We are definitely in a transitional market and while we normally share year-over-year statistics, we thought it would be helpful to look at the last four years of data to included pre-pandemic information for better context and perspective. When comparing July 2022 to July 2021, Units Sold (-33%), Units Listed (-23%), and Units Pended (-30%) all significantly decreased. Both the Days On Market (+8%) and the Average Sale Price (+10%) experienced an increase. It is clear the data tells the story of just how immensely the pandemic affected the residential real estate market in our area and how it appears that we are now returning to a more normal, pre-pandemic pace.
Another remarkable change is just how quickly and materially the Average Sale Price (ASP) and Median Sale Price (MSP) increased in both July 2021 and July 2022. The substantial decrease in Days on Market (DOM) during the same time period is also notable. This is probably no surprise given the numerous multiple bid situations and the speed with which transactions occurred these last two years.
As noted by the chart below, the percentage of over $2M sales, was substantially higher in July 2022 than in July 2021, July 2020, and July 2019. One could argue this contributed to the increase in both the ASP (+10%) and MSP (+12%). As always, it is important to note that there are several sales that take place outside BrightMLS and are not captured in this data.
Now let’s take a look at how Princeton is performing year-to-date. Units Closed (-14%, 180 vs. 209), Units Listed (-20%, 257 vs. 320), and DOM (-33%, 35 vs. 52) all experienced a decrease compared to January-July 2021. The ASP (+2%, $1,221,432 vs. $1,194,903) and MSP (+2%, $1,027,500 vs. $1,010,000) increased at the same rate over the same period last year.
So what is happening now? There are currently 69 Active Units between $349,900 and $8,500,000, 15 Active Under Contract Units between $507,500 and $12,000,000, and 25 Pending Units between $374,900 and $3,295,000. Lastly, of the 9 properties introduced thus far in August, one is already pending.
With the just over first half of the year behind us, we are super curious to see next 5 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