princeton twp market update
DESCRIPTION
An update of the Princeton Township, NJ.TRANSCRIPT
Weichert, Princeton Office
Offers analysis of the Princeton Township, NJ
Market Trends.
Town by Town Analysis 7/19/09Towns Active
Listings(inventory)
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
Closed Listings
Pton Twp: All Styles
146 17 9 26 7 32 22% 11 11 23
Pton Twp: Condo/ Thouses
22 3 7 4 1 2 9% 1 1 4
Pton Twp:
Single Family
124 14 9 22 8 30 24% 10 10 19
Princeton Twp. Inventory
020406080
100120140160180
Twp. Inventory
Princeton Twp. Condo/Townhouses Inventory
0
5
10
15
20
25
30
35
Princeton Township C/T Inventory
Princeton Twp. Single Family Inventory
0
20
40
60
80
100
120
140
Princeton Township Single Family Inventory
Town by Town Analysis 7/19/09Towns Active
ListingsPending 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 Twp: All Styles 146 17 9 26 7 32 22% 11 11 23
Pton Twp: Condo/ Thouses
22 3 7 4 1 2 9% 1 1 4
Pton Twp:
Single Family
124 14 9 22 8 30 24% 10 10 19
The Effect of ‘Absorption Rate’ The Effect of ‘Absorption Rate’ on the Housing Marketon the Housing Market
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.
Market Absorption Scale(Absorption Rate in Months)
5-6 months absorption rate indicates a normal market.
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
Princeton Township C/T Absorption Rate
Princeton Twp. Single Family Absorption Rate
0
10
20
30
40
50
60
70
80
90
Princeton Township Single Family Abs. Rate
Princeton Township Absorption Rate By Price
Inventory Price Point
Active Listings Pending in Last 30 Days
Absorption Rate in Months
0-$500
12 1 12
$500-999k 54 4 13.5
$999-1.5 29 1 29
$1.5-2.5 34 1 34
$2.5 + 21 1 21
Town by Town Analysis 7/19/09Towns Active
ListingsPending 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 Twp: All Styles 146 17 9 26 7 32 22% 11 11 23
Pton Twp: Condo/ Thouses
22 3 7 4 1 2 9% 1 1 4
Pton Twp:
Single Family
124 14 9 22 8 30 24% 10 10 19
Princeton Twp. Active YTD Listings v Pending Analysis
020406080
100120140160180
Twp. Actives
Twp. Pendings
Twp. Reductions
Source: trend mls
Relationship of Price Reductions to ‘Pending Sales’
0
10
20
30
40
50
60
70
Princeton Pendings
Princeton Price Reductions
Town by Town Analysis 7/19/09Towns Active
ListingsPending 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 Twp: All Styles 146 17 9 26 7 32 22% 11 11 23
Pton Twp: Condo/ Thouses
22 3 7 4 1 2 9% 1 1 4
Pton Twp:
Single Family
124 14 9 22 8 30 24% 10 10 19
Princeton Twp. Residential Transactions Settled: June 2009 Source: Trend MLS
Princeton Twp. Residential Transactions Settled: June 2009 Source: Trend MLS