November was another busy month for the Princeton residential real estate market with increases across the board compared to November 2020: in Units Sold, Average Sale Price (ASP), Units Listed, Units Pended, and Days on Market (DOM). Units Sold experienced the greatest increase (+42%. 27 vs. 19) and with just a couple more Units Listed (20 vs 18) as well as a +19% increase in Units Pended, absorption continues to be the story.
It is important to note the BrightMLS data we share only includes properties sold via BrightMLS. Every year there are sales that occur outside BrightMLS and the information associated with these off-market sales are not included in my data – both for consistency and in order to present timely information. Oftentimes these properties are in the +$2M range and can skew the data a bit. Speaking of price ranges, let’s take a closer look at the composition Units Sold in order to better understand the +19% increase in the November 2021 ASP.
Like last month, there were more $2M sales in November 2021 than in November 2020. Additionally, the sales were more evenly spread across the Under $1M and $1M-$2M price points. The median sale price, another telling metric, experienced a +30% increase ($1,090,000 vs. $840,000) during this time. As we mentioned before, sales do occur outside of the MLS and last November we personally participated in a couple of +$2M transactions that are not part of last year’s data.
Now let’s compare November 2021 data to pre-pandemic November 2019 to see if there are any remarkable nuggets of information.
Like the November 2021 vs. November 2020 comparison, all categories experienced an increase except for the DOM (-27%, 48 vs. 66). It is pretty extraordinary that properties are selling so quickly and it is no wonder there has been an increase in the ASP. Speaking of ASP, the November 2021 vs. November 2019 sales-by-price-point comparison is also very similar to the November 2021 vs. 2020 analysis with November 2019 having a somewhat comparable sales composition.
How does Princeton look year-to-date? January-November 2021, Units Sold were up (+37%, 340 vs. 248) as were Units Listed (+14%, 430 vs. 376). The ASP was also higher (+12%, $1,168,951 vs. $1,046,023) while DOM decreased materially (-32%, 47 vs. 69) compared to January-November of 2020. The YTD median sale price increased +19% ($999,999 vs. $919,000) over the same period last year. Additionally, through November 2021 the YTD minimum sale price was $72,760 compared to $60,500 last year and the maximum sale price was $3,700,000 versus $3,850,000. In summary, the 2021 year-to-date data has been pretty consistent with more properties selling at a faster rate than during the same period last year.
If you compare January-November 2021 to January-November 2019, Units Sold were up (+25%, 340 vs. 273) and Units Listed decreased slightly (-2%, 430 vs. 440). The ASP was higher (+13%, $1,168,951 vs. $1,030,228) while DOM decreased significantly (-35%, 47 vs. 72) compared to January-November of 2019. The YTD median sale price was +11% higher than in 2019 ($999,999 vs $900,000). The minimum sale price was $29,990 and the maximum sale price was $3,000,000 during the same period. Comparing November 2021 to November 2019 is not too dissimilar to November 2020 other than in Units Listed where last year’s shut down probably had an effect on the number of properties to come on the market.
So what is happening now in Princeton? There are currently 39 Active Units on the market between $450,000 and $8,500,000 and 24 properties that are Active Under Contract between $549,000 and $12,000,000. There are also 27 Pending Units between $395,000 and $2,395,000. Lastly, 3 new listings have been introduced thus far in December ($625,000 – $899,000) and one is now Under Contract.
As always, we are super curious to see how the year will end. 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!