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Weichert, Princeton Office Offers analysis of the Princeton, NJ Condo & Townhouse Market

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This is a presentation about Princeton Townhomes that took place last week at the Weichert office in Princeton

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Page 1: Princeton Townhomes

Weichert, Princeton Office

Offers analysis of the Princeton, NJ Condo &

Townhouse Market

Page 2: Princeton Townhomes

• Princeton Condo & Townhouse Market Report

• Prepared By: Josh Wilton, Weichert Realtors

Princeton, NJ0 (609) 921-1900

[email protected]

Page 3: Princeton Townhomes

• 2007 v 2009 Market Review• Current Snapshot of the Condo &

Townhouse Market• Inventory Trends• Absorption Rate Breakdown & Trends;

AgendaAgenda

Page 4: Princeton Townhomes
Page 5: Princeton Townhomes

Year to Date Princeton Condo & Townhouse Snapshot, 2009

Towns YTD 2007 YTD

2008

YTD

2009

Settled Units 57 23 22

Average Settled Price

$583,912 $513,914 $567,724

Total Settled Volume

$33,283,000 $11,306,100 $13,057,650

Average Sold Price/ Original Price

97.7% 97.8% 97.7%

Page 6: Princeton Townhomes

Princeton Borough & Township Market Snapshot, 8/11/09

Towns Active Listings

Pending Sales 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

Closed Listings

Pton -Boro Condo/ Thouses

12 0 99 0 0 4 33% 0 1 0

Pton Twp: Condo/ Thouses

20 3 6.7 2 -1 4 20% 3 1 2

Page 7: Princeton Townhomes

Princeton Twp. Inventory (all styles)

020406080

100120140160180

Twp. Inventory

Page 8: Princeton Townhomes

Princeton Twp. Condo/Townhouses Inventory

0

5

10

15

20

25

30

35

Princeton Township C/T Inventory

Page 9: Princeton Townhomes

Princeton Boro. Active Inventory (all styles)

01020304050607080

Boro Activities

Page 10: Princeton Townhomes

Princeton Boro. Condo/Townhouses Active Inventory

0

2

4

6

8

10

12

14

16

Princeton Boro C/T Inventory

Page 11: Princeton Townhomes

Sample Market Absorption RateSample Market Absorption Rate

107 current active listings

4 reported sales in last 30 days=

24.3months

absorptionrate

Anytown., NJ

5-6 Months Market Absorption Rate indicates a normal market.

Page 12: Princeton Townhomes

Market Scale for Supply & Market Scale for Supply & DemandDemand

High Supply/Low Demand Low Supply/High DemandNormal

Ma

rke

t A

bso

rpti

on

in M

on

ths 1

2

3

4

5

6

7

8

9

10

11

12

No

rma

l

Weichert has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption and property values.

As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually.

Page 13: Princeton Townhomes

Princeton Boro. Condo/Townhouses Absorption Rate

0

20

40

60

80

100

120

Princeton Boro C/T Absorption Rate

Page 14: Princeton Townhomes

Princeton Twp. Condo/Townhouses Absorption Rate

0

20

40

60

80

100

120

12

/29

/20

08

1/5

/20

09

1/1

2/2

00

91

/19

/20

09

1/2

6/2

00

92

/2/2

00

92

/9/2

00

92

/16

/20

09

2/2

3/2

00

93

/2/2

00

93

/9/2

00

93

/16

/20

09

3/2

3/2

00

93

/30

/20

09

4/6

/20

09

4/1

3/2

00

94

/20

/20

09

4/2

7/2

00

95

/4/2

00

95

/11

/20

09

5/1

8/2

00

95

/25

/20

09

6/1

/20

09

6/8

/20

09

6/1

5/2

00

96

/22

/20

09

6/2

9/2

00

97

/6/2

00

97

/13

/20

09

7/2

0/2

00

97

/27

/20

09

8/3

/20

09

Princeton Township C/T Absorption Rate