Princeton NJ real estate market treds

What's going on in the Princeton real estate? 

Do you want to know where Princeton real estate market is headed? Do you want to know what happened and, even more importantly, what will happen to the value of your home in Princeton?  To make the whole situation even more confusing is the fact that there are actually two     Princetons, - Princeton Borough and Princeton Township, which can behave differently in respect to the real estate market. Recently it’s been difficult to really understand what’s going on. For every time I heard that the market is terrible, there was someone saying, that it’s not so bad. We all hear that the sub prime fiasco is taking the market down, yet there are others who say that’s not the case in New Jersey, and not in Princeton.                                    

                                                                                                      
So, lets look at what the statistical tealeaves are telling us now for Princeton Township, by comparing 01/2007- 09/2007 vs. the same period last year. Two most critical items are the following:

The Average Sold price is - down 1%
The Average Days on Market (DOM) is – up 11%

What is interesting, is that the average price for the condos is actually up 10%, while the single family homes is –down 2%.

Another interesting factor is that although it is now taking a bit longer to sell, almost half the homes are sold within the first 60 days. There is statistical evidence, that it’s the houses that are priced right that sell in the shortest amount of time.

There were more houses sold in both units – up 9% and Total Value – up 9%, which is an indication, that life goes on and people continue to buy and sell their homes.

All of the above does not look as dire as we read.  There are also numbers that are making me think if the market will continue to hold like this. One of such numbers is:
The September Average Sold Price is down 21% compared to same period last year.  The inventory supply now is at 10 months, meaning that if there were no more houses that came in to the market at the current rate of sale it will take 10 months to sell them. This number is a clear indication that buyers have a lot more choice and bargaining power. Those sellers that understand the market are still selling within 60 days.

So, what does it mean to me, if I need to sell my house, you may ask. The short answer is in the word "need". With the forecast of the market prices declining another 3-4% next year, it is to your advantage to sell now and to sell fast, which as I said before, is possible.

If on another hand, if you are the buyer, who is evaluating waiting.vs. acting now, again consider the factors on your side:

• choice
• bargaining power
• absolute gains when upscaling  
• historically low interest rates.

Your agent could now be your best "friend", providing you with the information and advice on how to secure a cushion in your offer to counter for possible further price declines. Do you have such a friend now? Buying and selling real estate is a very important decision in the best of times. Today it has challenges that require a partnership based on expertise and trust.

Learn more about Princeton, Hopewell, West Windsor, Lawrenceville, and Montgomery real estate markets and how to master your real estate buying and selling game. Although the titles refer to Princeton the content is about many of the towns above.

What is Going On In The Princeton Real Estate Market?

Who else in Princeton needs a miracle to buy/sell their home

How to sell your home now - must read for all sellers

Princeton Real Estate - What does $300,000 buy?

Princeton Real Estate - What You Get for less than $500K

Please call Faina Sechzer 609-553-4175 for a confidential consultation.