We are officially in the spring market. 

Last month was the first time this year there wasn’t a double-digit decrease in the number of Units Listed compared to 2023. In March 2024, Units Listed were effectively flat (34 vs. 33) relative to the same period last year. Interestingly, of the 34 properties listed in March 2024, only seven remain Active. The average DOM for the 27 March listings already under contract was just 10 days. Units Pended decreased (20 vs. 23), as did the Days on Market (-6%) relative to March 2023. Given the previous lack of inventory, it is unsurprising that there was a -39% decrease in Units Sold in March 2024 compared to March 2023. We now have more listings, and the market is quickly absorbing them. 

Let’s look at March 2024 over the last 6 years. Last month, Princeton experienced the fewest Units Sold and Units Pended, the second-least Units Listed, and the quickest DOM. The recently low inventory levels affected the number of transactions and properties sold faster than in the previous 6 years.

While multiple bid situations continue, especially for appropriately priced properties, the March 2024 Average (-5%) and Median (-4%) Sale Prices dipped slightly compared to March 2023. The competition for available inventory is maintaining relatively high Average and Median Sales Prices.

How is Princeton performing year-to-date (YTD)? Units Sold (-24%), Units Pended (-24%), and Units Listed (+15%) all decreased while DOM (+6%) increased compared to January-March 2023. As for January-March 2024 versus January-March 2019 (pre-pandemic), Units Sold (-20%), Units Listed (-47%), Units Pended (-30%), and Days On Market (-45%) all decreased. Year-to-date, there were fewer Units Sold and Units Pended because there were fewer Units Listed.

The January-March 2024 ASP (-2%) and MSP (-8%) decreased versus January-March 2023. Relative to January-March 2019, the January-March 2024 ASP and MSP increased +35% and +24%, respectively. Please note that the data I share includes properties sold via BrightMLS. Every year, sales occur outside BrightMLS. For both consistency and to present timely information, I exclude the data associated with these off-market sales in my analysis. 

So what is happening now? There are currently only 37 Active Units between $409,000 and $3,975,000, 28 Active Under Contract Units between $599,000 and $12,000,000, and 22 Pending Units between $176,668 and $2,650,000 in Princeton. Lastly, of the 22 properties introduced thus far in April, two are Coming Soon, three are Active-Under-Contract, and one is Pending status.

If you are considering selling your house but have been on the fence, now may be the time to list. The Princeton residential real estate market is active with both local and out-of-town buyers looking to purchase a home, and it would be an honor to provide you with a competitive market analysis for your property. 

As always, if you are thinking about buying or selling or want to learn more about the Princeton area real estate market, please don’t hesitate to call (917-396-5880) or email me!