January and the Princeton Residential Real Estate Market

January 2020 (1)

Happy February! January was a busy month in the Princeton residential real estate market. In January 2020 more Units Sold (+9%,12 vs. 11) and they took longer to sell (Days on Market was +69%,125 vs. 74) compared to January 2019. The Average Sale Price (ASP) also saw an increase over the same period last year (+32%, $1,209,861 vs. $913,773), while both Units Listed (-41%, 23 vs. 39) and Units Pended (-22%, 14 vs. 18) experienced a decrease.

Let’s dive a little deeper into the ASP statistics. The January 2020 sales composition was more evenly spread across price points than in January 2019. In January 2020, 42% of Units Sold were under $1M, 50% were between $1M-$2M, and 8% were $2M+. In January of 2019, 82% of Units Sold were under $1M and 18% were between $1M-$2M.  Interesting to note, this January there was a $3,250,000 sale which clearly affected the ASP.  Without the $3,250,000 sale, the ASP increase would have been +12%.

So what is happening now? There are currently 92 Active Units on the market between $290,000 and $4,995,000 and 14 properties that are Active Under Contract between $74,900-$12,000,000. Additionally, there are 11 Pending Units between $549,900 and $2,499,000. Lastly, 3 new listings have been introduced thus far in February between $290,000 and $1,389,000.

With January 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