Princeton NJ Weekly Market Update

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Weekly report and breakdown of the Princeton, NJ Estate Market. With a town by town breakdown this report details the difference between a condo market in a given town v '55+' sand single family homes.
It offers graphs as the inventory levels of the last few years. Most important it breaks down each market, detailing absorption rates, price reductions, pending sales, new inventory and more.

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  • Princeton NJ Weekly Market Update

    1. 1. <ul><li>Princeton NJ Real Estate Market Report </li></ul><ul><li>Week of 3/10/09 </li></ul><ul><li>by </li></ul><ul><li>Joshua Wilton </li></ul><ul><li>www.joshwilton.net </li></ul><ul><li>[email_address] </li></ul>
    2. 2. <ul><li>Pending Sales in Princeton, Hopewell, Montgomery, Plainsboro & West Windsor are off by an average of 40% vs this week in 2008 </li></ul><ul><li>The Absorption Rates in each town are higher than they were at the same point last year (5-6 months of absorption rate indicate a normal, balanced market) </li></ul><ul><li>New Contracts (active w/ contracts) are even with 2008 </li></ul><ul><li>Price Reductions in each town are higher than this point in 2008 suggesting an overall willingness of sellers to ‘get the buyer off the market.’ </li></ul><ul><li>The majority of the transactions in Mercer County are under $500,000. The first time home buyer, which makes up nearly 50% of the market in the northeast is creating the market. </li></ul>
    3. 3. <ul><li>There are 1800 foreclosures in Mercer County, NJ. The majority of them are located in Trenton and the immediate area. </li></ul><ul><li>There are less than 36 foreclosures on the market in Princeton and less than 35 in West Windsor, two of the stronger market towns in Central, NJ </li></ul><ul><li>As houses are reduced to the point of a deal, buyers have been jumping in, creating bidding wars on the most desirable and well priced homes. </li></ul><ul><li>Inventory in most towns is well off its peak in 2006 suggesting that as the stimulus package takes hold, we are closer the end of the downward cycle in housing than the beginning. </li></ul>
    4. 4. 2007 thru 2009 Market Activity Comparison: Week of 3/10 07 Inven. Count 07 Pending Sales (prev. 30 days) 07 Absorp. Rate (months) 07 Active w/ Contr. (prev. 30 days) 08 Inven. Count 08 Pending Sales (prev. 30 days) 08 Absorp. Rate (months) 08 Active w/ Contr. (prev. 30 days) 09 Inven. Count 09 Pending Sales (prev. 30 days) 09 Absorp. Rate (months) 09 Active w/ Contr. (prev. 30 days) Pton. Boro 38 3 12.6 5 50 1 50 5 44 2 22 2 Pton Twp 107 5 21.4 15 111 13 8.5 9 107 6 17.8 6 W. Windsor 134 21 6.3 16 124 14 5.9 11 135 9 15 16 Lawrence 185 10 18.5 15 191 17 5.3 15 157 16 9.8 23 East Windsor 187 19 9.84 14 192 22 8.9 11 174 12 14.5 16 Ewing 199 11 18.0 14 235 15 15.6 13 189 12 15.8 24 Hamilton 433 63 6.8 34 552 50 11.0 35 519 49 10.5 24 Hopewell Twp. 168 11 15.2 9 134 14 9.5 15 123 7 17.5 9 Cranbury 19 4 4.4 0 35 0 99 1 26 1 26 0 Plainsboro 121 12 10.0 11 104 15 6.9 12 86 8 10.7 5 South Brunswick 201 26 7.7 23 192 22 8.7 15 206 13 16 10 Montgom. 141 22 6.4 ------ 122 17 7.1 ------ 128 8 16 ----- Cum. 1933 207 9.3 156 2042 200 10.2 142 1894 143 13.2 135
    5. 5. 2007 - 2009 Core Market Comparison: Week of 3/10 2007 Inventory Count 2007 Pending Sales (prev. 30 days) 2007 Absorp. Rate 2007 Active w/ Contract (prev. 30 days) 2008 Inventory Count 2008 Pending Sales (prev. 30 days) 2008 Absorp. Rate (months) 2008 Active w/ Contract (prev. 30 days) 2009 Current Inventory Count 2009 Pending Sales (prev. 30 days) 2009 Absorp. Rate (months) 2009 Active w/ Contract (prev. 30 days) Pton Boro 38 3 12.6 5 50 1 50 5 44 2 22 2 Pton. Twp. 107 5 21.4 15 111 13 8.5 9 107 6 17.8 6 W. Windsor 134 21 6.3 16 124 14 5.9 11 135 9 15 16 Plainsboro 121 12 10.0 11 104 15 6.9 12 86 8 10.7 5 Montgom 141 22 6.4 ----- 122 17 7.1 ------ 128 8 16 ----- Lawrence 185 10 18.5 15 191 17 5.3 15 157 16 9.8 23 Hopewell Twp. 168 11 15.2 9 134 14 9.5 15 123 7 17.5 9 Cum. 894 84 10.6 71 836 91 9.18 67 780 48 16.2 61
    6. 6. Town by Town Analysis 3/9/08 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months Active w/ Contract in 30 Days New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Princeton Boro: All Styles 44 2 22 2 9 5 8 18% 0 0 Pton -Boro Condo/ Thouses 13 0 99 1 1 0 2 15% 0 0 Pton-Boro Single Family 31 2 15.5 1 8 5 6 19% 0 0 Pton Twp: All Styles 107 6 17.8 6 26 14 11 10% 2 2 Pton Twp: Condo/ Thouses 22 0 99 0 5 5 1 4.5% 1 0 Pton Twp: Single Family 85 6 14.2 6 21 9 10 12% 1 2
