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Princeton Real Estate

Princeton Market Report, May 2017

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May was another blistering month for the Princeton Real Estate Market. The big story in Princeton is the lack of supply of homes for sale. YTD through May 2017 230 homes were put on the the market in Princeton vs 275 homes through May of last year, a 16% decrease. This lack of inventory continues to drive the overall market.

A quick breakdown of the homes that Sold in Princeton is as follows (click here for full list):

23 homes sold for over $25+ million in total sales volume.

The average sold price was $1.050 million.

An incredible 11 of the 23 homes that closed were paid in cash.

Houses that closed in May sold in a scorching 29 days.

Overall Princeton sellers retained 97.1% of their asking price.

In homes that were priced between $350-$600 sellers retained 98.2% of their original asking price.

In homes that were priced $600-$999 sellers retained 99% of their asking price.

In homes that were priced $1-2 million sellers retained 97% of their asking price.

In homes that were priced $2 million or more, sellers retained 93% of their asking price.

The average taxes for the Princeton sold homes in May was $18,278.

The average home was 56 years of age.

55% of the closed homes in Princeton in May were colonials, making it the most popular style of home sold YTD.

To preview some of the homes that have just hit the market in Princeton take a look below.


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Princeton, NJ Homes Sales Activity by Price Point

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Where is the hottest spot in the Princeton, NJ Real Estate market?

If you break down the homes  that sold in Princeton by price you can see the that the under $1 million market is the hottest part of the market.

In Princeton, homes under $1 million  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.

Want to see Princeton homes for sale under $1 million? Take a look below.


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Princeton Market Update April 2017

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The Princeton, NJ Real Estate market continues to be brisk, marked by a lack of inventory and high demand.

Click here to be taken to the list of homes, addresses and individual prices or check out the latest Princeton market stats below.

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

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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

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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

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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, NJ Rental Report, March 2017

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The Princeton rental market remains very healthy with high demand and limited inventory being the defining factor for the market. Just as in the Princeton home market there is not enough inventory to meet demand, despite the high number of rental units that have come to the market.

 

 

Here are some quick insights into the rental homes that closed in Princeton in March 2017:

  • The average rental was on the mark for 107 days. This ‘days on market’ is higher then we normally see,  though there were a couple of homes that settled after a number of price reductions as they were aggressively priced from the start.
  • The average interior square footage was 1,821 square feet.
  • Landlords were able to retain 93% of their asking price. This is also a bit lower then the norm which has been close to 100% though as mentioned above a couple of Princeton landlords had homes that were priced above the market. Once they were reduced they rented quickly.
  • The Princeton homes that rented in March had an average of 3 bedrooms and 2 baths. 

What is the future for the Princeton rental market? We will continue to see increasing rents and landlords being very aggressive on pricing. Call the Weichert, Princeton office at 609-921-1900. We lead the market in Princeton home sales and rentals. Take a look at a few more Princeton rentals that are currently on the market.


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Princeton, NJ Mortgage News

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This Week’s Mortgage News

Consumer confidence is on the rise, according to The Conference Board which reported that its Consumer Confidence Index® rose 9.5 points in March. The index now stands at its highest level since December 2000. In addition, Americans’ assessment of present conditions, their expectations for the next six months and their outlook for the labor market also rose.

“Consumers’ assessment of current business and labor market conditions improved considerably. Consumers also expressed much greater optimism regarding the short-term outlook for business, jobs and personal income prospects,” said Lynn Franco, director of economic indicators at The Conference Board. “Consumers feel current economic conditions have improved over the recent period, and their renewed optimism suggests the possibility of some upside to the prospects for economic growth in the coming months.” Call Carlos Machado in the Princeton office for the most up to date mortgage information available. 609-921-1900

2017 Princeton, NJ Spring Real Estate Market at a Glance

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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.

John Burke

Broker/Sales Person

Weichert, Realtors
350 Nassau St,
Princeton, NJ 08540
Office: (609) 921-1900

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