The Long & Foster Market Minute

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

Zip Code(s): 08540, 08542, 08628, 08560, 08534 and 08525
Units Sold
106
Active Inventory
173
Median Sale Price
$511,676
Days On Market
41
Up
Vs. Year Ago
Down -59%
Vs. Year Ago
Up 20%
Vs. Year Ago
Down -64%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 106 sold this month in Princeton, Pennington, and Northern Mercer County Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 248 units or 59%. The total number of active inventory this March was 173 compared to 421 in March 2020. This month's total of 173 is lower than the previous month's total supply of available inventory of 198, a decrease of 13%.

Median Sale Price
Last March, the median sale price for Princeton, Pennington, and Northern Mercer County Homes was $425,000. This March, the median sale price was $511,676, an increase of 20% or $86,676 compared to last year. The current median sold price is 17% higher than in February.

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


New Listings
164
Current Contracts
171
Sold Vs. List Price
99.7%
Months of Supply
1.6
Up 13%
Vs. Year Ago
Up 114%
Vs. Year Ago
Up 3.5%
Vs. Year Ago
Down -73%
Vs. Year Ago

Months of Supply
In March, there was 1.6 months of supply available in Princeton, Pennington, and Northern Mercer County, compared to 5.9 in March 2020. That is a decrease of 72% 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 164 homes newly listed for sale in Princeton, Pennington, and Northern Mercer County compared to 145 in March 2020, an increase of 13%. There were 171 current contracts pending sale this March compared to 80 a year ago. The number of current contracts is 114% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Princeton, Pennington, and Northern Mercer County was 99.7% of the average list price, which is 3.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 41, lower than the average last year, which was 113, a decrease of 64%.

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.