What was January’s residential real estate story? Contracts were up dramatically and we need new inventory! In January 2021 Units Pended were up 140% (24 vs. 10) and Units Sold increased (+42%,17 vs. 12) compared to January 2020. Units Listed were down (-17%, 19 vs. 23) as were Days on Market (-13%,109 vs. 125) versus the same period last year. The January 2021 Average Sale Price (ASP) experienced a decrease compared to January 2020 (-18%, $996,128 vs. $1,209,861).
Let’s dive a little deeper into the ASP statistics. As noted in the chart below, the January 2021 sales composition was not as evenly spread across price points as it was in January 2020. The combination of the lion share of January 2021 Unit Sales occurring in the under $1M price range (71% vs. 42%) and the highest sale in January 2021 being significantly lower ($2,074,000 vs. $3,250,000) than January 2020, clearly affected the 2021 ASP and thus skewed the data.
So what is happening now? There are currently ONLY 56 Active Units on the market between $540,000 and $5,650,500 (there were 92 this time last year) and 19 properties that are Active Under Contract between $280,000-$12,000,000. Additionally, there are 24 Pending Units between $72,760 and $2,695,000. Lastly, there haven’t been any new listings have been introduced thus far in February – yes you read that correctly. Granted the recent snow storm may have affected market introductions this week and our hope is that we will see additional listings come on soon – we need them!
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