What was February’s residential real estate story? MULTIPLE BIDS. February 2021 experienced a +30% increase in Units Pended (26 vs. 20) and a +45% in Units Sold (16 vs. 11) compared to February 2020. The average Days on Market drastically decreased by -62% (51 vs. 133). There was also a slight increase in the Average Sale Price (+5%, $1,050,204 vs. $1,002,273) over the same period last year. As for Units Listed, February 2021 experienced an +8% increase (40 vs. 37) compared to February 2020. Of the 40 new listings, only 18 of them are still Active, the other 22 are already either Under Contract or Pending. So much like January, we need new inventory!
Let’s dive a little deeper into the ASP statistics. As noted in the chart below, the composition of the February 2021 sales compared to the February 2020 sales was pretty consistent with the lion’s share occurring in the under $1M price point.
How does Princeton look year-to-date? More properties are selling at a faster rate compared to January and February of 2020. Units Sold were up +43% (33 vs. 23) and Units Listed were basically flat (-2%, 59 vs. 60) compared to the same period last year. Both the Average Sale Price (-8%, $1,022,347 vs. $1,110,580) and the Median Sale Price (-21%, $789,000 vs. $990,900) experienced a decrease. As you may recall the data is a bit skewed given the minimum sale price YTD is $72,760 compared to $427,000 last year and the maximum sale price is $2,450,000 versus $3,250,000. The Days on Market experienced a significant decrease (-31%, 81 vs. 128) over the same period last year.
So what is happening now? There are currently 71 Active Units on the market between $299,900 and $5,650,000 and 26 properties that are Active Under Contract between $649,900 and $12,000,000. Additionally, there are 31 Pending Units between $300,000 and $3,950,000. Lastly, 14 new listings have been introduced thus far in March between $299,900 and $4,299,000. Of the 14 new March listings, 2 are already under contract and one is pending.
With February behind us, we 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!