Princeton’s January 2018 Real Estate Report
It was a light closing month in January with only 12 homes settling.
As depicted in the graphic above the average sales price for homes in Princeton was $1.092 million and the homes that closed took an average of 100 days to settle. (click for a complete list of addresses and prices of the homes that sold in January).
The Princeton sellers whose home closed in January retained 92% of their original asking price. This is a couple of percentage points below the 2017 average.
The most popular model of home sold in January was colonials with 10 of the 12 being that model.
The biggest story in the Princeton real estate market right now is inventory…or lack thereof. The market is in a critical under supply mode. Market conditions favor sellers, especially sellers of homes in the more affordable price brackets.
Here are the latest homes to come on the market in Princeton:
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Princeton Real Estate Report, July 2017
Princeton Real Estate Report, July 2017
The Princeton market continued its torrid pace in July with records number of closings taking place across the Princeton region. To view a list of the homes that sold in July click here. Some highlights of July’s activity in Princeton is as follows:
- The average list price for homes that settled in July was $1.095.481 million.
- The average sold price came in at $1.051.629 million.
- The Princeton homes that closed in July retained 95.9% of their original asking price.
- In the under $1 million market the average list price was $781,352 and the average sales price was $774,000.
- Sellers in the under $1 million market retained an incredible 99% of their asking price! This is further proof of the pressure in this price point in Princeton.
- Sellers in the $1.0 to $1.5 million market fared well (with the exception of one particular house…917 Stuart Rd was originally list at $1.65 million and sold for $1.175 million)! Even with this house in the averages sellers in this price group retained an impressive 90%. When you take that one house out of the formula sellers retained 95% of their asking price.
- Sellers in the $2 million plus market had a very strong sales month with 4 homes settling and sellers retaining an incredible 96% of their asking price.
- Overall it took the homes that closed in July 51 days to sell though in the under $1 million market it took only 26.5 days to sell those homes.
- In the over $2 million market it took an average of 171 days to sell.
- Interestingly there were four seller concessions (usually there are none) in Princeton this past month, the largest being $27,500 on 410 Nassau St.
- Four of the homes were sold for cash, this is less then 1/2 the normal amount of cash transactions in the Princeton market. The rest were sold with buyers obtaining conventional loans.
- The average tax bill for these homes was $18,705.
- The average age of the homes sold was a young (for Princeton) 61 years.
- Colonials remained the most popular house sold though there was a spike in Contemporary’s with 4 and the the next most popular design was a ranch with 3.
- All the homes but for 5 had a fireplace and all but 2 had central air.
- 2 of the homes had a swimming pool and none of the homes sold in July in Princeton were new construction (despite it feeling like there are more knock downs then original homes in town.
Looking for your next Princeton home? Below are the latest houses to hit the Princeton Market.
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Princeton Real Estate June Market Seminar
Not able to attend our Princeton Real Estate Market Update? Here are some of the slides presented tonight.
Princeton Market Update April 2017
The Princeton, NJ Real Estate market continues to be brisk, marked by a lack of inventory and high demand.
The average time it took to sell a home was 87 days.
The average sold price was $1.203 million, which is up over $200k from March closings.
Overall Sellers retained 94.9% of their asking price.
For Princeton homes under $1 million sellers sold in an incredible 17.5 days and retained over 98% of their asking price.
For Princeton sellers $1-2 million homes took 121 days to sell and they retained 97% of their asking price.
For Princeton sellers $2 million+ the homes took an average of 241 days to sell and the sellers retained only 87% of their asking price.
Colonials were the most popular style, accounting for 10 of the 17 closed homes.
The average annual tax bill for the April closed homes in Princeton was $21,000. The highest annual taxes were over $65,000 and the lowest $5,196.
5 of the 17 sold homes were bought with cash. The 12 homes that sold via mortgages all were conventional financing.
The Princeton swim clubs will be busy this summer as only one of the 12 houses that sold in April have in ground pools.
Take a look below for additional Princeton homes for sale.
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Lawrenceville, NJ Real Estate Market Report
The Lawrenceville, NJ real estate market continues to perform well! All the major indicators are healthy. Inventory is down in all the Mercer County markets and demand continues to be high and Lawrence is no exception.
A great indicator in Lawrence is that despite the fact that closings (volume of homes sold) is up 34% price per square foot is up, average sales price is up, and sellers are retaining 95.4% of their asking price.
Want to look at more homes for sale in Lawrenceville? See below.
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March 2017 Princeton Real Estate Market Report
Click Here for details on each home sold in March or take a look below at the recent market statistics.:
The average sales price for Princeton homes sold in March was $976,178.
It took 69 days for the average home in Princeton to close.
Princeton homeowners retained 96% of their asking price.
The average tax assessment for Princeton homes sold in March was $610,303.70
The average taxes for the homes that sold in March was $13,817.30
Five of the homes that closed in Princeton were new construction.
An incredible 12 of the 27 homes that closed in March were sold for cash. That is 44% of the Princeton market, where the average sales price was over $970,000 that sold for cash!
The average age of the homes that settled in March was 36.62 years.
The average home had 3.9 bedrooms and 3.4 baths.
Colonials were the most popular model with 14 homes of the 27 sold or 51% of the market.
Click here for details on the individual homes sold in March in Princeton.
Want to know more about the Princeton market? Call us at the Princeton office. We can help you buy, sell or invest in the Princeton market. 609-921-1900.
Weichert, Princeton leads the Princeton Real Estate Market
Who is the market leader in the Princeton, NJ Real Estate market? Weichert, Realtors is. We have the best internet strategy, the best marketing platform, the best Open House program and the best Associates. We sell Princeton. Call us to find out how we can help you buy and sell in the Princeton market. 609-921-1900.
Princeton Real Estate Summary May 2016
May was a very busy month in the Princeton Real Estate market. As you can see 17 homes settled in Princeton in May for an average price of $926,000.
Some interesting data on the Princeton Real Estate Market:
There are currently 176 active listings on the market and only 52 of them are under $1 million (less then 29% of the market).
In May 37 single family houses went under contract with a total of over $54 million in volume.
In May 5 condos/ townhouses went under contract with a total sales volume of $2.337 million.
Princeton has a lot of cash buyers! Of the 98 homes that settled YTD in Princeton 39 of them were cash buyers.
Princeton Real Estate Market Seminar March 5th
Thinking of buying or selling a home in Princeton or the surrounding towns in 2016? Take a an hour and come to the March Market Seminar. You will get a clear sense of the market trends in Princeton, West Windsor, South Brunswick and other core towns in Central NJ. Call 609-921-1900 to save your seat.
