Princeton Real Estate - Mercer County NJ Homes -

Princeton Real Estate And Real Estate Around The Country

What is the risk of real estate prices in Princeton, as well as homes in Montgomery, West Windsor and other surrounding towns, going down in the next several years? I am not exaggerating when I say this is the question everyone asks me these days, even people who are not planning to buy or sell their home in the near future. My answer usually includes words to the effect of not having a crystal ball, accompanied by the description of exactly what has already happened in Princeton real estate and why. For some areas in the country there are companies that measure risk of future real estate price declines.

PMI Mortgage Insurance Company ranks the nations 50 largest metropolitan statistical areas (MSA)  according to the likelihood the home prices will be lower in two years. They recently released their report for the Summer 2008. The positive news in what their index shows is that the risk declined in approximately 86% of the 381 MSAs tracked. The negative news is that the risk continues to intensify in areas with previous fast increases of home prices:

"  In general, risk continued to intensify in many of the MSAs where home price growth had significantly exceeded historical norms during the housing boom, but continued to decline in many other areas across the country." Of the 50 MSAs, 15 in the two highest risk categories were in California, Florida, Nevada, and Arizona

The PMI report shows the highest risk of future price declines in:

• Riverside-San Bernardino-Ontario, CA (95.5)
• Fort Lauderdale-Pompano Beach-Deerfield Beach, FL (92.2),
• West Palm Beach-Boca Raton-Boynton Beach, FL (91.9)

The areas with the lowest risk of price declines are each at less than a 1 percent chance:

• Fort Worth-Arlington, TX,
• Dallas-Plano-Irving, TX
• Pittsburgh, PA

The index takes into account many factors including affordability, home price appreciation and unemployment, which rose across all MSAs on average of 5.37%. The East coast has seen some of the larger unemployment increases, with the Edison-New Brunswick(one of the few New Jersey towns tracked) increasing 1.17%, this being the 4-th highest increase in this region.

Princeton real estate, Montgomery, and West Windsor are not included in this index, so no such statistical data is available for us to analise. Helping my clients understand local real estate often boils down to understanding the market on the level of the specific neighborhood, housing development, particular price range and even a specific house. 

Why Some Princeton Houses Sell Quickly

Montgomery Township NJ Real Estate Market Report - June & Six Months 2008

Princeton NJ Mercer County Real Estate Market Housing Report -Second Quarter 2008

How To Buy And Sell Your Princeton Home Like A Pro

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

I.West Windsor Real Estate Statistics June 2008 and First Half 2008  Summary  

The West Windsor NJ real estate market report for June 2008 is important in the sense it completes the picture for the first 180 days of 2008 and also covers the usually busiest real estate market in the summer. The West Windsor real estate statistics show significant 26% decline in the number of houses listed for June 2008 and 12% decline for the first six months 2008, compared to the same periods in 2007. Sellers of West Windsor homes have been reluctant to put their houses on the market in the wave of the national reports of depressed home prices, credit problems and other economic troubles. This is similar to the real estate market in Princeton and Montgomery Township. West Windsor Home Sellers' choosing to wait for a better market could also suggest the relative economic stability of the greater Princeton, with much less impact of the foreclosures. In many parts of the country waiting is not an option for many homeowners.

With fewer houses on the market, there were declines in the number of West Windsor homes sold in June 2008 and in the first half of 2008, compared to  the same periods in 2007. These declines are 13% and 16% respectively. The average price decline of 2% for homes sold in West  Windsor could be considered moderate for the first 180 days in 2008, compared to 2007, reflective of the relative limited inventory.

Read: Princeton NJ Mercer County Real Estate Market Housing Report -Second Quarter 2008

II. West Windsor Real Estate Market June 2008

West Windsor Houses Sold 2008
Total number            29
Median Price            $570,000
Average Price            $591,990
Avg. Sold Price/original Price    94%

West Windsor Condos Sold 2008
Total number            5
Median Price            $273,500
Average Price            $278,500
Avg. sold price/Original Price    94%

West Windsor Houses Pending 2008
Total number            30
Median Price            $659,000
Average Price            $673,780

West Windsor Condos Pending 2008
Total number            9
Median Price            $389,000
Average Price            $371,000

West Windsor Houses Active 2008
Total number            158
Median Price            $628,980
Average Price            $677,670

West Windsor Condos Active 2008
Total number            32
Median Price            $336,900
Average Price           $351,770

West Windsor Real Estate Statistics - Houses & Condos June 2008
Units Listed                42
Listed Average Price     $550,446
Pended                      36
Units Sold                  34
Sold Average              $545,887
Average DOM             57

