March and the Princeton Residential Real Estate Market

Much like February, March was busy with multiple bids and quick absorption of new inventory. For example, March 2021 experienced a -57% decrease in Days on Market (63 vs. 146), a +24% increase in Units Listed (51 vs. 41), and a +113% increase in Units Pended (49 vs. 23) compared to March 2020. Of the 51 new listings, only 16 of them are still Active, 30 are already either Under Contract or Pending, one has already Closed, and 2 were Withdrawn. So much like January and February, we need new inventory! There was also a slight increase in the Average Sale Price (+37%, $1,123,050 vs. $820,393) over the same period last year. It is important to note that comparing March 2021 to March 2020 is a little tricky given that at this time last year given we were in the midst of the lockdown.  

Let’s dive a little deeper into the ASP statistics. As noted in the chart below, the composition of the March 2021 Unit Sales were spread across the 3 price ranges compared to the March 2020 Unit Sales where most of the sales were under $1M. 

How does Princeton look year-to-date (YTD)? Units Sold were up +63% (62 vs. 38) and Units Listed were +9% (110 vs. 101) compared to the same period last year. Both the Average Sale Price (+7%, $1,065,803 vs. $996,033) and the Median Sale Price (+6%, $861,250 vs. $815,000) also experienced an increase. As you may recall, the data is a bit skewed given that YTD 7 units sold between $2M-$2.695M and only 2 units ($2.425M-$3.25M) January through March of 2020. The Days on Market experienced a significant decrease (-47%, 71 vs. 135) over the same period last year. So what is happening now? There are currently 67 Active Units on the market between $299,900 and $5,650,000 and 51 properties that are Active Under Contract between $634,000 and $12,000,000. Additionally, there are 35 Pending Units between $449,900 and $3,950,000. Lastly, 12 new listings have been introduced thus far in March between $549,900 and $4,500,000.  Of the 13 new April listings, 2 are already under contract.

With March 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