introduced thus far in July between $649,000 and $1,999,000.

With June behind us, we are super curious to see what July 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