Montgomery NJ Real Estate - First Quarter 2008

The Montgomery NJ real estate (greater Princeton NJ) report is now completed with the results for the 1st quarter. This report details the prices of Montgomery NJ homes for sale, trends in the numbers of homes sold, the average  days on the market it took to sell the house and the rate at which houses have sold. Data is compared it to the real estate statistics for the same period of last year -Q1 2007. Princeton real estate is different from Montgomery real estate. The report for Princeton NJ real estate could be used for comparison.

This is important information for Montgomery NJ real estate area buyers and sellers. In summary the data suggests significant slowing of the real estate market as the uncertainty of the buyers about further price declines and the condition of the economy continue, resulting in fewer houses going under contract and being sold. The Montgomery NJ real estate average sale price is almost unchanged, which does not mean that the prices have stabilized, as I explained in the article "Who else wants clarity about real estate prices." There is slight increase in the average Days On The Market - a measure of time it takes to sell.

The decline in the number of houses on the market illustrates home sellers reluctance for putting their homes on the market, unless they absolutely have to. This could be good news for the buyers. More sellers serious about selling could lead to more realistic home prices. The data bellow is for the Q1 2008*.

There are various sources of information available to Montgomery NJ real estate buyers and home sellers. It is important tomake sure you understand the credibility of the realtor or another information provider and the sources of the underlying data. Most important is to understand the meaning of each price of information, as such information could be quite confusing not just to consumers but to many New Jersey Realtors as well.

Montgomery NJ Real Estate Prices of Houses Sold
Average home price - $593,479

Average price Q1 2008 vs. Q1 2007: Unchanged

No dramatic conclusions about the direction of the real estate prices can be determined by looking at the numbers for one quarter, because they depend on the type of sales during this quarter. Preponderance of more expensive homes sold during this period would increase the price, but does not mean prices are going up. In fact the exact opposite could be happening.  To determine the real direction of real estate prices, same property sales has to be tracked over time.

Montgomery NJ Real Estate - Housing Supply
Number of Princeton houses on the market

Q1 2008 -192

Q1 2008 vs. Q1 2007 Down 12%

The  12% decline compared to first quarter 2007 indicates, the sellers decisions not to sell, unless they absolutely have to.

Princeton NJ Real Estate - Housing Demand

Two most important indicators of Montgomery NJ real estate demand are: the number of houses sold and the number of houses put placed under contract (Pended). there has been significant decline in both of these  categories in Q1 2008 compared to Q1 2007.  Montgomery NJ number of Houses Pended is most indicative of the market today, since it reflects the contacts being entered now, as compared with the Sold category, which reflects houses gone under contract several months ago, and closed this quarter.

Montgomery NJ- Number of Houses Sold

Q1 2008 - 24

Q1 2008 vs. Q1 2007 -Down 53%

It could be expected that with fewer houses on the market there would be fewer houses sold. To have an indication of the houses sold relative to the number of active listings, I am introducing a new measure:

% Houses Sold compared to Active

Average % (Sold+Pended) vs. Active - Q1 2008 - 16%

Average % (Sold +Pended) vs. Active - Q1 2007 - 26%

Montgomery NJ - Number of Houses Pended

Q1 2008  - 42

Q1 2008 vs. Q1 2007 -Down 42%

Montgomery NJ Homes For Sale - Days On The Market

Average DOM Q1 2008 -96

Average DOM Q1 2008 vs. Q1 2007 - Up 4%

The data for the NJ real estate market suggests 27% decline in March in contract sales compared to one year ago despite a 9% increase from February.

The same trend could be seen in the number of houses that went under contract (Pended), which  was slightly down from the same period last year.

Average days on the the market for the sold houses is also slightly up from Q1 last year. Buyers uncertainty and unwillingness of many sellers to price their houses correctly is reflected in the increased length of time it take to sell them.

Related Articles:

Princeton NJ Mercer County Real Estate Market Housing Report -First Quarter 2008

Princeton NJ Real Estate Mercer County homes -Housing Market Statistics March 2008

Princeton NJ real estate Mercer County - Buyer Information

Princeton NJ real estate Mercer County -Seller Information

Princeton Mercer County NJ Real Estate - Secrets to selling your house like an agent.

Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor

Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now

Princeton Mercer County NJ Real Estate - 5 Deadly Mistakes When Selling Your House

Princeton Mercer County NJ Real Estate - Prices of Houses Sold in Princeton -January 2008

Please call 609-553-4175 to learn how Montgomery NJ real estate market could affect your decisions to buy and/or sell you greater Princeton area home.

Princeton NJ Housing Market Statistics - First Quarter 2008

I update the Princeton NJ Mercer county real estate report with the results for      the 1st quarter. This report details the prices of Princeton NJ homes for sale, trends in the numbers of homes sold, the average  days on the market it took to sell the house and the rate at which houses have sold. Data is compared it to the real estate statistics for the same period of last year -Q1 2007).

This is important information for Princeton NJ real estate area buyers and sellers. In summary the data suggests slight slowing of the real estate market as the uncertainty of the buyers about further price declines and the condition of the economy continue, resulting in fewer houses going under contract and being sold. The Princeton NJ real estate average sale price is up, but as I have explained in my previous articles is not an indication of the market improvements. The large increase of the average Days On The Market - a measure of time it takes to sell. This piece of data could appear worse then it is, for the reasons described in 'Princeton Houses sell fast? .The decline in the number of houses on the market illustrates home sellers reluctance for putting their homes on the market, unless they have to. This could be good news for the buyers. More sellers serious about selling could lead to more realistic home prices. The data bellow is for the Q1 2008*.

With all Princeton NJ real estate information available to make important Princeton NJ real estate decisions make sure you understand the credibility of the realtor or another information provider and the sources of the underlying data. Most important is to understand the meaning of each price of information, as such information could be quite confusing not just to consumers but to New Jersey Realtors as well.

Princeton NJ Real Estate Prices of Houses Sold
Average home price - $1,195,024

Average price Q1 2008 vs. Q1 2007: Up 32% 

No dramatic conclusions about the direction of the real estate prices can be determined by looking at the numbers for one quarter, because they depend on the type of sales during this quarter. Preponderance of more expensive homes sold during this period would increase the price, but does not mean prices are going up. In fact the exact opposite could be happening.  To determine the real direction of real estate prices, same property sales has to be tracked over time.

Princeton NJ Mercer County Real Estate - Housing Supply
Number of Princeton houses on the market

Q1 2008 -192

Q1 2008 vs. Q1 2007 Down 12%

The  12% decline compared to first quarter 2007 indicates, the sellers decisions not to sell, unless they absolutely have to.

Princeton NJ Mercer County Real Estate - Housing Demand

Two most important indicators of Princeton real estate demand are: the number of houses sold and the number of houses put placed under contract. Looking at the absolute numbers there are fewer house sold and pended this quarter then the same period last year. This could be explained by fewer Princeton real estate homes for sale being on the market now as compared to the Q1 2007. When the number of houses sold is taken as a percentage of the active listings, there is no difference between this year and same period last year for the Sold. Princeton  Houses Pended is most indicative of the market today, since it reflects the contacts being entered now, as compared with the 'Sold category, which reflects houses gone under contract several months ago, and closed this quarter.

Number of Princeton NJ houses Sold

Q1 2008 -40

Q1 2008 vs. Q1 2007 -Down 12%

It could be expected that with fewer houses on the market there would be fewer houses sold. To have an indication of the houses sold relative to the number of active listings, I am introducing a new measure:

% Houses Sold compared to Active

Average % Sold vs. Active - Q1 2008 -7%

Average %Sold vs. Active - Q1 2007 -7%

Number of Princeton NJ houses Pended

Q1 2008  -57

Q1 2008 vs. Q1 2007 -Down 13%

Average % Pended vs. Active - Q1 2008 -10%

Average % Pended vs. Active - Q1 2007 -13%

Princeton NJ Days On The Market Homes For Sale

Average DOM Q1 2008 -142

Average DOM Q1 2008 vs. Q1 2007 - Up 13%

The data for the NJ real estate market suggests 27% decline in March in contract sales compared to one year ago despite a 9% increase from February.

