Want to know the direction of the spring market in Princeton and the surrounding towns? Be our guest at an upcoming Seminar on April 29th, 10:45 am. Seating is limited so RSVP is required to jwilton@weichertrealtors.net
2017 Princeton, NJ Spring Real Estate Market at a Glance
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.
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.
Real Estate News
Some recent positive signs for homebuyers and sellers:
• Existing-home sales rose 0.4 percent in January to reach the highest annual rate in six months, according to the National Association of Realtors.
• The Commerce Department reported that the economy grew 1 percent in the fourth quarter of 2015, which was better than expected.
• Employers add a better-than-expected 242,000 jobs in February, and the unemployment rate remained at 4.9 percent
March 2016 Princeton Real Estate Market Seminar
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.
Princeton Real Estate Market Seminar Presentation, April 2014
Princeton Homes for Sale Year over Year View…
Did you know that the supply of available homes in Princeton is down nearly 40% from 2011? True! If you have every thought about selling your home in Princeton now may be the time! Contact us for details!
March Market Update Seminar Presentation
Youth Leading the Housing Charge
Tim McLaughlin, VP Weichert Financial Services
Millennials and Generation X Americans reportedly place a higher value on homeownership than their older counterparts, a survey found.
While 96% of the survey respondents said homeownership was important, it was ranked as “very important” by 77% of those between 25 and 34 and 78% of those between 35 and 44. The survey was conducted between Dec. 5 and Dec. 15 with the sample consisting of people between 25 and 64 who either recently bought or sold a home or they said they were considering buying or selling a home. Millennials and Generation X, about 85 million people strong, face a unique opportunity in US housing; they are generally optimistic about homeownership and, by nature, share a strong sense of community.
As important, many were not impacted by the real estate downturn and are looking at today’s buying opportunities with keen interest. Right now, 63% of those surveyed said they had a favorable or somewhat favorable perception of the residential real estate market right now, with younger people more likely to have a favorable opinion than older ones.
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What is driving the bond market selloff over the past couple of weeks?
Investors seem to have turned to offsetting factors that encourage risk taking, thus “profit taking”/selling of safe U.S. Treasuries and Mortgage Backed Securities with the reallocation of those funds into higher risk assets: Corporate and Junk Bonds, Hedge Fund Allocation, and Equities in general -> the Dow Jones alone is up a whopping 6.5% in the first 5 weeks of 2013.
U.S. economic data is improving month over month, fears over China’s economy deteriorating are fading and the European Central Bank’s bond-buying program deters investors from attacking the sovereign debt market in Spain and Italy. All those factors have contributed to more global economic confidence, and with that, a reallocation of investment funds.