Princeton Real Estate Homes blog is a resource for Princeton condos and townhouse home buyers and sellers in Princeton NJ.  We publish regular reports on the condition of the Princeton NJ real estate.

Read: Princeton Real Estate Market Report 2004-2008

This report offers results for the Princeton condominiums homes for sale  sold  in 2004-2008. Here are the key points resulting from our analysis.

Princeton Township Condos For Sale

1. Median prices for Princeton condos in 2008 was $450,000 -decline of 18% compared to 2007.

2. The decline in 2008 is second largest decrease in the last five years. The largest decrease was in 2006, when the median price fell 30%.

3. Median prices have decreased in three years out of the last five.

4. Largest increase in the median price has occurred in 2007, when the median price increased 54%, following the dramatic decline in 2006.

5. In the last five years the median price has decreased 2%.

Princeton Borough Condos For Sale

1. Median price in 2008 was $560,000 and has increased 15% compared to the previous year.

2. Median prices have declined only once in the last five years. It happened in 2006, when the price dropped 17%.

3. Price decline in 2006 is understandable, given the high increases of 49%  in 2005.

4. Princeton Boro condos had a 60% cumulative increase in median prices in the last five years.

Looking  to buy a townhouse or condo in Princeton? Here are the Princeton townhouses and condos for sale available in the MLS now.

Found something you liked or have questions? Call us at 609-553-4175 to discuss.

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Princeton NJ is an attractive choice for many home buyers because it offers not only single family homes but also a wide choice of condos and townhouses. Princeton townhouses could be found in many neighborhoods and many price ranges.

The first time home buyers often seek these Princeton NJ homes for sale, because they represent the entry point for real estate in Princeton.  There are other buyers who are interested in these homes because they are looking to minimize home maintenance, or because they are downsizing.

There are luxury townhouses such as in Governor’s Lane, with prices in the over $700,000 range. Homes in Princeton Ridge on the Stonewall Circle present an interesting option because of their design- they are semi-attached, not multiply attached as the townhouses usually are. They sell in the $700,000 -$800,000 range. Buyers could also find Princeton condos and townhouses for sale in the mid-range of over $500,000, for example in neighborhoods such as Campbell Woods. There are many other possible neighborhoods, such as Washington Oaks, Queenston Common in the Princeton Borough and Fieldwood Manors development in Princeton Township.

There are several such Princeton townhouses and condos for sale available in the MLS.

See the live feed od all Pinceton MLS listings for

Princeton NJ Townhouses and Condos

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Princeton NJ is a vibrant community with lots of events cultural, political, and fun. Next week several events are planned to mark Barack Obama’s Inauguration. Here are some of of what’s going on in Princeton.

1. The Arts Council Of Princeton is planning  an event in honor of Martin Luther King for children on January 19, 2-5 pm at the Paul Robeson Center For the Arts at 102 Witherspoon Street.

2. Central New Jersey residents could participate in a telephone town hall meeting with Representative Rush Holt on January 15th, at 7 pm.

3. Planned Parenthood is planning to event on January 17, from 11am to 1pm to mark the 36 anniversary of the Supreme Court decision Roe vs. Wade. The participants are to meet at Monument Park. To RSVP contact Jennifer at 609-964-7960.

4. Princeton Adult School  a program “Second Chance Cinema”  a series of thirteen films you missed, but should have seen. To enroll (the course is $80.00) call Princeton Adult School 609-683-1101.

5. Morven Museum & Garden holds Wednesday tours and Tea ($15.00/person, advance reservations required). Their Garden is opened to the public daily and is free.

6. Princeton High School is hosting a Teen Summer Programs Fair on January 21 for 7 pm to 9 pm.

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Princeton Public Library is marking Inauguration with day long events. The library organized a similar event on the Election Day which was well received by the community.  Town Topics quotes Library Director Leslie Burger as saying “…We had a request from the community to gather again during the inauguration”.

On Tuesday January 20, beginning at 11 am public could come to view the events on the large screen in the Community Room.  Several scholars will speak about the inaugural events events and participate in the conversation. Coffee and tea will be served during the talk at 11:30am. After the event there would be additional opportunities to discuss and comment.

I consider Princeton Library one of the great assets of this town contributing greatly to the quality of life of Princeton residents. When clients ask me why Princeton is a great place to live I site Public Library as one of such reasons for me.

Robeson Center

Another Inauguration event is planned for Robeson Center. A reception called “Let the trumpet sound” will be held on January 20, 11:30am -2pm for the community members to mark the Inauguration of Barack Obama. The reception will offer trumpet fanfare, light refreshments, as well as viewing the ceremonies on the TV.

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Princeton real estate market 2008 highlights

Princeton Market Reports

1. 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.
2. Average price of the homes sold in Princeton in 2008 has increased 13% compared to 2005.
3. 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.
4. 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.
5. 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.
6. Maximum Price for a Princeton house sold was $4,125,000 – the highest since 2005, and a 11% higher then in 2007.
7. The number of houses listed in Princeton Township has declined more then in Princeton Borough -24% and -18% respectively.
8. 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.

