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Princeton Junction/West Windsor real estate market report for January 2009 has been published. It shows significant changes compared to 2008. This information is important for home buyers and sellers.

Princeton Junction /West Windsor – Houses For Sale Summary

• Both median and average prices of houses sold in West Windsor have declined by 11%.
• The biggest change is in the numbers of houses sold, which declined by 63%. This would be alarming if not for the good news in the number of houses pending.
• Pending represents the houses gone under contract in January 2009 and indicates sales/closings in the next several months. This number has increased 83% compared to January 2008.
• This could be an indication that many home buyers believe that West Windsor real estate prices are close to the bottom and are coming back to the market.
• There are fewer Princeton Junction houses for sale active then during the same period last year. Fewer houses on the market should keep the downward pressure on the prices more in check.
• Another piece of good news is that of houses sold – 83% did so in 60 days or less.

Princeton Junction /West Windsor – Condos For Sale Summary

• It is difficult to draw a conclusion in regard to real estate condos prices, since the median shows a 12% increase, while the average prices shows 7% decline. Median prices usually are more reflective of the condition of real estate, so the condos seem to have been less effected then single family homes.
• The number of condos sold has declined 25, but also not as dramatically as for Princeton Junction/ West Windsor single family houses.
• The number of condos pending has remained the same as in January 2008.
• The number of condos for sale active on the market has increased. Increase in inventory could produce downward pressure on the prices going forward.

Below id the detailed data for both single family houses and condos for January 2009 and January 2008.

Princeton Junction/ West Windsor Houses For Sale – January 2009

• Median Price of Houses Sold        $480,000
• Average Price of Houses Sold        $ 557,920
• Number of Houses Sold                               6
• Number of Houses Pending                       11
• Number of Houses Active                          110
• Av. Sold Price/Original Price                      96%
• Number of Houses sold over $700,000      3
• Sold in 60 days or less                                     5

Princeton Junction/ West Windsor Condos For Sale – January 2009

• Median Price of Condos Sold   $249,500
• Average Price of Condos Sold   $273,170
• Number of Condos Sold               3
• Number of Condos Pending        4
• Number of Houses Active             22
• Av.Sold Price/Original Price         91%
• Condos sold over $300,000         1

Princeton Junction/ West Windsor Houses For Sale – January 2008

• Median Price of Houses Sold    $540,000
• Average Price of Houses Sold   $ 627,680
• Number of Houses Sold                16
• Number of Houses Pending          6
• Number of Houses Active             133
• Av. Sold Price/Original Price         92%
• Number of Houses sold over $800,000        3
• Number of houses sold over $1,000,000     2
• Houses sold in 60 days or less       6

Princeton Junction/ West Windsor Houses For Sale – January 2008

• Median Price of Condos Sold   $222,000
• Average Price of Condos Sold   $295,000
• Number of Condos Sold               4
• Number of Condos Pending        4
• Number Condos Active                 18
• Av.Sold Price/Original Price         94%
• Condos sold over $300,000         1

Search all West Windsor and Princeton Junction single family homes

Thinking of buying or selling your house in Princeton NJ area -  We can help
If you are considering buying or selling a home in the Princeton NJ Hopewell Princeton Junction Montgomery  area…

Contact us at (609)-553-4175 for a FREE quote and to find Princeton Mortgage options and to search all Princeton Lawrenceville Princeton Junction Montgomery and Princeton homes for sale right now..

Copyright © 2009 Faina Sechzer, Princeton REALTORS and your Princeton Real Estate Consultants specializing in Princeton, Lawrenceville, Hopewell, Princeton Junction and Montgomery Real Estate.

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Princeton Borough homes for sale is the main topic at Princeton Real Estate Homes -the source for monthly, quarterly and yearly market reports for the Princeton area in New Jersey. The Princeton Borough real estate report or January 2009 is interesting because the results are much different then in 2008.

I have written extensively on how important it is to understand Princeton real estate prices , since many of the New Jersey real estate prices and statistics could be misleading on the Internet. It’s important to work with a Princeton real estate agent knowledgeable to provide the meaning to this information.

Read : Who else wants clarity about real estate prices?

