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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