How is the Princeton Real Estate Market? Housing Statistics January 2008

Providing facts about Princeton NJ real estate market, such as the prices of house sold, days on the market, and absorption rates, is the regular feature of this blog, and the one my readers are really looking forward to read and analyze. Granted, statistical data may not be the best page turner, and may not be everyone’s cup of tee, but it helps separate facts from fiction and that’s what consumers want.      

In the “old” times, this data was kept close to the vest by the real estate agents, and was provided on the “need-to-know” basis to their clients. One of the goals for my blog (albeit a very time consuming one) is to do away with such practice and provide in the open Internet forum the hard core information to help buyers and sellers separate emotion, focus on facts and make informed decisions.

Here is the view of the Princeton real estate and housing market for the January 2008*.

In summary, both the supply and demand decreased compared to the same period in 2007. There is 7 months of inventory. This number means, that's how long (at the average yearly rate of sale) it would take to sell available supply, if no new houses came on the market. The third criteria for looking at the real estate market is how long does it take to sell the houses that do sell. Days On The Market (DOM) has increased compared to January 2007, indicating that the sellers are still reluctant to price at market and that the buyers are not rushing to make their home purchase. Of course, DOM  does not include the houses that failed to sell, and is also effected by some houses being re-listed and thus "restarting" their DOM count.

Supply

The is the number of houses available for sale declined 17% compared to the same period in 2007. It is 1% higher then in the previous month of December 2007.
January 2008 -169 houses
January 2007 - 203 houses
December 2007 – 167 houses

The inventory accumulation is 7 months, compared to 8 during the same period last year and 6 –during the previous month.


Demand

The number of houses sold represents an 8% decline compared to the same period of 2007 and 43% decline then in the previous month of December.
January 2008 -12 houses
January 2007 -13
December 2007 – 21 houses

The number of houses that went under contract was 14, representing 12% decline compared to the same period last year.


Average Days On The Market

The January numbers increased 6% increase compared to the same period in 2007, and 20% decline compared to December 2007.
January 2008 – 103 days
January 2007- 97 days
December 2007- 128 days

Prices of Houses Sold

The average priced increased 84% compared to the same period in 2007, and increased 90% compared to December 2007.  The median prices have increased 42% and 28% respectively compared to January 2007, and December 2007.  This statistics is a very good example of how even straight forward data can be confusing.  The explanation for these price increases are several unusually large sales in January 2008. 
 
Average January 2008 - $1,443,167
Average January 2007 -  $782,315
Average December 2007- $761,214
Median January 2008 - $935,500
Median January 2007 -$ 660,000
Median December 2007 – $735,000
Median (excluding condos) Township 2007 – $850,000
Median  (excluding condos) Borough 2007 – $752,000

*Information is based on the Trend MLS data as of 2/13/2008 and is not guaranteed. 

To learn more about the condition of the local Princeton area and national real estate market, please read

Princeton real estate -local or global

Princeton real estate statistics -2007 summary

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Please contact Faina Sechzer at 609-553-4175 with questions about real estate, homes for sale and/or listing your house to sell, and relocation assistance in Princeton, Montgomery Township, West Windsor, Hopewell, and Lawrenceville New Jersey. Referrals are accepted.
If you are moving out of the greater Princeton area, please inquire about the countrywide relocation program.

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