The Long & Foster Market Minute

Focus On: Princeton, Pennington, and Northern Mercer County Housing Market September 2021

Zip Code(s): 08540, 08542, 08628, 08560, 08534 and 08525
Units Sold
121
Active Inventory
208
Median Sale Price
$509,471
Days On Market
38
Up 3%
Vs. Year Ago
Down -32%
Vs. Year Ago
Down -5%
Vs. Year Ago
Down -30%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 121 sold this month in Princeton, Pennington, and Northern Mercer County Real Estate versus 154 last month, a decrease of 21%. This month's total units sold was higher than at this time last year, an increase of 3% versus September 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 98 units or 32%. The total number of active inventory this September was 208 compared to 306 in September 2020. This month's total of 208 is lower than the previous month's total supply of available inventory of 267, a decrease of 22%.

Median Sale Price
Last September, the median sale price for Princeton, Pennington, and Northern Mercer County Homes was $536,500. This September, the median sale price was $509,471, a decrease of 5% or $27,029 compared to last year. The current median sold price is 5% lower than in August.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
109
Current Contracts
140
Sold Vs. List Price
100.2%
Months of Supply
1.7
Down -13%
Vs. Year Ago
Up 18%
Vs. Year Ago
Up 2.2%
Vs. Year Ago
Down -34%
Vs. Year Ago

Months of Supply
In September, there was 1.7 months of supply available in Princeton, Pennington, and Northern Mercer County, compared to 2.6 in September 2020. That is a decrease of 34% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 109 homes newly listed for sale in Princeton, Pennington, and Northern Mercer County compared to 126 in September 2020, a decrease of 13%. There were 140 current contracts pending sale this September compared to 119 a year ago. The number of current contracts is 18% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Princeton, Pennington, and Northern Mercer County was 100.2% of the average list price, which is 2.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 38, lower than the average last year, which was 54, a decrease of 30%.

The Long & Foster Market Minute Princeton, Pennington, and Northern Mercer County are defined as properties listed in zip code/s 08540, 08542, 08628, 08560, 08534 and 08525.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.