I get asked this question many times a day. We all want to know how and if the turmoil and uncertainty of the broader markets affect our local real estate market. There is, unfortunately, no one answer that explains it all. That's why we may read so many contradictory views in the press and from the experts. In this post I wanted to give you some data to consider for the greater Princeton area - West Windsor, Hopewell and Montgomery Township.

Average Price Sold - 2007 vs. 2006

Princeton Township and Borough and Hopewell have increases in the average sale price year-to-date, respectively: 0.4%, 18% and 9.6%. West Windsor and Montgomery township prices declined, respectively 6% and 7.9%.

Days on the Market - 2007 vs. 2006

This is another measure to judge the sentiment of the market. All of the above communities except Montgomery, which remained the same, saw increases in the days- on- the- market numbers. Hopewell had the biggest increase - 25%, Princeton Township - 8%, Princeton Borough - 5.4%, West Windsor - 13.8%.

Conclusion

What is clear from these numbers is how "local" the local market is. Communities in close proximity to each other have different results - some communities continue to see price increases, even when it takes longer for the house to sell, while others have seen price declines. I will continue to bring you  updates for the fall market.

If would need assistance in determining the market affect on your property please call Faina Sechzer directly at 609-553-4175.

Note: Data is based on data from Trend MLS and is not guaranteed.