Want to know what is happening in real estate markets in and around Princeton, NJ? Why are homes in Princeton and the surrounding towns selling so quickly? Inventory…or the lack of it.
As the slide below depicts inventory in Princeton and the surrounding towns is down dramatically. On the week of March 25th in 2011 Princeton had 180 available homes for sale. The pace of sales at the time would have taken 27 months to sell that inventory (Absorption Rate or Ab Rate in the slide below). Fast forward to the same week of March 25th 2017 and Princeton only has 102 homes for sale with 6.4 month Absorption Rate. That is 78 fewer homes for sale in the same week and they are selling three times as fast!
Hamilton is down 242 homes for sale (40% lower). Lawrenceville is down 77 homes for sale (37% lower). Ewing is down 126 homes for sale (46%) and so on right through the local markets.
Across the board in the major real estate markets in and around Princeton the big story of the spring market is and will be inventory….or the lack of it.
