Princeton Township Real Estate Housing Prices – 2003-2008

Princeton Township Real Estate Prices – 2003-2008
This article, part of the continued Princeton Real Estate Market Reports series, examines Princeton real estate homes for sale from the perspective of the price changes in Princeton Township in 2003- 2008 (up to and including September 2008). In the previous article I looked at Princeton real estate housing demand for a perspective of the trend in the number of Princeton homes sales.

The results are different for Princeton houses and Princeton condominiums and so I looked at them separately. I looked at both the average and the median prices since they could be different and even misleading.
Read: Understanding Princeton real estate prices

Interestingly, many home buyers and sellers and real estate agents do not understand the differences and what these numbers mean.

Princeton Township real estate home prices (excluding condominiums)

The median prices have decreased compared to the prior year only in 2006. The average prices have decreased only in 2007. Median prices of houses sold in Princeton Township increased by 36% since 2003, while the average sales prices have increased 31%. In 2008 the median price has increased by 6% and the average has increased by 8%.

This is by no means an indication that if you are a home seller in Princeton you could expect your home to sell for 6-8% more compared to last year. For example, average price in Princeton Ridge, one of the Princeton neighborhoods of stately houses, has declined by 22%. You have to work with an expert who can interpret the data as it relates to your specific home.
Here are the details*.
Years    House Prices $  % Change   House Prices $  % Change
Median                            Average 

2003    650,000                               810,380
2004    665,000    2%                      865,580              7%
2005    815,000    23%                    944,240              9%
2006    770,000    -6%                  1,118,340             18%
2007    850,000    10%                   987,780              -12%
2008    900,000    6%                   1,066,020              8%
Total                    36%                                             31%

Princeton Township real estate home prices – condominiums

The Princeton Township condos median sales prices have increased 61% since 2003, and the average prices have increased 69%. Both median and average prices have declined In 2008 (up through the end of September) 18% and 8% respectively.

Here are the details*.

Years    House Prices $  % Change   House Prices $  % Change
Median                               Average

2003    320,000                                320,000
2004    460,000                44%         460,000                   44%
2005    510,000                11%         556,170                   21%
2006    356,000               -30%         506,450                   -9%
2007    550,000                54%          611,380                  21%
2008    450,000               -18%         564,330                  -8%
Total                                61%                                       69%

*Data is based on Trend MLS ( 10/22/2008) and is not guaranteed