Princeton Borough Real Estate Market Report – January 2009

Princeton Borough homes for sale is the main topic at Princeton Real Estate Homes -the source for monthly, quarterly and yearly market reports for the Princeton area in New Jersey. The Princeton Borough real estate report or January 2009 is interesting because the results are much different then in 2008.

I have written extensively on how important it is to understand Princeton real estate prices , since many of the New Jersey real estate prices and statistics could be misleading on the Internet. It’s important to work with a Princeton real estate agent knowledgeable to provide the meaning to this information.

Read : Who else wants clarity about real estate prices?

Princeton Borough Real Estate – Summary

  • Princeton Borough real estate market report for January 2009 is a case in point of understanding information. Data shows that the median price of single family homes in Princeton Borough has declined 77% and the average price has declined 76%.
  • This information could be devastating for all homes sellers in Princeton, unless they understood what is behind this data. The Princeton Borough real estate prices appear to be high in January 2008 because there were only two sales and they were over $2 million. This makes the $680,000 median price for January 2009 look much lower in comparison. Simply put, there is very little data to make meaningful conclusions.
  • What appears to be good news – a 200% increase in the number of homes sold may also not be a reliable indicator of improvements in the Princeton Borough real estate sales. The reason is the same – not enough data to draw meaningful conclusions. There were only two sales of single family homes in the Borough in January 2008.
  • The Princeton Borough number of houses pending could be the more reliable indicator. This number shows how many houses went under contract in January 2009 and are presumed to close in the next several months. This number has remained the same as in January 2008, indicating that real estate in Princeton has not been effected as severely as the rest of the country.
  • There were no Princeton Borough condos sold or pending in January 2009. In January 2008 there was one sale and two pending.
  • 50 % of the houses sold in 60 days or less.

Below are the details for this summary.

Princeton Borough Houses For Sale – January 2009

  • Median Price Houses Sold $680,000
  • Average Price Houses Sold $836,080
  • Av. Sold Price/Orig. Price 92%
  • Number House Sold 6
  • Number Houses Pending 2
  • 4 houses sold under $950,00
  • 1 houses sold over $1,000,000

Princeton Borough Condos For Sale – January 2009

  • Median Price Condos $0
  • Average Price Condos $0
  • Av. Sold price/Orig. Price
  • Number Condos Sold 0
  • Number Condos Pending 0

Princeton Borough Houses For Sale – January 2008

  • Median Price Houses Sold $2,900,000
  • Average Price Houses Sold $3,512,500
  • Av. Sold Price/Orig. Price 81%
  • Number House Sold 2
  • Number Houses Pending 2

Princeton Borough Condos For Sale – Sold January 2008

  • Median Price Condos Sold $729,000
  • Average Price Condos Sold $729,000
  • Av. Sold price/Orig. Price 100%
  • Number Condos Sold 1
  • Number Condos Pending 2

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