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Princeton NJ Mercer County Real Estate Market Housing Report – March 2008

Princeton NJ Housing Market Statistics – March 2008

This report details the prices of Princeton NJ homes for sale, trends in the numbers of homes sold, the days on the market it took to sell the house and the rate at which houses have sold, and the housing inventory accumulation. It compares it to the statistics for the last month (February)and the same period of last year (March 2007).
This is important information for Princeton NJ real estate area buyers and sellers. In summary the data suggests slowing of the real estate market and the uncertainty of the buyers about further price declines and the condition of the economy. This is reflected in the decline in the Princeton NJ real estate average sale prices and increased time it takes to sell. 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.

Princeton NJ Real Estate Prices of Houses Sold
Average home price – $875,032

Average price March 2008 vs. March 2007: Down 1%

Average price March 2008 vs. February 2008: Down 7%

Median home price- $750,000

Median Price March 2008 vs. February 2008: Down 14% vs.

Median Price March 2008 vs. March 2007: Up 33%

No dramatic conclusions about the direction of the real estate prices can be determined by looking at the numbers for one month, because they depend on the type of sales during this month. Preponderance of more expensive homes sold during this period would increase the price, but does it does not mean that 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.

The large increase in the median price compared to March 2007,could be explained, by a high price sale in that period, which is not counted for the purposes of the median calculation, but is counted in the average price calculation. The effect is making the median price in March 2007, much lower then the average price.

Princeton Real Estate Housing Supply
Number of Princeton houses on the market

March 2008 – 208

March 2008 vs. March 2007 Down 13%

March 2008 vs. February 2008 Up 31%

Princeton NJ Homes For Sale Inventory Accumulation

March 2008 – 9 month

March 2008 vs. March 2007- Down 10%

March 2008 vs. February 2008 – Up 29%

There were 208 houses on the market, a 31% increase compared to February, which is expected due to the seasonal nature of the real estate market.
The 13% decline compared to March 2007 indicates, the sellers decisions not to sell, unless they absolutely have to.

Inventory accumulation reflects the number of months it would take to sell all the existing inventory, if no additional houses came on the market, and assuming the current rate of monthly sale. March 2008 inventory accumulation is 9 month, a 29% increase from February and a 10% decline from March 2007. This is in comparison to NJ real estate statistics of 10.5 months of for-sale inventory, down from 11 months in February.

Princeton NJ Real Estate Housing Demand

Number of Princeton NJ houses Sold

March 2008 -15

March 2008 vs. March 2007 -Down 13%

March 2008 vs. February 2008 - Up 50%

Number of Princeton NJ houses Pended

March 2008 -23

March 2008 vs. March 2007 -Down 45%

Princeton NJ Days On The Market Homes For Sale

Average DOM March 2008 – 202

Average DOM March 2008 vs. March 2007 – Up 49%

Average DOM March 2008 vs. February 2008 – Up 85%

There were 15 houses sold this months, a 50% increase compared to February and 13% decline form March 2007. This is the indication that buyers are uncertain and could be waiting for more price declines.

The data for the NJ real estate market suggests 27% decline 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 23. It is almost double compared to February, but 45% decline from March 2007.

Average days on the the market for the sold houses is 202, an 85% increase from February and a 49% increase form March 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.