The same trend could be seen in the number of houses that went under contract (Pended), which  was slightly down from the same period last year.

Average days on the the market for the sold houses is also slightly up increase form Q1 last year. Buyers uncertainty and unwillingness of many sellers to price their houses correctly is reflected in the increased length of time it take to sell them.

Related Articles:

Princeton NJ Real Estate Mercer County homes -Housing Market Statistics March 2008

Princeton NJ real estate Mercer County - Buyer Information

Princeton NJ real estate Mercer County -Seller Information

Princeton Mercer County NJ Real Estate - Secrets to selling your house like an agent.

Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor

Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now

Princeton Mercer County NJ Real Estate - 5 Deadly Mistakes When Selling Your House

Princeton Mercer County NJ Real Estate - Prices of Houses Sold in Princeton -January 2008

Please call 609-553-4175 to learn how Princeton NJ real estate market could affect your decisions to buy and/or sell you Princeton home.

Princeton NJ Housing Market Statistics - March 2008

This report details the prices of Princeton NJ homes for sale, trends in the numbers of homes sold, the days on the market it took to sell the house and the rate at which houses have sold, and the housing inventory accumulation. It compares it to the statistics for the last month (February)and the same period of last year (March 2007).

This is important information for Princeton NJ real estate area buyers and sellers. In summary the data suggests slowing of the real estate market and the uncertainty of the buyers about further price declines and the condition of the economy. This is reflected in the decline in the Princeton NJ real estate average sale prices and increased time it takes to sell. The decline in the number of houses on the market illustrates home sellers reluctance for putting their homes on the market, unless they have to. This could be good news for the buyers. More sellers serious about selling could lead to more realistic home prices.

Princeton NJ Real Estate Prices of Houses Sold
Average home price - $875,032

Average price March 2008 vs. March 2007: Down 1%

Average price March 2008 vs. February 2008: Down 7% 

Median  home price- $750,000

Median Price March 2008 vs. February 2008: Down 14% vs.

Median Price March 2008 vs. March 2007: Up 33%

No dramatic conclusions about the direction of the real estate prices can be determined by looking at the numbers for one month, because they depend on the type of sales during this month. Preponderance of more expensive homes sold during this period would increase the price, but does it does not mean that prices are going up. In fact the exact opposite could be happening.  To determine the real direction of real estate prices, same property sales has to be tracked over time.

The large increase in the median price compared to March 2007,could be explained, by a high price sale in that period, which is not counted for the purposes of the median calculation, but is counted in the average price calculation. The effect is making the median price in March 2007, much lower then the average price.

Princeton Real Estate Housing Supply
Number of Princeton houses on the market

March 2008 - 208

March 2008 vs. March 2007 Down 13%

March 2008 vs. February 2008 Up 31%

Princeton NJ Homes For Sale Inventory Accumulation

March 2008 - 9 month

March 2008 vs. March 2007- Down 10%

March 2008 vs. February 2008 - Up 29%

There were 208 houses on the market, a 31% increase compared to February, which is expected due to the seasonal nature of the real estate market.
The  13% decline compared to March 2007 indicates, the sellers decisions not to sell, unless they absolutely have to.

Inventory accumulation reflects the number of months it would take to sell all the existing inventory, if no additional houses came on the market, and assuming the current rate of monthly sale. March 2008 inventory accumulation is 9 month, a 29% increase from February and a 10% decline from March 2007. This is in comparison to NJ real estate statistics of 10.5 months of for-sale inventory, down from 11 months in February.

Princeton NJ Real Estate Housing Demand

Number of Princeton NJ houses Sold

March 2008 -15

March 2008 vs. March 2007 -Down 13%

March 2008 vs. February 2008 - Up 50%

Number of Princeton NJ houses Pended

March 2008  -23

March 2008 vs. March 2007 -Down 45%

Princeton NJ Days On The Market Homes For Sale

Average DOM March 2008 - 202

Average DOM March 2008 vs. March 2007 - Up 49%

Average DOM March 2008 vs. February 2008 - Up 85%

There were 15 houses sold this months, a 50% increase compared to February and 13% decline form March 2007. This is the indication that buyers are uncertain and could be waiting for more price declines.