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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

To understand the affect of the Princeton real estate on price of  a home in Princeton please call 609- 553-4175. Not ready for a discussion yet? You could learn a lot on your own by reading:

Princeton Real Estate – Everything You Wanted To Know
Princeton New Jersey Real Estate Homes For Sale Housing Market Reports

Or click here to search for New Jersey Homes For Sale.

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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

To discuss if now is the right time to buy or sell your home in Princeton area, please call 609-553-4175 -New Jersey Real estate agent, specializing in the greater Princeton area real estate.

Not ready for a personal discussion yet? You could search for New Jersey homes for sale on your own, just click on the link below.
Princeton Home Search

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Princeton NJ Mercer county real estate report has been developed to cover the results for the third quarter of 2008. 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 -Q3 2007.

Princeton Borough real estate median price have increased 6%. The median price of houses sold in both the Princeton Township and the Borough increased 2%.

The number of houses sold have continued to decline in Princeton Township by 25%, which is understandable given the decline in the supply – the number of Princeton Township houses listed declined 39%. In the Princeton Boro the number of homes sold increased by 23%, while the number of houses listed declined 26%.

This does not mean Princeton real estate and homes for sale have been completely immune from the declining prices. The median  and average prices reflect a relative direction, but are not precise, because they do not measure the sale of the same Princeton property, i.e. the mix of the houses in the 3d quarter of 2008 is different from the mix of houses sold in the same period last year.

These are the details for this report*.

Princeton Township Real Estate – 3d Quarter
2008 2007
Number of houses sold     60                        75
Average price sold         1,005,830                948,065
Median price sold          $898,750                 $831,000
Average DOM                97                           75

Min. price sold $245,000
Max price sold $2,925,000

Princeton Borough Real Estate – 3d Quarter
2008 2007
Number of houses sold  listed     27                      34
Listed average price                   $918,103           $1,240,328
Houses pended                           21                      22
Houses sold                                31                      24

Average price sold                       $864,130            $906,531

Median price sold                       $699,000             $657,000
Average DOM                              97                      114

min sold $220,000
max sold $2,700,000

Combined Township and Boro Sept 2008 Sept 2007
Houses listed                                27                            40
Houses pended                             10                             17
Houses sold                                  23                            24
Average price sold                        $799,714                   $903,041
Median price sold                          $850,000                   $831,000
Average DOM                                 137                            120

Information is based on Trend MLS data as of 10/03/2008. Presumed accurate but not guaranteed.

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

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

Princeton NJ Mercer County Real Estate -Homes for sale prices 2004-2007

Princeton Real Estate – Housing Prices, Market Reports, Statistics

Princeton NJ Mercer County Real Estate – How Long Does It Take To Sell Princeton 2006-2007

Please call 609-553-4175 to find out how real estate in Princeton, Montgomery Township, West Windsor,
Plainsboro, Princeton Junction, Hopewell, Pennington, and Lawrenceville New Jersey affects your buying and selling decisions.

Faina Sechzer does not guarantee or is in any way responsible for accuracy of the information on this site, and provides said information without warranties of any kind, either expressed or implied. Every
consumer is urged to perform their own research and analysis.

Copyright © 2007-2009 Faina Sechzer All rights reserved. This information cannot be
copied, reproduced, transmitted, distributed, displayed or published.

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This article is focused on Princeton Ridge – one of the beautiful neighborhoods in Princeton. Read:

Places to live in Princeton – Princeton Ridge Neighborhood/Development

Those of you who follow the Princeton real estate blog may know that I am a bit impartial to Princeton Ridge – not only because it’s beautiful,but also because I live here and am the VP of the Neighborhood Association.

This real estate analysis and market report is for homes sold in Princeton Ridge, Princeton NJ from 2003 to 2008 (based on Trend MLS -9/23/08-deemed accurate but not guaranteed).

Princeton Real Estate – Prices of homes sold 2003-2008 in Princeton Ridge

This year the average price of the homes sold in Princeton Ridge is $1,326,250, which is 22% lower then in 2007 and less then the average price in 2004. Although this price of homes sold in Princeton Ridge represents a big decline, it comes on the heals of the 11% increase last year. Real estate prices in Princeton Ridge in 2007 were the highest since 2003. This is an interesting fact, considering 2007 was a year when prices for many Princeton homes for sale have declined.

Princeton Real Estate – Days On The Market (DOM) in Princeton Ridge

Days on the market helps answer the question of how long it takes to sell a house in Princeton. In 2008 the average DOM was 213 days significantly higher then 70 days in the previous year 2007.  At the peak of the housing boom the Princeton homes for sale in Princeton Ridge sold in 2-3 weeks.

Read:How long does it take to sell a house in Princeton?

Are Princeton homes for sale selling fast?

Sales in Princeton Ridge

While there has been a reduction in the number of homes sold in other parts of Princeton real estate, in Princeton Ridge neighborhood the reverse took place. There were 4 sales in 2008 to date, compared to 2 in 2007 and 1 in 2006.

My view is that the increase in number of properties sold in this neighborhood is more a reflection of the demographics then economics. The large homes in Princeton Ridge attracted families with children.
Now with many children out in college, the homeowners are downsizing.

Houses Sold in Princeton Ridge 2003 – 2008

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