January 2023 and the Princeton Residential Real Estate Market

The January 2023 sales data further proves that we are in a transitioning market and we need new inventory. There were material decreases in Units Sold (-56%), in Units Pended (-57%), and in Days on Market (-40%) while Units Listed (+26%), Average Sale Price (+25%), and Median Sale Price (+23%) all significantly increased in January 2023 versus January 2022. In other words, fewer houses sold and went under contract, but the properties that did trade sold super fast and at a higher price in January 2023 compared to January 2022.

Now let’s look at January 2023 to January 2019. In January 2023, the same amount of Units Sold with nearly half the new listings in almost 40% the amount of time compared to January 2019. No wonder we need new listings! Curious about the years in-between? The bar chart below shares Units Sold, Units Listed, Units Pended, and the Days on Market over the last 5 years. 

The January 2023 Average Sale Price (ASP) and Median Sale Price (MSP) are also pretty extraordinary when compared to January 2022.  As noted in the chart below, the January 2023 sales make-up was significantly different than in January 2022. In January 2023, there were two units (18%) that closed over $2M ($2,390,000 & $2,875,000) compared to just one unit (4%) in the over $2M ($2,100,000) price range then in January 2022. Additionally, there was a higher penetration of sales in the $1M-$2M price range in January 2023 compared to a more even sales distribution between the Under $1M and $1M-$2M price ranges in January 2022. Both of these factors contributed to the remarkable year-over-year increases in both the ASP (+25%) and the MSP (+23%).

So what is happening now? There are currently ONLY 37 Active Units between $340,000 and $3,850,000. There are 13 properties that are Active Under Contract between $419,000-$12,000,000 and 12 Pending Units between $639,000 and $3,199,950. Just 4 new listings have been introduced thus far in February.

If you have been thinking about selling your house but have been on the fence, now may be the time to list. There are buyers – both local and out-of-town – looking to purchase a home and it would be an honor to provide you a competitive market analysis for your property. 

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