Princeton Real Estate Housing Market Report -3d Quarter 2008

This Princeton real estate housing market report may be the only report with some good news amid the financial crisis engulfing the country. The positive news is the 8% increase in the median house price  and the 6% increase in the average home price in Princeton Township in the 3d quarter 2008 compared with the same period in 2007.  The question  “How is the Princeton real estate?” is something I get asked at least half a dozen times daily. I was happy today my answer had some good news.

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.