Princeton Borough Real Estate – Summary

• Princeton Borough real estate market report for January 2009 is a case in point of understanding information. Data shows that the median price of single family homes in Princeton Borough has declined 77% and the average price has declined 76%.
• This information could be devastating for all homes sellers in Princeton, unless they understood what is behind this data. The Princeton Borough real estate prices appear to be high in January 2008 because there were only two sales and they were over $2 million. This makes the $680,000 median price for January 2009 look much lower in comparison. Simply put, there is very little data to make meaningful conclusions.
• What appears to be good news – a 200% increase in the number of homes sold may also not be a reliable indicator of improvements in the Princeton Borough real estate sales. The reason is the same – not enough data to draw meaningful conclusions. There were only two sales of single family homes in the Borough in January 2008.
• The Princeton Borough number of houses pending could be the more reliable indicator. This number shows how many houses went under contract in January 2009 and are presumed to close in the next several months. This number has remained the same as in January 2008, indicating that real estate in Princeton has not been effected as severely as the rest of the country.
• There were no Princeton Borough condos sold or pending in January 2009. In January 2008 there was one sale and two pending.
• 50 % of the houses sold in 60 days or less.

Below are the details for this summary.

Princeton Borough Houses For Sale – January 2009

• Median Price Houses Sold $680,000
• Average Price Houses Sold $836,080
• Av. Sold Price/Orig. Price 92%
• Number House Sold 6
• Number Houses Pending 2
• 4 houses sold under $950,00
• 1 houses sold over $1,000,000

Princeton Borough Condos For Sale – January 2009

• Median Price Condos $0
• Average Price Condos $0
• Av. Sold price/Orig. Price
• Number Condos Sold 0
• Number Condos Pending 0

Princeton Borough Houses For Sale – January 2008

• Median Price Houses Sold $2,900,000
• Average Price Houses Sold $3,512,500
• Av. Sold Price/Orig. Price 81%
• Number House Sold 2
• Number Houses Pending 2

Princeton Borough Condos For Sale – Sold January 2008

• Median Price Condos Sold $729,000
• Average Price Condos Sold $729,000
• Av. Sold price/Orig. Price 100%
• Number Condos Sold 1
• Number Condos Pending 2

Search All Princeton Borough Homes For Sale

Thinking of buying or selling your house In Princeton NJ area -  We can help
If you are considering buying or selling a home in the Princeton NJ Hopewell Princeton Junction Montgomery  area…

Contact us at (609)-553-4175 for a FREE quote and to find Princeton Mortgage options and to search all Princeton Lawrenceville Princeton Junction Montgomery and Princeton homes for sale right now..

Copyright © 2009 Faina Sechzer, Princeton REALTORS and your Princeton Real Estate Consultants specializing in Princeton, Lawrenceville, Hopewell, Princeton Junction and Montgomery Real Estate.

All rights reserved. This information cannot be copied, reproduced, transmitted, distributed, displayed or published.

Princeton Township Homes and Condos For Sale – Market Report January 2009

Princeton Real Estate publishes monthly, quarterly reports and yearly New Jersey real estate market reports for Princeton, Hopewell, Montgomery Township, and Princeton Junction. If you are Princeton area homes for sale buyer or seller this information is important for your your plans. This report is for Princeton Township real estate for January 2009.

In summary the data shows declines (compared to January 2008) for the Princeton Township real estate in both median and average prices of houses sold, decline in the number of houses sold and in the number of houses pending (houses that went under contract). The big decline in the number of houses pending, is particularly concerning since it provides the outlook for the sales in the next several months.

Princeton real estate in general has maintained relative stability and showed increases in median prices of houses sold in 2008 and over the last year. Read: Princeton Real Estate Market Report 2004-2008

January  2009 data shows  a very different picture:

• Median Price Houses Sold -  Down 14%
• Average Price Houses Sold – Down  29%
• Number of Houses Sold – Down 33%
• Number of Houses Pending – Down 45%

These numbers reflect ongoing economic weakness resulting in the loss of many jobs. Uncertainty over the future is effecting Princeton area  home buyers who are concerned both with their financial situation and the concern that  real estate price will continue to decline. The one bit of positive news is that the percentage difference between the sale price and the asking price has decreased indicating the more realistic home pricing by home sellers and real estate agents.

The situation for Princeton Township condos for sale in January 2009 is also somewhat better then in January 2008. There were 2 sales compared to none in 2008.

The following are the details for both Princeton Township homes for sale and condos for sale.