West Windsor Real Estate Statistics - Houses & Condos June 2007
Units Listed                57
Listed Average Price     $572,723
Pended                     40
Units Sold                 39
Sold Average Price      $560,153
Average DOM            80

III. West Windsor Real Estate Market  - First Half 2008

West Windsor Houses Sold
Total number            110
Median Price            $513,000
Average Price            $565,750
Avg. Sold Price/ Original Price    92%

West Windsor Condos Sold
Total number            27
Median Price            $336,900
Average Price            $351,770
Avg. Sold Price/ Original Price    94%

West Windsor Real Estate - Houses & Condos - First Half 2008
Units Listed                302
Listed Average Price     $595,413
Pended                      186
Units Sold                  136
Sold Average Price       $516,427
Average DOM            74

West Windsor Real Estate - Houses & Condos First Half  2007
Units Listed                342
Listed Average Price     $599,694
Pended                      211
Units Sold                  162
Sold Average Price       $528,999
Average DOM             84

Data based on Trend MLS 07/22/2008 and is not guaranteed.

Use our free West Windsor Homes Search if you are considering relocating to West Windsor NJ and search for West Windsor homes for sale 24/7.

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.

This report could provide insight into the state of the Montgomery Township real estate and could be useful for home buyers relocating to Montgomery Township, or looking for Princeton area homes for sale and want to understand the differences between various surrounding towns, or if you are considering selling your Montgomery home.

I. Montgomery Real Estate Summary 

The slowing of the real estate market in Montgomery township is similar to Princeton in that there are fewer house being listed, going under contract, and being sold compare to the similar period of 2007. There were 39% less houses listed in June 2008 and 22% less in the first half year of 2008, compared to 2007. The Montgomery home sellers, similar to Princeton home sellers are reluctant to put their houses on the market. Most of the market activity now is attributed to the home buyers and sellers relocating to the area, because of job transfers or other family personal situations, requiring their move. There is also a category of Montgomery real estate buyers and sellers who are using this weekend market to upscale. There number of Montgomery homes sold declined 22% in June and 33% in the 1st six months compared to 2007. the factors contributing to these declines is the uncertainty of the home buyers, tightening credit market, increasing interest rates and other troubles with the economy.

II. Montgomery Township Real Estate - June 2008

Montgomery Houses - Active June 2008
Number - 159
Median Price - $640,000
Average Price -$ 741,170

Montgomery Condos -Active June 2008
Number - 13
Median Price -  $399,900
Average Price - $377,290

Montgomery Houses - Sold  June 2008               
Number of Houses Sold - 24               
Value sold - $14,967,800                           
Median House Price  - $614,000 
Average House Price - $623,660     
Average House Sold/ Original Price - 95%

Montgomery Condos - Sold June 2008

Number Condos Sold -    5
Value sold -               $1,236,500
Median Condo Price -   $334,000         
Average Condo Price - $327,000           
Average Condo Sold Price/Original Price - 95%

Montgomery Houses & Condos June 2008 vs. June 2007

Category                       June 2008        June 2007
Number Listed                  22                   36
Number Pended                 33                   42
Number Sold                    29                    37
Average Price Sold         $572,562           $772,921
Average DOM                   57                   66


Montgomery Houses Under Contract (Pending) June 2008
Number of Houses pending -33
Volume Houses Sold -       $23,527,880
Median House Price -        $685,000
Average House Price-       $712,970

Montgomery Condos Under Contract (Pending) -June 2008

Number Condos Sold - 6
Value Condos sold -    $2,232,700
Median Condo Price     $349,900
Average Condo Price    $372,120

III. Montgomery Township Real Estate First Half 2008

Montgomery Houses Sold 01/2008-06/2008
Number Houses sold - 70
Median House Price -  $585,000
Average House Price - $661,980
Average Sold Price /Original Price - 93%

Montgomery Condos Sold 01/2008-06/2008
Number Condos Sold -       17
Median Condo Price Sold - $350,000
Average Condo Price Sold -$356,410
Average Sold Price /Original Price - 93%

Montgomery Township  Houses & Condos 01/2008-06/2008 vs. 01/2007- 06/2007

Category                     Six Months 2008                    Six Months 2007
Number Listed                 229                                     290
Number Pended                126                                    165
Number Sold                    87                                     118
Average Price Sold           $602,267                          $665,803
Average DOM                  81                                      73

Statistics based on Trend MLS 07/18/2008 and not guaranteed.

Resources for selling and buying Princeton real estate:

How To Buy And Sell Your Princeton Home Like A Pro

Why Some Princeton Houses Sell Quickly

How To Find A Real Estate Bargain|Princeton Real Estate

Do You Want To Be A Successful Princeton Home Seller?

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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