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

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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

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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

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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 -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.

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The commute is also very convenient. There is a train called Dinky, which goes from the Princeton University area to the main train station at Princeton Junction. Of course, Princeton Junction is just a few miles drive.

Princeton Borough is a historic college town, offering the charm of the old and the convenience of the new. With a 55 minute train  commute to New York and Philadelphia it’s a good choice for home buyers looking to combine the urban and suburban life style.

You can see the live feed of the Princeton Borough homes for sale:

Princeton Borough Homes For Sale

Thinking of buying or selling your house In Princeton NJ area -  We can help, in particular with Princeton Borough homes for sale….
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Currently there are 26 homes for rent in Princeton. They range form $975 for a studio apartment to $8,500 for a 7 bedroom 5/1 bathroom home on Edgerstone Rd in Princeton.

This is what you could expect to pay:
$1,300 to $1,800 for a 1 bedroom apartment,
$1,600 – $2,600 for a 2 bedroom apartment,
$2,900 – $4,000 for a 3 bedroom townhouse or single family house
$4,000+ for a 4 bedroom single family home

This is the live feed of all the MLS Princeton homes for rent :

Princeton NJ Homes For Rent

25 Palmer Square West - Living Room

There are Princeton homes and condos for sale that immediately strike you with their vibe. Soho Loft – is the best way to describe the feel of this Princeton downtown condo. There is also a bit of a Paris apartment feel, with the Palmer Square seen through the tall windows. Upbeat and gracious is what you will find in this Princeton home.

Present owner if this 1 bedroom 1 bath Princeton condo renovated this apartment with sensibility to location and convenience, leaving the charm untouched.

You could  set the mood to your liking with Bose in-wall speakers and recessed lighting throughout.

Tired of eating out? There is an award-winning full kitchen with new stainless steel appliances, Miele stove, designer sink, and custom soapstone countertops and breakfast bar.

Here is how not to sacrifice charm for convenience:  handsome flat iron radiators installed in 2006; upgraded 220V electric service , and original, well-maintained working brick fireplace.

Anyone who wants to feel young should should put this Princeton condo for sale on their list of must see homes.

Offered at $475,000.  Call 609-553-4175 for a private showing.

Princeton Condos For Sale Guide

Princeton Condos For Sale Market Report

How does this Princeton condo compare to others ? Check out the live feed of all townhhouses and condos in Princeton:

Princeton Condos and Townhouses For Sale In MLS

New Jersey real estate property taxes are too high – say 95.5% of the people surveyed by the NJAR® Governmental Research Foundation.  If you live in Princeton NJ, or any other town in the state of New Jersey your reaction may be: “Duh…”. You don’t need this study to know the obvious -you have your bank accounts as proof:)

Recently we examined the effects of the proposed initiatives of President Obama, TARP and Senate on the Princeton NJ homes for sale. This study some obvious and some interesting facts.

NJ Real estate property taxes

On the solution to reduce NJ property taxes the study* found:

• 36.3 percent favor consolidation of government services,
• 26.8 percent favor changing the way schools are funded,
• 12.8 percent favor reforming the state pension system, and
• 12.3 percent favor reducing government services.
• 40.2 percent believe reducing taxes and government fees is the most important issue government leaders should work on in the next two years.

Princeton NJ residents know that several attempts to consolidate Princeton Borough and Princeton Township have been defeated. It’s interesting, but not surprising given the traditional NJ political stance,  that there is no overwhelming support for reducing government services.

New Jersey Real Estate Transfer Tax

• 47.4 percent of residents support a proposal to eliminate state realty transfer fees.
• 86 percent oppose the idea of imposing a local realty transfer fee.
• 67 percent oppose the concept of enacting a seasonal rental tax.

It’s interesting that less then half of the surveyed want to eliminate realty transfer fees.  I have not met Princeton home buyers who decide not to buy their home because of the transfer taxes.

Stimulating NJ Economy

• 95.5 percent believe that the real estate industry and housing market are important to New Jersey’s overall economy,
• 52.6 percent of people believe the state is on the wrong track,
• 32.5 percent believe it is headed in the right direction,
• 34 percent believe improving the economy and attracting more jobs to the state is the most important issue facing New Jersey.
• 67.4 percent oppose raising the gas tax to pay for expanding and improving the state’s transportation infrastructure.
• 54 percent prefer creating conditions that give incentives to builders to construct affordable housing rather making polices that require them to do so.
• 76.7 percent opposed eminent domain being used for the purpose of economic development.

Overall, the findings are not surprising. New Jersey believes in the critical importance of the housing market, wants government to reduce real estate taxes and fees, yet not willing to to use eminent domain or reduce governments services.
May be it does come under the category of “duh”:)

*Source: NJAR® Governmental Research Foundation

Want to know know how the sate of New Jersey Housing impacts the value of your home?….

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The conditions in Princeton and neighboring towns of Hopewell homes for sale, or for Montgomery Township real estate, where the median prices have already declined.

Even with the median prices of Princeton real estate being up, many homeowners who bought their Princeton homes in the last several years and had to sell now, did so for prices equal or less to what they paid.

This week I discussed with a Princeton economist the impact on the Princeton homes for sale of the President Obama’s plans and the Proposals in the Senate. These ideas would apply to Hopewell real estate and to homes for sale in Montgomery Township. Here are the highlights of this discussion along with my interpretations:

• Many residents of Princeton, Hopewell, West Windsor and Montgomery Township are employed in the financial and related businesses in New York. That’s why Princeton is a great place for people relocating and moving from other areas. It is also why stabilizing financial institutions has critical impact on the Princeton real estate.

• TARP has already helped by infusing money into financial institutions and preventing many local residents from loosing their jobs.

• Had the financial sector on New York been not helped by TARP, Princeton would have not been the relative oasis of housing stability compared to other areas in the country. Employees in the financial sector loosing employment would drive up the foreclosures which so far have been few in the area.

• Various assistance parts of the bailout provisions could help first time Princeton home buyers and as well as many homeowners.

• The Federal program to buy mortgages to drive the mortgage rates to the 4.5% could help first time buyers to be able to afford Princeton homes for sale. It could also help those who’s income has been effected by the pay cuts to refinance and hold on to their homes, preventing rise in foreclosures and further declines in the real estate prices.

• The plan to use TARP to establish a special bank to buy toxic assets would shore up the banks’ balance sheets so they could start lending. Available credit could help both first time Princeton home buyers and those who need to refinance.

• Senate’s idea discussed now to offer 4% fixed 30 year mortgage rates could provide a big boost to Princeton home buyers. As proposed, it would reward those who have good credit history and saved for the down payment on their home in Princeton, Hopewell or Montgomery Township.

• Princeton is not an inexpensive choice for many home buyers. Lowering the mortgage interest rates and the idea of $7500 to $15,000 credit for first time home buyers could make more buyers to come able to afford Princeton homes for sale.

• Assisting first time home buyers could do a lot for the whole spectrum of Princeton homes for sale. When first time home buyers come into the market it has a trickle up affect and triggers more transactions in the higher price ranges.

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