Princeton Township Real Estate Market Report-January 2009

Princeton Township Homes and Condos For Sale – Market Report January 2009

Princeton Real Estate publishes monthly, quarterly reports and yearly New Jersey real estate market reports for Princeton, Hopewell, Montgomery Township, and Princeton Junction. If you are Princeton area homes for sale buyer or seller this information is important for your your plans. This report is for Princeton Township real estate for January 2009.

In summary the data shows declines (compared to January 2008) for the Princeton Township real estate in both median and average prices of houses sold, decline in the number of houses sold and in the number of houses pending (houses that went under contract). The big decline in the number of houses pending, is particularly concerning since it provides the outlook for the sales in the next several months.

Princeton real estate
 in general has maintained relative stability and showed increases in median prices of houses sold in 2008 and over the last year. Read: Princeton Real Estate Market Report 2004-2008

January  2009 data shows  a very different picture:

  • Median Price Houses Sold –  Down 14%
  • Average Price Houses Sold – Down  29%
  • Number of Houses Sold – Down 33%
  • Number of Houses Pending – Down 45%

These numbers reflect ongoing economic weakness resulting in the loss of many jobs. Uncertainty over the future is effecting Princeton area  home buyers who are concerned both with their financial situation and the concern that  real estate price will continue to decline. The one bit of positive news is that the percentage difference between the sale price and the asking price has decreased indicating the more realistic home pricing by home sellers and real estate agents.

The situation for Princeton Township condos for sale in January 2009 is also somewhat better then in January 2008. There were 2 sales compared to none in 2008.

The following are the details for both Princeton Township homes for sale and condos for sale.

Princeton Township Real Estate – Homes For Sale

Median Price Houses $599,000
Average Price Houses $754,000
Av. Sold Price/Orig. Price 94%
Number House Sold 6
Number Houses Pending 6
5 houses sold under $900,000
1 house sold over $1,000,000
50% of homes sold in 60 days or less

Princeton Township Real Estate – Condos For Sale

Median Price Condos $242,000
Average Price Condos $493,500
Av. Sold price/Orig. Price 91%
Number Condos Sold 2
Number Condos Pending 0

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