New Jersey Real Estate Agent

Princeton NJ Housing Market Statistics – First Quarter 2008

Princeton NJ Mercer county real estate report has been developed to cover the results for the 1st quarter of 2008. This report details the prices of Princeton NJ homes for sale, trends in the numbers of homes sold, the average  days on the market
it took to sell the house and the rate at which houses have sold. Data is compared it to the real estate statistics
for the same period of last year -Q1
2007.

This is important information for Princeton NJ real estate area buyers and sellers.
In summary the data suggests slight slowing of the real estate market as the
uncertainty of the buyers about further price declines and the
condition of the economy continue, resulting in fewer houses going under contract and being sold. The Princeton NJ real estate average sale price is up, but as I have explained in my previous articles, it is not an indication of the market improvements. There is a large increase of the average Days On The Market – a measure of the time it
takes a house to sell. This piece of data could appear worse then it is, for the reasons described in Princeton Houses sell fast? The decline in the number of houses on the market
illustrates home sellers reluctance for putting their homes on the
market, unless they have to. This could be good news for the buyers.
More sellers serious about selling could lead to more realistic home
prices. The data bellow is for the Q1 2008*.

Most likely you could find Princeton NJ real estate information available from various sources on the Internet. When you are considering important decisions about buying or selling your Princeton home, make sure you understand the credibility of the realtor or another information provider and the sources of the underlying data. Another issue of importance is to understand the meaning and the underlying basis for the data, as this information could be quite confusing not just to consumers but to New Jersey Realtors as well.

Princeton NJ Real Estate Prices of Houses Sold
Average home price – $1,195,024

Average price Q1 2008 vs. Q1 2007: Up 32% 

 No
dramatic conclusions about the direction of the real estate prices can
be determined by looking at the numbers for one quarter, because they
depend on the type of sales during this quarter. Preponderance of more
expensive homes sold during this period would increase the price, but
does not mean prices are going up. In fact the exact
opposite could be happening.  To determine the real direction of real
estate prices, same property sales has to be tracked over time.

Princeton NJ Mercer County Real Estate – Housing Supply
Number of Princeton houses on the market

Q1 2008 -192

Q1 2008 vs. Q1 2007 Down 12%

 The  12% decline compared to first quarter 2007 indicates, the sellers decisions not to sell, unless they absolutely have to.

Princeton NJ Mercer County Real Estate – Housing Demand

Two most important indicators of Princeton real estate demand are: the number of houses sold and the number of houses put placed under contract. Looking at the absolute numbers there are fewer house sold and pended this quarter then the same period last year. This could be explained by fewer Princeton real estate homes for sale being on the market now as compared to the Q1 2007. When the number of houses sold is taken as a percentage of the active listings, there is no difference between this year and same period last year for the Sold. Princeton  Houses Pended is most indicative of the market today, since it reflects the contacts being entered now, as compared with the ˜Sold category, which reflects houses gone under contract several months ago, and closed this quarter.

Number of Princeton NJ houses Sold

Q1 2008 -40

Q1 2008 vs. Q1 2007 -Down 12%

It could be expected that with fewer houses on the market there would be fewer houses sold. To have an indication of the houses sold relative to the number of active listings, I am introducing a new measure:

% Houses Sold compared to Active

Average % Sold vs. Active – Q1 2008 -7%

Average %Sold vs. Active – Q1 2007 -7%

 Number of Princeton NJ houses Pended

Q1 2008  -57

Q1 2008 vs. Q1 2007 -Down 13%

Average % Pended vs. Active – Q1 2008 -10%

Average % Pended vs. Active – Q1 2007 -13%

 Princeton NJ Days On The Market Homes For Sale

Average DOM Q1 2008 -142

Average DOM Q1 2008 vs. Q1 2007 - Up 13%

The data for the NJ real
estate market suggests 27% decline in March in contract sales compared to one
year ago despite a 9% increase from February.

The
same trend could be seen in the number of houses that went under
contract (Pended), which  was slightly down from the same period last year.

Average
days on the the market for the sold houses is also slightly up increase form Q1 last year. Buyers uncertainty
and unwillingness of many sellers to price their houses correctly is
reflected in the increased length of time it take to sell them.

Related first quarter and monthly housing market reports:

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

Princeton Housing Prices, Market Reports, Statistics  – Summary article of monthly and quarterly housing market reports for 2008.

Montgomery Township NJ Real Estate Housing Market Report – 1st Quarter 2008

West Windsor NJ Mercer County Real Estate – Housing Report First Quarter 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

Tips for selling and buying Princeton homes:

How To Buy And Sell Your Princeton Home Like A Pro

Secrets to selling your home like an agent | Princeton Mercer County NJ Real Estate

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

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

Call 609-553-4175 to discuss how
Princeton NJ real estate market could affect your decisions to buy
and/or sell you Princeton home.

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©2008 Faina Sechzer All rights reserved. This information cannot be
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Faina Sechzer does not guarantee or is in any way responsible for
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