April and the Princeton Residential Real Estate Market

This is the definitely the month where comparing the year-over-year data is going to look, for lack of a better word, wonky. In April 2020 we were in the midst of stay-at-home orders while trying to navigate the residential real estate sales process. Therefore it’s no surprise that as we compare April 2021 to April 2020, we see incredible increases in every metric other than Days on Market. As such, we thought it would be more helpful to compare April 2021 to April 2019 to see what nuggets of information can be gleaned when looking at a more typical, pre-pandemic April. Before looking at the April 2021 vs. April 2019 analysis, we thought it would be useful to share the composition of the April 2021 Units Sold compared to the April 2020. 

April 2021 Unit Sold were more evenly spread between the Under $1M and $1M-$2M price ranges. There were also two high end sales in April 2021, $2,800,000 and $3,000,000 compared to none in April 2020. 

Now let’s take a peek at April 2021 compared to April 2019:

As you can see, in April 2021 there were more Units Sold at a higher Average Sale Price and at a faster rate than both in April 2020 and April 2019. Additionally, as noted by the chart below, the April 2021 Units Sold composition is more similar to April 2019 than to April 2020. 

How does Princeton look year-to-date? In January-April 2021, Units Sold were up (+77%, 92 vs. 52) as were Units Listed (+36%, 165 vs. 121). The Average Sale Price was also higher (+19%, $1,131,370 vs. $946,914) while the Days on Market decreased significantly (-44%, 67 vs. 119) compared to January-April of 2020. Additionally, through April 2021 the minimum sale price was $72,760 compared to $345,000 last year and the maximum sale price was $3,300,000 versus $3,250,000 during the same time last year.  So what is happening now? There are currently 74 Active Units on the market between $299,900 and $5,650,000 and 29 properties that are Active Under Contract between $549,900 and $12,000,000. Additionally, there are 54 Pending Units between $520,000 and $3,950,000. Lastly, 3 active listings have been introduced thus far in May ($575,000 – $769,000) along with 5 coming soon properties ($450,000-$1,245,000).   

With April 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!