February and the Princeton Residential Real Estate Market

February 2020 (1)

Happy March!

What was February’s residential real estate story? LISTINGS, PENDINGS, and DAYS ON MARKET! February 2020 experienced a more than 60% increase in Units Listed, Units Pended, and Days on Market compared to February 2019. There was also a slight increase in Units Sold (+10%, 11 vs. 10) and the Average Sale Price (+9%, $1,002,273 vs. $919,750) over the same period last year.

What was the composition of the the February 2020 sales compared to February 2019? This February there were 7 sales under $1M (64%), 3 sales between $1M and $1.4M (27%), and one sale over $2M (9%).  In February 2019, the sales were more evenly distributed with 5 sales under $1M and 5 sales between $1M and $1.4M. The higher penetration of sales over $1.4M in February 2020 definitely contributed to the increase in the ASP over February 2019.

All in all, February 2020 was a busy month with 21 Units Pended compared to 13 Units Pended last February, and the properties that did close last month took a significantly longer time to sell compared to the same period last year.

How does Princeton look year-to-date? Units Sold were up +10% (23 vs. 21) and Units Listed were down a bit (-5%, 61 vs. 64) compared to last year. Both the Average Sale Price (+21%, $1,110,580 vs. $916,619), Median Sale Price (+13%, $990,900 vs. $885,000), and the Days on Market experienced an increase (+66%, 128 vs. 77) over the same period. Additionally, through February the minimum sale price was $427,000 compared to $525,000 last year and the maximum sale price was $3,250,000 versus $1,810,000 during the same time last year.

As with February, the year-to-date data shows that more properties are selling this year over the same period last year and they are selling at a slower rate.

So what is happening now? There are currently 102 Active Units on the market between $70,000 and $4,995,000 and 17 properties that are Active Under Contract between $550,000 and $12,000,000. Additionally, there are 21 Pending Units between $360,000 and $1,295,000. Lastly, 5 new listings have been introduced thus far in March between $935,000 and $2,500,000.

With February 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