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Princeton Real Estate -Are the House Prices Up or Down?

The questions about the condition of the market are always on the mind of homeowners. Now, with all the credit woes and many predictions of weakness in the economy and possible recession, answers to these questions are more important than ever. Like with many statistical approaches the answer may not be obvious. To better understand the situation, we can look at it in two different ways. The first is to look at the home prices in general; the second is to look at the prices of the same properties that sold both in 2004/2005 and in the last 12 months.

Home Prices?

Average Sold Price.
Average sale price is UP 9 % year-to date 2007.vs. 2006.

Sold Price for homes on the market in 2004/2005 and 2006/2007
The average price is DOWN 5% for properties that were sold in 2004/2005 and then came back on the market and were sold in 2006 (in the over $1,000,000 price range).

One conclusion from this examination is that the increase in the Average Sales Price may not be an indication of an improving market. The more telling and a truer reflection of the market is the decrease in the sale price for the same property in 2004/2005 vs. 2006/2007. For the home sellers who are in the market now or are planning to sell soon this decrease needs to be used to guide their expectations.

Posted by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert on 09/12/2007 04:38 PM

Comments (8)

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8 Comments on Princeton Real Estate -Are the House Prices Up or Down?

Faina- This market info can be so confusing to analyze even for professionals like you who do it all the time, I can not imagine anyone taking this into their own hands and trying to sell a home on their own. They would do well to choose you as their agent to guide them. Katerina

09/12/2007 07:44 PM

by Nestor & Katerina Gasset, Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.)

Katerina - thanks for your comment. You are so right, it's confusing time for many buyers and sellers with so many different conflicting opinions in the press and in the public in general. Now it's more important then ever to partner with an agent who can make the market puzzle easier to solve.

09/13/2007 06:48 PM

by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)

Faina this is a nice public service post to keep people up to date with the market as it evolves. Nice post.

09/13/2007 06:54 PM

by Gary White~ Grand Rapids Real Estate, FLexIt Realty, a call or click away! (Flexit Realty)

Gary - thanks. i would like to make it easier for buyers and sellers to understand what is Really going on in the market. It's important for the sellers - to be realistic about the asking price and for the buyers - to know how to structure their offers.

09/13/2007 06:59 PM

by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)

Very interesting analysis. It's never good to broad brush the market and always better to have an agent like you analyze the specific property!

09/14/2007 09:55 AM

by Lake Norman Real Estate ~ Diane Aurit (RE/MAX at the Lake)

Diane - thanks. We know as agents know that real estate markets are local and you can't apply what you hear in the press and from others to the specific town, neighborhood within town or even the street within the neighborhood. Sellers and buyers need to be guided by the knowledge that is RELEVANT to their specific sale or purchase.

09/14/2007 01:14 PM

by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)

Faina: Well said! We have the same thing going on here in Naples!

09/14/2007 03:34 PM

by Shannon Lefevre Naples, Florida CRS (John R. Wood REALTORS Inc.)

Shannon - You are right - every market is different, but luxury markets have their own unique characteristics.

09/14/2007 04:43 PM

by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)

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Real Estate Agent: Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert (Henderson-Sotheby's International Realty)

Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert
Princeton, NJ
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