New Jersey Real Estate Agent

Princeton Real Estate Prices & Market Reports

Princeton real estate does not always follow in step with the conditions in the rest of the New Jersey real estate and the country in general. Real estate In Princeton and surrounding towns is not just something that concerns people buying or selling homes now. It is an issue on most homeowners minds. I know this because this is the first question people ask me.

To help my readers better understand what is going on in the Princeton area real I offer monthly, quarterly, semiannual and yearly reviews of key real estate indicators.

Note:  This report has been updated- Princeton Real Estate Market Report 2004-2008

The Princeton housing market report is now available for June 2008. June is an important month for New Jersey real estate as it closes the second quarter and the six months, which are traditionally the busiest part of the season for selling Princeton homes. As such it offers a better perspective then monthly or even the first quarter reports on what what has happened in the Princeton real estate market.

Princeton Real Estate – Second quarter 2008 and Six months 2008 Summary

There has been a significant decline in the number of Princeton houses being listed. For the second quarter (Q2) of 2008 there has 130 houses listed in Princeton Borough and Princeton Township, representing a 30% decline compared to the same period in 2007. The six months of this year saw a decline in listings of 22% compared to 2007.   The listed volume is down 32% for Q2 and 18% for the 6 months. The sellers deeply concerned with the national news of the declining real estate have delayed, postponed or cancelled their plans for selling. While there was a lot less volume the average house listed in the last 6 months was $1,173,800, a %increase compared to 2007.

The average price of houses sold in Q2 is up 9% and for the 6 months it’s up 17% compared to the corresponding periods in 2007, representing the higher priced mixed of the houses being sold.

There was also a significant reduction compared to 2007 in the Princeton houses sold both in absolute numbers, which are down 27% for Q2 and 24% for 6 months, and in volume down 21% and 19% respectively.

All of this happened before the widespread financial panic following the Feddie Mac and Fannie Mae crisis.

Read: Princeton Real Estate and Freddie Mac & Fannie Mae

Princeton Real Estate Prices and Other Statistics – June 2008

Houses & Codos listed        38
Volume listed                    $36,493,399
Listed Average Price           $960,352
Units Pended                     20
Houses and Condos sold      34
Sold Volume                      $34,833,349
Sold average price              $1,024,510
Average DOM                     89

Princeton Real Estate Prices and Other Statistics – Q2 2008

Houses &condos  listed         133
Volume listed                      $155,112,774
Listed Average Price             $1,166,261
Houses Pended                    85
Houses & condos Sold           74
Sold Volume                       $76,456,223
Sold Average price               $1,033,192
Average DOM                      89

Princeton Real Estate Prices and Other Statistics – 6 months 2008

Houses & condos  listed     271
Volume listed                   $318,100,002
Listed Average Price          $1,173,800
Units Pended                    148
Houses & condos Sold        114
Sold Volume                     $124,257,208
Sold Average Price            $1,089,975
Average DOM                   108

Data is based on Trend MLS 7/15/2008 and is not guaranteed

P. S. This report has been updated for the 3d quater 2008 – Princeton real estate market report 3d quarter 2008

Resources for selling and buying Princeton real estate:

How To Buy And Sell Your Princeton Home Like A Pro

Princeton Real Estate – Buyers Market and Multiple Offers

Please call 609-553-4175 for services in Princeton, Montgomery Township, West Windsor, Plainsboro, Princeton Junction, Hopewell, Pennington, and Lawrenceville New Jersey.New Jersey Real estate, New Jersey homes for sale and/or listing New Jersey homes to sell, relocation services and assistance. Referrals are accepted. Countrywide and international relocation program is available.

Faina Sechzer does not guarantee or is in any way responsible for accuracy of the information on this site, and provides said information without warranties of any kind, either expressed or implied. Every consumer is urged to perform their own research and analysis.

Copyright © 2008 Faina Sechzer All rights reserved. This information cannot be copied, reproduced, transmitted, distributed, displayed or published.

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