Princeton NJ Luxury Homes For Sale Overview of Real Estate Market In 2008
How’s Princeton NJ real estate? The answer depends on your specific part of the Princeton real estate market. Princeton luxury homes for sale over $2,000,000 are not doing as well as the overall Princeton real estate market. Interestingly the conditions are different for Princeton Township and Princeton Borough. In the Princeton Borough four times as many homes were sold in this price range in 2008 then in 2007.
Princeton Township Luxury Homes For Sale
This is a relatively small market segment, representing less then 10% of all the Princeton homes for sale listed in 2008.
- There is an interesting difference between the luxury homes and the market in general.
- Of the Princeton homes for sale listed over $2,000,000 only 21% sold, compared to 53% for the overall market. Luxury Princeton homes took 190 days to get under contract, almost twice as long as for all Princeton homes for sale.
- Homes over $3,000,000 have not fared well in terms of the numbers sold. Only one of them sold (out of 16 listed) and none sold over $4,000,000. The same number sold in 2007, but the number of listed homes then was only 6.
- When the supply greatly outweighs the demand it creates downward pressure on the sale prices.
Princeton Borough Luxury Homes For Sale
The Princeton Borough luxury homes are doing better then in the homes in this market segment in the Princeton Township.
- 40% of the 20 Princeton Borough homes listed over $2,000,000 sold.
- The category of homes sold over $3,000,000 was most popular. Of the 5 houses listed 4 sold, almost twice as many as in 2007.
- Princeton homes for sale, especially in the Borough continue to generate home buyer demand.
The Bottom Line
- The conditions for the luxury Princeton real estate are different for the Princeton Borough and the Princeton Township.
- In the Township and the Borough the supply outweighs the demand with more homes being listed then in 2007, which could bring further downward pressure on the prices.
The good news is that the Princeton Borough continues to be attractive for the luxury home buyers, resulting in 4 times the number of sales as in 2007.
Here are all