January was another busy month for Princeton residential real estate. Units Closed increased dramatically (+47%, 25 vs. 17) while both Units Listed (-6%, 17 vs. 18) and Units Pended (+5%. 21 vs. 20) were essentially flat compared to January 2021. The Days on Market experienced a material decrease (-56%, 48 vs. 109) and the Average Sale Price (ASP) was 15% higher ($1,144,735 vs. $996,128) than during the same period last year.
Now let’s take a closer look at the ASP. As noted in the chart below, the January 2022 sales composition was significantly different than in January 2021. In 2022, more Units Closed in the $1M-$2M price range than in 2021, contributing to the remarkable year-over-year increases in both the ASP and the Median Sale Price (+33%, $1,055,000 vs. $792,258).
So what is happening now? There are currently ONLY 26 Active Units between $450,000 and $8,500,000 (there were 56 around this time last year) – needless to say we need new inventory. There are 29 properties that are Active Under Contract between $450,000-$12,000,000 and 24 Pending Units between $320,000 and $2,695,000.
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