New Jersey Real Estate Agent

Princeton Real Estate Prices & Market Reports

Princeton real estate does not always follow in step with the conditions in the rest of the New Jersey real estate and the country in general. Local real estate In Princeton and surrounding towns is not just something that concerns people buying or selling homes now. It is an issue on most homeowners minds. To help my readers better understand what is going on in the Princeton area real I offer monthly, quarterly, semiannual and yearly reviews of key real estate indicators.
Read:  Princeton Real Estate Monthly Housing market reports
           Princeton Real Estate Housing Report Q1 2008

The Princeton housing market report is now available for June 2008. June is an important month for New Jersey real estate as it closes the second quarter and the six months, which are traditionally the busiest part of the season for selling Princeton homes. As such it offers a better perspective then monthly or even the first quarter reports on what what has happened in the Princeton real estate market.

Princetond Real Estate - Second quarter 2008 and Six months 2008 Sumamry

There has been a significant decline in the number of Princeton houses being listed. For the second quarter (Q2) of 2008 there has 130 houses listed in Princeton Borough and Princeton Township, representing a 30% decline compared to the same period in 2007. The six months of this year saw a decline in listings of 22% compared to 2007.   The listed volume is down 32% for Q2 and 18% for the 6 months. The sellers deeply concerned with the national news of the declining real estate have delayed, postponed or cancelled their plans for selling. While there was a lot less volume the average house listed in the last 6 months was $1,173,800, a %increase compared to 2007.

The average price of houses sold in Q2 is up 9% and for the 6 months it's up 17% compared to the corresponding periods in 2007, representing the higher priced mixed of the houses being sold.

There was also a significant reduction compared to 2007 in the Princeton houses sold both in absolute numbers, which are down 27% for Q2 and 24% for 6 months, and in volume down 21% and 19% respectively.

All of this happened before the widespread financial panic following the Feddie Mac and Fannie Mae crisis.

Read: Princeton Real Estate and Freddie Mac & Fannie Mae

Princeton Real Estate Prices and Other Statistics - June 2008

Houses & Codos listed        38                                             
Volume listed                    $36,493,399           
Listed Average Price           $960,352               
Units Pended                     20                  
Houses and Condos sold      34                    
Sold Volume                      $34,833,349            
Sold average price              $1,024,510               
Average DOM                     89              
           
Princeton Real Estate Prices and Other Statistics - Q2 2008

Houses &condos  listed         133                     
Volume listed                      $155,112,774        
Listed Average Price             $1,166,261          
Houses Pended                    85           
Houses & condos Sold           74           
Sold Volume                       $76,456,223        
Sold Average price               $1,033,192           
Average DOM                      89                          
           
Princeton Real Estate Prices and Other Statistics - 6 months 2008

Houses & condos  listed     271               
Volume listed                   $318,100,002
Listed Average Price          $1,173,800
Units Pended                    148
Houses & condos Sold        114
Sold Volume                     $124,257,208
Sold Average Price            $1,089,975
Average DOM                   108 

Data is based on Trend MLS 7/15/2008 and is not guaranteed

Resources for selling and buying Princeton real estate:

How To Buy And Sell Your Princeton Home Like A Pro

Why Some Princeton Houses Sell Quickly

How To Find A Real Estate Bargain|Princeton Real Estate

Do You Want To Be A Successful Princeton Home Seller?

Princeton Real Estate - Buyers Market and Multiple Offers

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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