Princeton Township Real Estate – Homes For Sale

Median Price Houses $599,000
Average Price Houses $754,000
Av. Sold Price/Orig. Price 94%
Number House Sold 6
Number Houses Pending 6
5 houses sold under $900,000
1 house sold over $1,000,000
50% of homes sold in 60 days or less

Princeton Township Real Estate – Condos For Sale

Median Price Condos $242,000
Average Price Condos $493,500
Av. Sold price/Orig. Price 91%
Number Condos Sold 2
Number Condos Pending 0

Thinking of buying or selling your house In Princeton NJ area -  We can help…
If you are considering buying or selling a home in the Princeton NJ Hopewell Princeton Junction Montgomery  area…

Contact us at (609)-553-4175 for a FREE quote and to find Princeton Mortgage options and to search all Princeton Lawrenceville Princeton Junction Montgomery and Princeton homes for sale right now..

Copyright © 2009 Faina Sechzer, Princeton REALTORS and your Princeton Real Estate Consultants specializing in Princeton, Lawrenceville, Hopewell, Princeton Junction and Montgomery Real Estate.

All rights reserved. This information cannot be copied, reproduced, transmitted, distributed, displayed or published.

Tax Credit Amendment Was Approved by the US Senate                  

Princeton real estate is not completely immune from the woes of the housing market and the general economic recession everywhere else in the country. We discussed the effect of President’s Obama, TARP and potential actions by US Senate in my previous article. TARP has already had impact on Princeton real estate having stabilized banking companies and thus preventing further job losses. Many homeowners in Princeton area work in financial and related industries and the relatively low foreclosure rate in the area could have been much higher without TARP.

Last evening, the United States Senate unanimously passed a bipartisan amendment, creating a $15,000 tax credit to individuals who purchase a home in the next year. Senators Johnny Isakson (R-GA) and Joe Lieberman (ID-CT) were the sponsors of the amendment. here are the highlights so far:

• Direct tax credit twill apply o any home-buyer who purchases any home.
• The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less.
• Purchases must be made within one year of the legislation’s enactment, and
• The tax credit would not have to be repaid.
• The amendment would allow taxpayers to claim the credit on their 2008 income tax return.
• Allowes only purchases of a principle residence
• Recaptures the credit if the home is sold within two years of purchase (tp prevent misuse)
• The amendment would sunset the current $7,500 housing tax credit on the date of enactment.

While the final details of the Stimulus Bill are still being debated, these provisions would help stabilize Princeton real estate by making purchasing a home in the Princeton area more affordable for the fist time buyers. It would also encourage the buyers who were waiting on the sidelines to come in the market to take advantage of this credit.

Princeton borough homes for sale continue to be in demand by the home buyers looking to be in the downtown Princeton. This is an overview of the market statistics now and at the for the 2008.

Princeton Borough homes for sale -Single family homes*

• There are 25 homes on the market now
• The minimum listing price is  $321,000 for a two bedroom 1 bath houses on 7 Lytle street.
• the maximum listed price is $3,595,000 for a six bedroom, 7/1 bathrooms house on 17 Hibben street
• The median price was $800,000 for Princeton Borough single family homes sold in 2008.
• There are 4 houses for less then $500,000
• There are 2 houses in the 4500,000 to $700,000 price range
• there are 5 houses in the $700,000 -$1,000,000 price range
• There are 7 houses in the $1,000,000- $2,000,000 price range
• There 5 houses in the $2,000,000 – $3,000,000 price range
• There are 2 houses over $3,000,000
• There were 57 houses sold in Princeton Boro in 2008
• 19 houses sold in less then 30 days on the market.

Princeton Borough homes for sale -Townhouses and Condos*

• There are 13 condos and townhouses for sale in Princeton Borough.
• The minimum price is $365,000 for a 1 bedroom, 1 bath house at 36 Moore St. *
• The maximum price is $950,000 for new condos on Witherspoon with 3 bedrooms, 2/1 baths.
• The median price was $560,000 for Princeton Borough condos and townhouses sold in 2008
• There were 15 condos and townhouses sold in Princeton Boro on 2008.
• Two condos/townhouses sold in less 30 days.

Data based on Trend MLS (02/06/2009) and is not guaranteed.

Here are the Princeton Borough houses for sale in the MLS.

Thinking of buying or selling your house In Princeton Borough or surrounding towns ? -  We can help
If you are considering buying or selling a home in the Princeton NJ Hopewell Princeton Junction Montgomery  area…

Contact us at (609)-553-4175 for a FREE quote and to find Princeton Mortgage options and to search all Princeton Lawrenceville Princeton Junction Montgomery and Princeton homes for sale right now..

Copyright © 2009 Faina Sechzer, Princeton REALTORS and your Princeton Real Estate Consultants specializing in Princeton, Lawrenceville, Hopewell, Princeton Junction and Montgomery Real Estate.

All rights reserved. This information cannot be copied, reproduced, transmitted, distributed, displayed or published.