Home : Blogs : Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert : Princeton Real Estate Blog

Princeton NJ Real Estate Mercer County Homes - Housing Market Report

Princeton NJ Housing Market Statistics - March 2008

This Princeton NJ housing market report details the prices of Princeton NJ homes for sale, trends in the numbers of homes sold, the average days on the market it took to sell the house and the rate at which houses have sold, and the housing inventory accumulation. It compares it to the statistics for the last month (February 2008)and the same period of last year (March 2007). I first published the complete report in my Princeton NJ Real Estate Mercer Homes.

This is important information for Princeton NJ real estate area buyers and sellers. In summary the data suggests slowing of the real estate market and the uncertainty of the buyers about further price declines and the condition of the economy. This is reflected in the decline in the Princeton NJ real estate average sale prices and increased time it takes to sell. The decline in the number of houses on the market illustrates home sellers reluctance for putting their homes on the market, unless they have to. This could be good news for the buyers. More sellers serious about selling could lead to more realistic home prices.

Princeton NJ Real Estate Prices of Houses Sold
Average home price - $875,032

Average price March 2008 vs. March 2007: Down 1%

Average price March 2008 vs. February 2008: Down 7%

Median home price- $750,000

Median Price March 2008 vs. February 2008: Down 14% vs.

Median Price March 2008 vs. March 2007: Up 33%

No dramatic conclusions about the direction of the real estate prices can be determined by looking at the numbers for one month, because they depend on the type of sales during this month. Preponderance of more expensive homes sold during this period would increase the price, but does it does not mean that prices are going up. In fact the exact opposite could be happening. To determine the real direction of real estate prices, same property sales has to be tracked over time.

The large increase in the median price compared to March 2007,could be explained, by a high price sale in that period, which is not counted for the purposes of the median calculation, but is counted in the average price calculation. The effect is making the median price in March 2007, much lower then the average price.

Princeton Real Estate Housing Supply
Number of Princeton houses on the market

March 2008 - 208

March 2008 vs. March 2007 Down 13%

March 2008 vs. February 2008 Up 31%

Princeton NJ Homes For Sale Inventory Accumulation

March 2008 - 9 month

March 2008 vs. March 2007- Down 10%

March 2008 vs. February 2008 - Up 29%

There were 208 houses on the market, a 31% increase compared to February, which is expected due to the seasonal nature of the real estate market.
The 13% decline compared to March 2007 indicates, the sellers decisions not to sell, unless they absolutely have to.

Inventory accumulation reflects the number of months it would take to sell all the existing inventory, if no additional houses came on the market, and assuming the current rate of monthly sale. March 2008 inventory accumulation is 9 month, a 29% increase from February and a 10% decline from March 2007. This is in comparison to NJ real estate statistics of 10.5 months of for-sale inventory, down from 11 months in February.

Princeton NJ Real Estate Housing Demand

Number of Princeton NJ houses Sold

March 2008 -15

March 2008 vs. March 2007 -Down 13%

March 2008 vs. February 2008 - Up 50%

Number of Princeton NJ houses Pended

March 2008 -23

March 2008 vs. March 2007 -Down 45%

Princeton NJ Days On The Market Homes For Sale

Average DOM March 2008 - 202

Average DOM March 2008 vs. March 2007 - Up 49%

Average DOM March 2008 vs. February 2008 - Up 85%

There were 15 houses sold this months, a 50% increase compared to February and 13% decline form March 2007. This is the indication that buyers are uncertain and could be waiting for more price declines.

The data for the NJ real estate market suggests 27% decline in contract sales compared to one year ago despite a 9% increase from February.

The same trend could be seen in the number of houses that went under contract (Pended), which was 23. It is almost double compared to February, but 45% decline from March 2007.

Average days on the the market for the sold houses is 202, an 85% increase from February and a 49% increase form March last year. Buyers uncertainty and unwillingness of many sellers to price their houses correctly is reflected in the increased length of time it take to sell them.

Princeton NJ real estate Mercer County - Buyer Information

Princeton NJ real estate Mercer County -Seller Information

Princeton Mercer County NJ Real Estate - Secrets to selling your house like an agent.

Princeton Mercer County NJ Real Estate -Secrets To Buying A Home Like A Realtor

Princeton Mercer County NJ Real Estate Sellers- 3 Things That Sell Houses Now

Princeton Mercer County NJ Real Estate - 5 Deadly Mistakes When Selling Your House

Princeton Mercer County NJ Real Estate - Prices of Houses Sold in Princeton -January 2008

Please call 609-553-4175 to learn how Princeton NJ real estate market could affect your decisions to buy and/or sell you Princeton home.

Posted by Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert on 05/01/2008 11:39 AM

Comments (10)

princeton nj real estate market statistics

This post has been included in New Jersey Information Mercer County, NJ Information
Post is included in group: Posts to Localism
Post is included in group: Princeton NJ

10 Comments on Princeton NJ Real Estate Mercer County Homes - Housing Market Report

MAY

2008

Faina, quite an impressive array of data you've presented. FYI...we're trying to assemble a "tri-state" Active Rain gathering. Will keep you posted. Many prayers...

