February was another busy month for Princeton residential real estate. Both Units Closed (18 vs. 18) and Units Pended (19 vs. 19) were flat compared to last February, despite fewer Units Listed (-15%, 34 vs. 40). The Days on Market (DOM) experienced an increase (+20%, 58 vs. 48) and the Average Sale Price (ASP) was significantly lower (-19%, $844,944 vs. $1,045,737) than during the same period last year.
Why the ASP difference? There was a mix shift in Units Closed by price points. As noted by the chart below, there were more sales under $1M (+45%, 16 vs. 11) and fewer sales over $1M (-71% , 2 vs. 7) in February 2022 compared to February 2021.
Now let’s take a look at how Princeton is performing year-to-date. Units Closed were up +23% (43 vs. 35) while Units Listed were down -12% (51 vs. 58) compared to the first two months of 2021. The ASP was effectively flat ($1,019,242 vs. $1,021,641) and DOM experienced a significant decrease (-33%, 52 vs. 78) over the same period last year.
So what is happening now? There are currently ONLY 31 Active Units between $449,000 and $8,500,000 – 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. Lastly, of the 11 properties introduced thus far in March, 3 are already under contract.
With February behind us, we are super curious to see what March and April will bring – especially in terms of new inventory. 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