The number of newer homes sold in the Princeton Market decreased from 73 homes sold in 2017 to 49 homes old in 2018. This is a reduction of 33% which was caused by a decrease in the available inventory of homes on the market. The total value of house sales also decreased from $66,746,000 to $45,378,000 which was a 32% reduction.
The good news is the average sale price of Princeton homes went from $927,000 in 2017 to $948,000 in 2018. This translates into a price increase of 2%. More good news is the listing to sale price went from 96% in 2017 to 97% in 2018. Many homes in Princeton Township had multiple offers pushing sale prices over the listing price.
The average days on market increased from 132 days in 2017 to 142 days in 2018. So even though prices were up slightly year over year it took longer to sell existing homes.
Currently there are 68 homes on the market in Princeton. Of the 68 homes on the market there are 27 homes priced at over $1,000,000, This represents 40% of the total inventory on the market. The higher priced homes are selling at a much slower pace. The average days on market for the higher end homes is over 200 days. Sales of lower priced homes, those homes that are selling for under $100,000,000, which presently there are 41, are selling much faster pace. The average days on market for this market segment is 127 days.