Princeton Real Estate Homes presents the market report for the 2008. We analyzed the Princeton real estate market statistics results and compared them to previous years. Princeton real estate, unlike many places in the country, has good news to report. Thinking of selling your Princeton home soon? Looking to buy real estate in Princeton NJ ? You are in the right place. Looking to sell in Princeton NJ ?This post is for you. Here are the highlights.
Princeton real estate market 2008 highlights
Princeton Market Reports
- Average price of the homes sold in Princeton in 2008 was 1,006,832- a 10% increase compared to 2007. This is good news, but not an indication that if bought your home last year, you can sell it for 10% more. Read: Understanding Princeton real estate prices.
- Average price of the homes sold in Princeton in 2008 has increased 13% compared to 2005.
- Average price of homes sold in Princeton has increased every year since 2004. This is the most amazing piece of news, given what has transpired in the rest of the financial and real estate markets around the country.
- Average price of a houses sold in Princeton has increased cumulatively 30%. The largest increase of 15% compared to the previous year, has occurred in 2005.
- The number of Princeton houses sold in 2008 has decreased drastically by 22%. Princeton has not been completely immune to the bad real estate market. Compared to 2005 this decrease is a whooping 40%. Read my analysis in the upcoming post.
- Maximum Price for a Princeton house sold was $4,125,000 – the highest since 2005, and a 11% higher then in 2007.
- The number of houses listed in Princeton Township has declined more then in Princeton Borough -24% and -18% respectively.
- Days on the market has increased for Princeton Township by 14%, but declined for homes sold in the Princeton Borough by 15%. This information is relevant only if examined in conjunction with your real estate agent, who could provide insight on how this statistics is reported and develop a meaningful guide for your home.
Princeton Real Estate Housing Market 2008
Housing Categories 2005 2006 2007 2008
Units Listed 596 604 559 458
Listed Average 1,008,281 1,024,678 1,074,490 1,082,194
Pended 378 297 308 230
Units Sold 395 295 305 237
Average Sold Price 889,084 893,013 911,172 1,006,832
Average List Price 945,893 970,094 991,983 1,122,563
Max. Sold Price 4,080,195 3,340,000 3,700,000 4,125,000
Average DOM 76 94 97 101
*Data is based on Trend MLS ( 01/05/2009) and is not guaranteed
Want to know how this report affects the price of your Princeton home? Call 609- 553-4175 or shoot me a quick e-mail fsechzer@yahoo.com.
Not ready for a discussion yet? You could learn a lot on your own by looking at MLS listings for Princeton NJ Homes for sale available for less then $2,000,000 in the MLS now.
Realtor Secrets
Home Not Selling?
18 Comments »
Posted in
Faina,
Just curious, to what to you attribute the resiliency of the Princeton real estate market? I would be hard pressed to think of another market that has held its value.
We had a big drop in inventory, with sellers choosing to hold out and not sell now. Low supply helped keep the prices more stable then in other markets, including those of the neighboring towns. The increase in the average price, of course, does not apply to all properties. Unfortunately, there is no Case-Schiller for Princeton, which is the best way to measure price changes.
Thanks for visiting and commenting on my blog.
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Market Reports
West Windsor NJ Real Estate Market Report - June 2008 and First 180 Days 2008
Princeton NJ Mercer County Real Estate Market Housing Report -Second Quarter 2008
How To Buy And Sell Your Princeton Home Like A Pro
Mortgage Center
Princeton NJ, Montgomery Township -New Mortgage Limits
Faina Sechzer, Realtor
Henderson Sotheby's International Realty
34 Chambers Street,
Princeton, New Jersey 08542
phone: (609) 553-4175
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