Princeton NJ Real Estate|Mercer County Homes – "Princeton Houses Are Selling Fast" ?

Princeton Real estate is difficult to understand

“Princeton houses for sale are now selling a lot faster”. At least it could appear that way if you look at the numbers. The Average Days on the market for April 2008, was down 57% compared to March 2008. The numbers, however, do not reflect the reality, and here is why.

My Q1 Princeton NJ real estate housing report (as well as monthly analysis and market reports for the Princeton New Jersey real estate and including Montgomery Township, West Windsor and other surrounding towns, is used by buyers and sellers of Princeton homes for sale to help understand the real estate market. Buyers want to understand Princeton real estate prices and the direction of the market, when making the decision to buy and deciding on what price to offer. The sellers want want to understand how long does it take to sell a house in Princeton as well as other data to help them price the house correctly and to negotiate the offers.

Real estate information could effect your biggest asset. It is critical to be sure the source of the information is credible and reliable. It is equally to be able to question what the data means, especially when the Information comes from the Internet. You have to be careful you have to be when using Internet.

Preparing the Princeton Housing market April report was the most recent case in point.

My analysis showed average Days On the Market for April 2008, being down 57% compared to March 2008. The idea of Princeton NJ area houses selling so much faster now then last month just did not seem right. Going to my database of all Princeton real estate transactions for this year, I found what produced this effect. In March 2008, there were several houses sold, after more then 1000 and 600 days on the market. Given that the DOM is calculated as an average for all homes sold during the period, it resulted in an unusually high number for March.

Princeton real estate was not selling twice as fast in April. Days on the market would have been just a bit less in April, then in March, if the unusual transactions were not included.

My advice to anyone who is working with the information from the Internet is to be extra careful. Find out about the person providing the information and evaluate their knowledge and expertise. If the web site appears to be credible, contact the person so you can confirm your impressions in person. Once you find a reliable real estate agent they could become your important information resource and guide through the ins and outs of the Princeton real estate.

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Posted on May 9th, 2008 by Blog Author