Andrew -thanks you. You understand and appreciate the effort it takes to gather the information and analyze it for the real estate consumers. Making this information available to the public should help buyers and sellers to make informed decisions.

MAY

2008

Dear Faina,

I live in montgomery township. I'm looking to move to a bigger house now. The first website that I came across to get more information on the housing market is yours! Your blog spot is very informative.
Thank you very much.

I have a question if you could spend time on it and answer me. The question is about "main floor master bedrooms".

- Does the houses with "main floor master bedroom" loose value in the market?

- Does such houses appeal only certain age group of people thereby reducing its marketability?

- What is the common mindset of people in NJ [in our Princeton real estate] to think about "main floor master bedrooms" ?

Please excuse me for the lengthy question. I didnt know where to post the question, but I realize you could be a better person, So please help.

Thanks a lot in advance,

RT-thank you for your kind words about my blog. I am not sure if your question has do with marketing a home with the first floor master bedroom or if you are looking to buy a home, where the master bathroom is on the first floor and you are not sure if it's a good idea.

Generally, there are fewer homes with master bedrooms on the first floor. That doesn't necessarily mean that a home with a master bathroom on the 1st floor is less valuable, then the one with the master bedroom on the second floor. A lot depends on the neighborhood, the type of the home and other considerations.

There are buyers who would not want the master bedroom on the first floor, because they may have small children and would like to be close to their rooms. On the other hand buyers with grown or teenage children may prefer 1st floor master bedrooms, since it allows more privacy. There are some buyers who prefer 1st floor master bedroom because of their age and or other requirements.

Buying a home involves looking at many different possibilities and trade offs to make sure you are making the right decision. If you need more specific advise or information, don't hesitate to call or e-mail.

MAY

2008

thanks for your response Faina, I appreciate it. I don't have a house with master BR in main floor. We just started our home hunt and I saw a house which was very beautiful in cherry valley, but the only niggling is that the master BR is in the main level. cherry valley has some houses with main floor BR and am not sure about it from resell prespective.

Also, any community you take, you can kinda judge the prices depending upon the models right? Here is always a benchmark for a particular model house / lot / upgrades. But cherry valley seems to be an exception. Same model homes are priced with a 100k difference and so on. I dont know what is it with cherry valley's pricing oscillations.

- RT

RT -in Cherry Valley - there are approximately 12 houses on the market now with the prices ranging from $739,850 to $$1,495,000. The difference in the asking price for a particular model could be attributable to several valid factors, or could be a reflection of it not being priced correctly. You need to understand these differences.

I just wrote about how confusing it is to understand the Princeton area real estate prices and some of the reasons behind it. You can read this article "Who else wants clarity about Princeton real estate prices?" here. To make an offer it's important to understand the market and the prices. The market is changing and it's even more difficult to reconcile what you see to what you hear. Hopefully your agent should be able to provide the information you need to make smart decisions.

Let me know if you need specific information.

MAY

2008

Thanks for the wonderful post about clarity in prices. Glad to see that you bring in the facts & myths out of the box and analyze and give readers a better picture.

Well, I'm going to disturb you with one more question.

Cherry valley has some houses with master bedroom in the main level. And you know some are for sale too. Could you shed some light from resale prespective?

- will these houses be odd man out when it comes to resale just because most of the houses dont have MBR in the main floor?

- will these houses be targeted only by specific age group / family thereby cutting down its scope to all prospective buyers?

- i did do some research in the internet. few other states like texas, NC says that people there prefer MBR in the main floor. Does NJ people share the same mindset?

- Also monroe township has a newer community that has lots of houses with MBR in the MF. Does it mean that it is a preferred trend?

So many questions aah? I am asking you all these because not many agents do such study and shed light to the buyers / sellers about the facts prevailing. I dont generalize, but they concentrate about the house / price / bids / sell / buy etc.,

Sorry to bother you again and again and you are just great taking your time to answer an anonymous person in the blog spot. Iam sure your answers to me are helpful to so many other prospective buyers.

- RT

RT, I am happy to answer your questions. Monroe is a community with a lot of retirement housing, so it is consistent with that demographics for houses to have the Master Bedroom on the first floor. It does not indicate that it is a trend in other Townships. There has been talk for several years now that with the Baby Boomers nearing retirement there would be more demand for this type of home design and that the builders would be building more houses like this. Because of the slowing real estate market, there is not a lot of new building currently.

The answer for the master bedroom being on the first floor in Cherry Valley would depend on the specific house, price, location, how it compares to others. Whether it's a good decision for you will also depend on your particular situation. Without knowing these facts it would be difficult to give you a precise answer. A knowledgeable agent should take all these factors into consideration when giving advice. Feel free to call me 609-553-4175 , so we can discuss the specifics and I could give you more guidance.

MAY

2008

I was very busy last week, thats why couldnt acknowledge your reply, Thanks a lot for taking time and answering me. Will contact you sometime.

MAY

2008

Fiana, It appears that you are an expert in your area. I would like to network in the future. Feel free to contact me for any real estate appraisal related questions.

http://www.truevaluerealestateappraisals.com

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?

Princeton NJ Real Estate Mercer County Homes - Housing Market Report

Leave a response…

My neighborhood Schools