The August sales data reflects a market in transition. The Average Sale Price (ASP) has appreciated significantly, rising by 36% compared to 2023 and 69% relative to 2019. However, both Units Sold and Pending Units decreased compared to 2023 and 2019. August 2024 Units Listed was down 26% relative to 2023, which may have contributed to the lower number of transactions last month. Conversely, August 2024 Units Listed was 53% higher than in 2019, but properties are moving much faster than before the pandemic, with an Average Days on Market (DOM) of just 38 days. On average, while there were fewer sales, the market quickly absorbed new listings, with properties selling for 2.6% above their asking prices.

Year-to-date, the market is effectively flat compared to last year, with Units Sold down by 1% and Units Listed down by 2%. However, there are greater decreases in Units Pended (-4%) and DOM (-5%). When comparing January-August 2024 to the same period in 2019, Units Sold have dropped significantly by 20%, Units Listed by 36%, and Units Pended by 22%, while DOM has decreased by 51%. While the market is flat year-to-date compared to last year, it is operating with reduced inventory and a quicker turnover of properties.

Notably, the January-August 2024 Average Sale Price (ASP) increased by 10%, and the Median Sale Price (MSP) rose by 8% compared to January-August 2023. Relative to January-August 2019, the January-August 2024 ASP and MSP have materially increased by 50% and 53%, respectively. Overall, the year-to-date market has demonstrated resilience and productivity given the current inventory levels, with demand continuing to outpace supply.

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.

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!