Home prices in Princeton NJ continue to rise which have set expectations for a robust Spring 2014 real estate market. This Princeton NJ real estate market report for March 2014 provides a good snapshot for where the market has been and where it is heading. The best news in pricing corresponds with mortgage interest rates reductions. There was a spike in interest rates several months ago, but now 30 year fixed rates are hovering around 4.5%. If you are considering buying a home in Princeton, having a good real estate agent who understands the local market is a must. Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market with multiple offers. Plus, all of the pundits predict mortgage interest rates will rise this year since the national economy is improving. As you can see from the graph above, listings are not selling exactly for asking price. To make sure you don’t overpay for your home, you’ll want to have an agent that does a thorough market analysis of the Princeton property on which you are making an offer.
Princeton now has an 8 month supply of inventory which is a projection of how many months it will take for the local housing market to absorb the inventory of unsold homes (Unsold Inventory) within each market area. This is a more meaningful measure of market absorption than the traditional days-on-market calculation. Again, this shows that Princeton is in a recovery phase which is good news for sellers. This means buyers need to stop up their game and enter the market or risk being priced out again or lose out on homes altogether. There’s a sweet spot of the price range from $900k-$1.4 million that is garnering multiple offers very quickly. Ettl Farms homes are super hot right now and are receiving multiple offers immediately upon entering the market.
If you are interested in how much current inventory is on the market in Princeton NJ you can find that information by clicking on the link, or on the graph above. The number of active listings in Princeton increased by 36% from the previous month. The number of sales in January 2014 dropped by 95% from the previous month.The median number of days active properties have been listed is 93. It’s clearly a seller’s market in most segments of the Princeton market. However, luxury prices above $2 million are still taking more time to sell and can take 3x as long as the average days on market.
New Jersey Market
The law of supply and demand are clearly at play now. New Jersey is experiencing the lowest level since 2005 of homes being offered for sale which results in limited choices for home buyers. The continued snowstorms were the main factor of a 12% decline in January for NJ purchase contracts versus the year prior. However, we’ve had 28 consecutive months prior to then of higher home buying activity. We predict a strong purchase demand leading into the spring market since there is a pent up demand and all of the snow is finally melting away. Hooray!
Here’s your chance to find out what a specific home sold for in Princeton this past year. You might want to know what your neighbor’s home sold for a perhaps a specific one in a neighborhood you’ve been eyeing. This will be a big help in keeping you up to date about and informed about Princeton NJ home prices.
Find out Your Princeton House’s Value
Want to know what your Princeton NJ house’s value, then click that link for an estimate. However if you want a comprehensive report to find out how price your home for sale and what price to expect it to sell, then fill out this easy form. Of course, each home is unique and the value will depend on what kind of upgrades and additions you might have done to your home as well as the location. There’s no obligation for my 15 minute quick pop by. Feel free to pick up the phone now and call or text me at 609-529-8107.
Visit my website to search homes for sale in Princeton NJ or to be notified when homes come on the market. Note that this list is updated several times a day by the local MLS.
Thank you for reading Princeton NJ Real Estate Market Report for March 2014.
Content was originally posted at www.PrincetonAreaRealEstate.com .
Here are other blog posts on Princeton NJ:
- Home Prices in Princeton NJ January 2014
- Ettl Farm Luxury Homes in Princeton NJ
- Canal Pointe Condos Princeton NJ
- Canal Pointe Townhouses Princeton NJ