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Luxury Homes Real Estate Market Monitor
Here you can track and compare years
in the Princeton Luxury Home market.
Princeton Market Data 2009 Vs 2008
| TOTAL HOMES SOLD IN
YEAR |
56 |
-34% |
| Princeton Boro Homes |
9 |
-57% |
| Princeton Township
Homes |
47 |
-27% |
| |
|
|
| TOTAL SALES $ FOR YEAR |
$100,496,850 |
-29% |
| % of original price |
86% |
|
| |
|
|
| AVERAGE LIST PRICE |
$2,078,839 |
11% |
| AVERAGE SALES PRICE |
$1,794,587 |
8% |
| Princeton Boro |
$1,744,306 |
-9% |
| Princeton Township |
$1,804,215 |
15% |
| |
|
|
| AVERAGE DAYS ON MARKET |
127 |
1% |
| Princeton Boro |
114 |
31% |
| Princeton Township |
130 |
-6% |
2009 1st & 2nd Quarter Report
|
TOTAL HOMES SOLD IN 1st Quarter |
5 |
12 |
|
| Princeton Boro |
2 |
3 |
|
| Princeton Township |
3 |
9 |
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TOTAL SALES $ FOR 1st Quarter |
$12,565,000 |
$23,112,600 |
|
| % of original price |
74% |
90% |
|
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| AVERAGE LIST PRICE |
$3,374,000 |
$2,149,417 |
|
| AVERAGE SALES PRICE |
$2,513,000 |
$1,926,050 |
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| Princeton Boro |
$1,700,000 |
$1,928,333 |
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| Princeton Township |
$3,055,000 |
$1,925,289 |
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| AVERAGE DAYS ON MARKET |
141 |
76 |
|
| Princeton Boro |
97 |
144 |
|
| Princeton Township |
170 |
53 |
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| TOTAL
HOMES SOLD IN
YEAR |
85 |
-6% |
|
| Princeton Boro |
21 |
11% |
|
| Princeton Township |
64 |
-10% |
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| TOTAL SALES $ FOR YEAR |
$140,681,438 |
1% |
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| % of original price |
88% |
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| AVERAGE LIST PRICE |
$1,879,976 |
12% |
|
| AVERAGE SALES PRICE |
$1,655,075 |
7% |
|
| Princeton Boro |
$1,918,106 |
10% |
|
| Princeton Township |
$1,568,768 |
95% |
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| AVERAGE DAYS ON MARKET |
126 |
40% |
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| Princeton Boro |
87 |
2% |
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| Princeton Township |
138 |
52% |
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A Summary of 2008 over 2007
The
Princeton Luxury Home market in 2008 did
slightly better than 2007 with regards to volume
sold and average price, however, the number of
transactions fell by 6%. The trend continues to
be more negotiation leverage for the buyer (88%
ratio of sales to asking price) compared to
other years, showing that sellers are more
realistic and understand that qualified buyers
are harder to find and more demanding.
The other general trend is that Princeton Borough
continues to be strong and
fared better than Princeton Township. All
buyers, both luxury and non, are following the
trend of wanting to be close to town,
transportation and amenities. This trend will
continue, putting pressure on homeowners who are
not in the downtown, close to town location.
Overall, the # of days homes are on the market
was high in 2008 and will continue to be high in
2009 as remaining inventory is high. Most of
these homes missed the market because of
overpricing. The homes that are currently under
contract were priced to sell in a tough market
(52 days on market vs 191 current inventory days
on market).
The fundamentals of the real estate market
remain the same: the homes in best location and
condition will sell faster, especially if priced
correctly from the start. Newer quality
construction under $2,500,000 in desirable
neighborhoods closer to town is the number one
choice."
Beatrice Bloom, Weichert, Realtors, Princeton
January 2009
|
2007 vs 2006
| TOTAL UNITS SOLD IN
YEAR |
90 |
14% |
|
| Princeton Boro |
19 |
27% |
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| Princeton Township |
71 |
11% |
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| TOTAL SALES $ FOR YEAR |
$138,847,500 |
7% |
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| % off original price |
92% |
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| AVERAGE LIST PRICE |
$1,684,100 |
-7% |
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| AVERAGE SALES PRICE |
$1,542,750 |
-16% |
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| Princeton Boro |
$1,738,157 |
20% |
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| Princeton Township |
$1,490,457 |
-12% |
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| AVERAGE DAYS ON MARKET |
90 |
-14% |
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| Princeton Boro |
85 |
-25% |
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| Princeton Township |
91 |
-11% |
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2006 vs
2005
| TOTAL UNITS SOLD IN
YEAR |
79 |
-21% |
|
| Princeton Boro |
15 |
-38% |
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| Princeton Township |
64 |
-16% |
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| TOTAL SALES $ FOR YEAR |
$129,772,450 |
-22% |
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| % off original price |
91% |
|
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| |
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| AVERAGE LIST PRICE |
$1,811,289 |
0% |
|
| AVERAGE SALES PRICE |
$1,642,689 |
-1% |
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| Princeton Boro |
$1,443,500 |
-29% |
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| Princeton Township |
$1,689,374 |
9% |
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| AVERAGE DAYS ON MARKET |
105 |
5% |
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| Princeton Boro |
114 |
-11% |
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| Princeton Township |
102 |
11% |
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2005 vs
2004
| TOTAL UNITS SOLD IN
YEAR |
100 |
33% |
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| Princeton Boro |
24 |
33% |
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| Princeton Township |
76 |
33% |
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| TOTAL SALES $ FOR YEAR |
$166,304,240 |
30% |
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| % off original price |
92% |
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| AVERAGE LIST PRICE |
$1,808,050 |
-2% |
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| AVERAGE SALES PRICE |
$1,663,042 |
-2% |
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| Princeton Boro |
$2,019,583 |
15% |
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| Princeton Township |
$1,550,450 |
-8% |
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| AVERAGE DAYS ON MARKET |
100 |
1% |
|
| Princeton Boro |
128 |
12% |
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| Princeton Township |
92 |
-3% |
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2004 vs
2003
| TOTAL UNITS
SOLD IN YEAR |
57 |
175 |
32% |
| Princeton Boro |
9 |
118 |
100% |
| Princeton
Township |
48 |
57 |
19% |
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| TOTAL SALES $
FOR YEAR |
$87,327,000 |
$127,476,572 |
46% |
| % off original
price |
90% |
92% |
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| AVERAGE LIST
PRICE |
$1,700,789 |
$1,839,475 |
8% |
| AVERAGE SALES
PRICE |
$1,532,052 |
$1,699,475 |
11% |
| Princeton Boro |
$1,587,055 |
$1,752,061 |
10% |
| Princeton
Township |
$1,521,739 |
$1,683,148 |
11% |
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| AVERAGE DAYS
ON MARKET |
120 |
99 |
-18% |
| Princeton Boro |
99 |
114 |
15% |
| Princeton
Township |
124 |
95 |
-23% |
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Information deemed reliable but
not guaranteed
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