The data for the NJ real estate market suggests 27% decline in contract sales compared to one year ago despite a 9% increase from February.

The same trend could be seen in the number of houses that went under contract (Pended), which  was 23. It is almost double compared to February, but  45% decline from March 2007.

Average days on the the market for the sold houses is 202, an 85% increase from February and a 49% increase form March last year. Buyers uncertainty and unwillingness of many sellers to price their houses correctly is reflected in the increased length of time it take to sell them.

Related Articles:

Princeton NJ real estate Mercer County - Buyer Information

Princeton NJ real estate Mercer County -Seller Information

Princeton Mercer County NJ Real Estate - Secrets to selling your house like an agent.

Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor

Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now

Princeton Mercer County NJ Real Estate - 5 Deadly Mistakes When Selling Your House

Princeton Mercer County NJ Real Estate - Prices of Houses Sold in Princeton -January 2008

Please call 609-553-4175 to learn how Princeton NJ real estate market could affect your decisions to buy and/or sell you Princeton home.

Princeton NJ Homes For Sale Price Ranges in 2007

Princeton NJ real estate market is often thought of as the luxury market, because of the perception of the high housing prices. If you are  relocating to the greater Princeton area, it is important to understand that houses have sold in 2007 in various price ranges. Objective statistics are always the best way to get a better understanding of what Princeton real estate prices are.

• There were only 2 houses sold in the lowest price category of less then $500,000.

• There were 13 houses sold in the highest price category of $2,000,000+ .The most expensive home sold for $3,700,000

• The largest number of the homes sold - 160 -was in the $500,000 to $1,000,000 price category.

The chart bellow illustrates these statistics in more detail.  

 To learn more about Princeton real estate house prices you may be interested in reading the following articles:

Princeton NJ real estate Mercer County - Buyer Information

Princeton NJ real estate Mercer County -Seller Information

Princeton Mercer County NJ Real Estate - Secrets to selling your house like an agent.

Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor

Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now

Princeton Mercer County NJ Real Estate - 5 Deadly Mistakes When Selling Your House

Princeton Mercer County NJ Real Estate - Prices of Houses Sold in Princeton -January 2008

Princeton NJ real estate - How long to does it take to sell?  2006-2007

How long does it take to sell the house in this market in Princeton? Does the mortgage crisis affect Princeton as much as other areas of the country? in terms of time it takes to sell, are there differences between the Princeton Borough and Princeton township markets?

Summary: Even in the slower market 27% of houses in Princeton Township took less then 30 days to sell, and only 13% of houses took longer then 6 months to sell. There isnt a significant difference in these statistics for 2007 and 2006. This isndicates that Princeton real estate is still and attractive market for the buyers provided the Princeton houses for sale are priced acoording to the market.

In the Princeton Boro:
19% of houses sold in less then 30 days
59% of houses sold between 0-90 days
59% of houses sold between 31-180 days
22% of houses sold in over 180 days

In the Princeton Township the numbers are similar:
27% - sold in less then 30 days
65% -sold between 0-90 days
60% - sold between 31-180 days
13% - sold in over 180 days

Combined for the Princeton Boro and Township the time to sell the house in 2007 was not much different then in 2006.

 DOM            2007*                               2006**
< 30 days       25%                                  31%
0-90 days       64%                                  65%
31-180 days    59%                                  58%
180+ days      16%                                  11%
 

 *period covered  1/2007 -11/2007; ** period covered 1/2006- 11/2006

Data is based on the Trend MLS and is deemed reliable, but is not guaranteed.

Look for more details on how to buy and sell a house in the greater Princeton NJ are and to learn more about the condition of the local Princeton NJ real estate, Montgomery NJ real estate, Hopewell NJ real estate, West Windsor NJ real estate, Princeton Junction real estate, Pennington real estate, Lawrenceville real estate please read:

Princeton Mercer County NJ Real Estate - Secrets to selling your house like an agent.

Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor

Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now

Princeton Mercer County NJ Real Estate - 5 Deadly Mistakes When Selling Your House

Princeton Mercer County NJ Real Estate - Prices of Houses Sold in Princeton -January 2008