Princeton Township Real Estate Sales -2003-2008

Princeton Township Homes Sold 2003-2008

This article, part of a continual series on Princeton real estate housing, examines the Princeton real estate from the perspective of the number of homes for sale sold in Princeton Township from 2003 to 2008. The number of homes sold is an important statistics as an indication of the demand for Princeton real estate. I looked at the home prices in various price ranges over $700,000 and the total number of homes sold in Princeton during the last 5 years.

Summary

The 2008 drop in demand has
been seen in all price ranges (
except over $3 million dollar price range, which dropped earlier in 2005 and has remained the same since).The highest total number of homes sold was in 2004. As the signs of the weakening market appeared in 2006, the numbers dropped by 29%. After a bit of recovery in 2007, the number of homes sold dropped again in 2008, so far by 27%.
The changes in the demand for houses was not the same in all price categories. In 2007 the decline from the previous year was only evident in the top of the luxury price range. Number of homes sold in the $2 million – $3 million price range drooped by 46%. The decline in the price $3+ million price range occurred earlier in 2005, and has not changed since: one property per year has been sold in this price range.

Number of Homes Sold By Price Range 2003-2008

Years    $700K -$1,000K    % Change    $1mln- $2.mln    % Change    $2mln – $3mln    % Change      $3mln+     Total *    % Change
2003 36                                         41                                   4                                       3         195
2004 59                       64%            44                7%               9                    125%           3        244   25%
2005 65                       10%            63               43%             10                    11%            1         237  -3%
2006 41                      -37%            48              -24%            13                   30%             1        176  -26%
2007 51                       24%            63               31%              7                     -46%           1       186    6%
2008 42                      -18%            49              -22%              6                  -14%             1       136  -27%

If you would like understand what is happening in Princeton real estate, please read:

Princeton Real Estate – Everything You Wanted To Know

Princeton New Jersey Real Estate Homes For Sale Housing Market Reports