Princeton NJ Real Estate – Summary Housing Market April 2008

Princeton NJ Mercer county real estate in April 2008 continues to show the  trends seen in the prior months. There were much fewer houses being listed then in April of 2007 indicating Princeton home sellers reluctance to be selling in this soft market. There has been a slight increase in listings since March, possibly indicating this being a late market.

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

The demand for Princeton real estate,as measured by the number of Princeton homes placed under contract (pended) is significantly down (26%) compared to last year and down 21% since last month. This indicates the uncertainty of the buyers in the future direction of the real estate market and anticipation of future price reductions.

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 decreased significantly compared to last year and last month. This could mean that the buyers recognize the houses representing a good value, either after price reductions or prices at the market from the outset. With fewer houses on the market the houses that are priced right could be selling in less time then last year.

Below are the details for the Princeton real estate housing statistics for April 2008.

Princeton NJ Real Estate – Housing Market April 2008 Detail

Princeton Homes For Sale – Housing Supply

Units Listed     04/2008    44
Units Listed     04/2007    Down 33%
Units Listed     03/2008    Up 10%

Units Active    04/2008    205
Units Active    04/2007    Down 17%
Units Active    03/2008    Down 2%

Princeton Homes For Sale – Prices

Sold Average 04/2008    $1,053,631
Sold Average 04/2007    Up 17%
Sold Average 03/2008    Up 20%

Princeton Homes Sold – Housing Demand

Units Sold    04/2008    19
Units Sold    04/2007    Down 39%
Units Sold    03/2008    Up 27%

Units Pended 04/2008    26
Units Pended 04/2007    Down 26%
Units Pended 03/2008    Down 21%   

Princeton Homes Sold – Days On The market
DOM        04/2008    86
DOM        04/2007    Down 23%
DOM        04/2008    Down 57%

Analysis is based on Trend MLS data and is not guaranteed.

Related Articles:

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

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

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

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

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