    7. 7. Town by Town Analysis 3/9/08 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months Active w/ Contract in 30 Days New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings West Windsor: All Styles 135 9 15 16 51 26 40 29% 6 8 West Windsor Condo/ T.Houses 28 1 28 2 11 8 7 25% 1 2 West Windsor 55+ 10 2 5 - - - - - - - West Windsor Single Family 97 6 16.1 14 40 18 33 34% 5 6 Lawrence: All Styles 157 16 9.8 23 35 (4) 46 29% 14 4 Lawrence: Condo/ THouses 51 10 5.1 13 19 (4) 21 41% 6 1 Lawrence: 55+ 16 0 99 - - - - - - - Lawrence: Single Family 90 6 15 10 16 0 25 28% 8 3
    8. 8. Town by Town Analysis 3/9/08 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months Active w/ Contract in 30 Days New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Ewing: All Styles 189 12 15.8 24 44 8 34 18% 33 9 Ewing : Condo/ T.Houses 32 4 8 6 11 1 8 25% 7 2 Ewing: 55+ 4 0 99 - - - - - - - Ewing: Single Family 153 8 19 18 33 7 26 16% 26 7 East Windsor: All Styles 174 12 14.5 16 53 25 41 23% 19 16 East Windsor: Condo/ THouses 92 4 23 8 27 15 16 17% 11 4 East Windsor: 55+ 11 0 99 - - - - - - - East Windsor: Single Family 71 8 8.9 8 26 10 25 35% 8 12
    9. 9. Town by Town Analysis 3/9/08 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months Active w/ Contract in 30 Days New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Hopewell Twp.: All Styles 123 7 17.5 9 35 19 24 19% 11 3 Hopewell Twp. : Condo/ T.Houses 15 2 7.5 2 7 3 4 26% 1 0 Hopewell Twp.: 55+ 5 0 99 - - - - - - - Hopewell : Single Family 103 5 20.6 7 28 16 20 19% 10 3 Hamilton: All Styles 519 49 10.5 24 122 49 128 24% 48 29 Hamilton: Condo/ THouses 82 10 8.2 5 32 17 32 39% 8 25 Hamilton 55+ 42 0 99 - - - - - - - Hamilton: Single Family 395 39 10.1 19 90 32 96 24% 40 25
    10. 10. Town by Town Analysis 3/9/08 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months Active w/ Contract in 30 Days New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Rbnville.: All Styles 106 12 8.8 7 25 6 21 20% 7 3 Rbnville. : Condo/ T.Houses 44 8 5.5 5 10 (3) 11 25% 2 2 Rbnville.: 55+ 0 0 0 0 0 0 0 0 0 0 Rbinville.: Single Family 62 4 15.5 2 15 7 10 16% 5 1 HightstownBoro: All Styles 46 2 23 2 12 8 11 24% 7 0 Pennington Boro: All Styles 18 0 99 1 4 3 2 11% 1 1 Hopewell Boro: 15 0 99 1 3 2 1 6% 2 0
    11. 11. Market Activity: Town by Town Analysis 2/9/08 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months Active w/ Contract in 30 Days New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings PlainsboroAll Styles 86 8 10.7 5 30 17 14 16% 25 11 Plainsboro Condo/ THouses 47 7 6.7 2 17 8 4 8.6% 3 0 Plainsboro 55+ 9 0 99 0 2 2 0 0 21 1 Plainsboro Single Family 31 1 31 3 11 7 10 3% 0 0 Cranbury: All Styles 26 1 26 0 6 6 2 7.6% 3 0 Cranbury: 55+ 4 0 99 - - - - - - - Cranbury: Single Family 22 1 22 0 6 6 2 9% 2 0
    12. 12. Market Activity: Town by Town Analysis 3/9/08 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months Active w/ Contract in 30 Days New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings South Brunswick All Styles 206 13 16 10 49 26 79 38% 27 7 South BrunswickCondo/ T.Houses 62 7 8.8 5 19 7 26 41% 11 6 South Brunswick 55+ 22 0 99 - - - - - - - South Brunswick Single Family 122 5 24 5 29 19 50 41% 15 1 Monroe: All Styles 433 19 23 15 79 45 76 17% 41 1 Monroe: 55+ 297 14 21 10 53 29 51 18% 21 0 Monroe: Single Family 140 5 29 5 26 16 25 18% 20 1
    13. 13. Market Activity: Town by Town Analysis 3/9/08 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Montgom. 128 8 16 51 43 32 25% 8 6 Hillboro 234 27 8.7 49 22 52 22% 11 8 Rocky Hill 3 0 99 0 0 2 67% 0 0 Franklin 347 32 10.8 93 61 71 21% 37 15
    14. 14. Princeton Boro. Active YTD Listings v Pending Analysis
    15. 15. Princeton Twp. Active YTD Listings v Pending Analysis
    16. 16. West Windsor Active YTD Listings v Pending Analysis
    17. 17. Lawrence Active YTD Listings v Pending Analysis
    18. 18. Cranbury Active YTD Listings v Pending Analysis
    19. 19. Plainsboro Active YTD Listings v Pending Analysis
    20. 20. Ewing Active YTD Listings v Pending Analysis
    21. 21. East Windsor Active YTD Listings v Pending Analysis
    22. 22. Montgomery Twp. Active YTD Listings v Pending Analysis
    23. 23. Hopewell Twp. Active YTD Listings v Pending Analysis
    24. 24. Hamilton Active YTD Listings v Pending Analysis

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