New Jersey Real Estate – Princeton Housing Market May 2008

Princeton real estate in May 2008 continues to show the  same
trends seen in the prior months. There were much fewer houses being
listed this month then in April of 2007.  Continuing credit  problems stemming from the  sub-prime mortgage fiasco and the general uncertainty with the economy, including the raising gasoline prices, all contribute to the sluggishness of the Princeton real estate. Princeton home sellers
continue to be reluctant to sell in this soft market. There has been a slight
increase in listings since April, possibly indicating this being a late
market. Read more about Princeton real estate prices and other statistics.

Average price of a Princeton home sold has increased compared to last year and slightly since April, indicating, in my view, not the “real” increase for an individual property, but rather a mix of houses during this period that was weighted towards more expensive homes.

The demand for Princeton real estate, as measured by the number of Princeton homes placed under contract (pended) is down 14% compared to last year and down 3% since last month. This is the same  trend we have seen in April. Buyers are still not certain of the future direction of the real estate market and anticipation of future price reductions. With supply being less then in the same period last year, there may not be as many choices as buyers would like.

Days On the Market is a measure (not totally accurate for several reasons) of how long it takes for a Princeton house to go under contract. This number has increased both compared to last year and last month.
Below are the details for the Princeton real estate housing statistics for May 2008.

New Jersey Real Estate – Princeton Housing Market May 2008 Detail

Housing Supply – Princeton Homes For Sale

Units Listed     05/2008    51
Units Listed     05/2007    Down 31%
Units Listed     04/2008    Up 16%

Units Active    05/2008    214
Units Active    05/2007    Down 22%
Units Active    04/2008    Up 4%

Prices Of Princeton Homes Sold

Sold Average 05/2008    $1,028,755
Sold Average 05/2007    Up 12%
Sold Average 04/2008    Down 2%

Housing Demand - Princeton Homes Sold

Units Sold    05/2008    21
Units Sold    05/2007    Down 22%
Units Sold    04/2008    Up 11%

Units Pended 05/2008    30
Units Pended 05/2007    Down 14%
Units Pended 04/2008    Down 3%

Days On The market – Princeton Homes Sold
DOM        05/2008    93
DOM        05/2007    Up 6%
DOM        04/2008    Up 8%

Analysis is based on Trend MLS as of 6/16/2008 data and is not guaranteed.

Related monthly and quarterly Princeton real estate housing reports:

Princeton NJ Mercer County Real Estate -Housing Market Report April 2008

Princeton NJ Real Estate Mercer County homes -Housing Market Statistics March 2008

Princeton Mercer County NJ Real Estate – Prices of Houses Sold in Princeton -January 2008

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

Tips for Princeton real estate buyers and sellers:

Princeton Mercer County NJ Real Estate – Secrets to selling your house like an agent.

Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor

Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now

Princeton Mercer County NJ Real Estate – 5 Deadly Mistakes When Selling Your House

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.

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